Biwin Storage and Nexchip Semiconductor Among Two Companies Receiving Additional Filing Requests for Hong Kong IPO (As of Dec 5)

Deep News12-07

Chinese companies seeking to list in Hong Kong must obtain a filing notice from the China Securities Regulatory Commission (CSRC). According to Hong Kong Stock Exchange (HKEX) listing rules, companies must submit the "filing notice" at least four business days before the listing hearing approval date. Only after passing the HKEX listing hearing can a company proceed with its IPO.

During the week of December 1–5, 2025, the CSRC’s international department issued additional filing material requests for two companies (both planning Hong Kong listings). The companies are:

1. **Biwin Storage Technology Co., Ltd. (Biwin Storage)** The CSRC requested supplementary explanations on the following matters, requiring legal verification and a clear legal opinion: - The company’s subsidiaries engage in "technology import and export." Clarify the operations and compliance of technology export activities over the past three years. - Provide details on the approval, verification, or filing procedures related to overseas investments in the use of IPO proceeds. - Regarding foreign investment access: (1) One subsidiary’s business scope includes "market research." Explain the related operations and compliance. (2) Verify whether the company or its subsidiaries operate in sectors restricted or prohibited under the *Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)*. [Biwin Storage Prospectus Link](https://www1.hkexnews.hk/app/sehk/2025/107816/documents/sehk25102801802.pdf)

2. **Nexchip Semiconductor Corporation (Nexchip Semiconductor)** The CSRC requested supplementary explanations on the following matters, requiring legal verification and a clear legal opinion: - Provide a conclusive opinion on whether the company’s establishment and historical equity changes comply with regulations. - Clarify whether domestic subsidiaries fall under the prohibited overseas listing scenarios outlined in Article 8 of the *Trial Measures for the Administration of Overseas Securities Offering and Listing by Domestic Enterprises*. - Explain the approval, verification, or filing procedures related to overseas investments in the use of IPO proceeds. - Verify whether the company or its subsidiaries operate in sectors restricted or prohibited under the *Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)*. [Nexchip Semiconductor Prospectus Link](https://www1.hkexnews.hk/app/sehk/2025/107729/documents/sehk25092900459_c.pdf)

For more Hong Kong IPO updates, visit: [www.ryanbencapital.com](www.ryanbencapital.com).

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