Sg Micro Corp (300661.SZ) Plans Hong Kong IPO; CSRC Requests Details on Technology Export Compliance Over Past Three Years

On November 7, the China Securities Regulatory Commission (CSRC) released supplementary material requirements for overseas listing filings (November 3–7, 2025). The regulator has asked Sg Micro Corp to provide additional details regarding its subsidiaries' involvement in "technology import and export," specifically clarifying the scope and compliance of its technology export operations over the past three years.

According to a September 28 disclosure by the Hong Kong Stock Exchange, SG Micro Corp (Beijing) (referred to as Sg Micro Corp) submitted its listing application, with Huatai International and CICC serving as joint sponsors. Sg Micro Corp (300661.SZ) is already listed on the Shenzhen Stock Exchange.

The CSRC also emphasized that the company’s filing materials must align with the prospectus regarding the overseas listing plan. In accordance with the "Regulatory Rules Applicable Guidance – Overseas Listings No. 2: Content and Format Requirements for Filing Materials," the company must specify the number of shares to be issued, the post-issuance shareholding ratio, and the expected fundraising amount—both with and without the over-allotment option—and provide a comparative table illustrating changes in shareholding structure before and after the offering.

Additionally, the regulator requested clarification on whether the company’s domestic subsidiaries fall under the prohibited or restricted categories outlined in Article 8 of the "Trial Measures for the Administration of Overseas Securities Offerings and Listings by Domestic Enterprises." The filing must also confirm whether Sg Micro Corp or its subsidiaries operate in sectors restricted or prohibited for foreign investment under the "Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)."

The prospectus reveals that Sg Micro Corp is a comprehensive analog integrated circuit (IC) company. It develops and sells high-performance analog ICs and sensors with functions such as sensing, amplification, conversion, and driving, which serve as fundamental building blocks for electronic systems. As of September 21, 2025, the company offers approximately 6,600 analog IC and sensor products across 36 categories.