The China Securities Regulatory Commission (CSRC) has issued a series of requests for additional information from companies seeking overseas listings. Among the ten firms receiving such requests is Shanghai W-Ibeda High Tech.Group Co.,Ltd. (ASX: 688071), which has been asked to provide further clarification on matters including its establishment and changes in share capital and shareholders during its period as a limited liability company.
According to a disclosure made by the Hong Kong Stock Exchange on February 24th, Shanghai W-Ibeda High Tech.Group Co., Ltd. (W-Ibeda) submitted an application for a main board listing in Hong Kong, with ABCI acting as its sole sponsor. The CSRC has specifically requested that W-Ibeda supplement its application with details on the following two points and has asked its legal counsel to verify and provide a clear legal opinion.
The first point requires the company to detail the circumstances of its establishment and the changes in its share capital and shareholders during its limited liability company phase, in accordance with the applicable regulatory guidelines for overseas listings. The second point asks for an explanation regarding the rectification and implementation status following a reprimand issued by a stock exchange and a warning letter issued by a local securities regulatory bureau.
As outlined in its prospectus, W-Ibeda is a leading and globally competitive provider of new energy vehicle powertrain testing platforms in China. Supported by its proprietary testing equipment, the company's new energy vehicle powertrain testing services offer integrated testing, engineering consulting, and technology development services across the entire automotive value chain.
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