Joulwatt Technology Co., Ltd. (688141.SZ), a microelectronics company based in Xihu District, Hangzhou, Zhejiang Province, submitted its prospectus to the Hong Kong Stock Exchange on May 30, 2025, seeking a Hong Kong listing. The China Securities Regulatory Commission's (CSRC) International Department issued supplemental material requirements from August 15 to August 21, 2025, with the following details:
The CSRC requested Joulwatt Technology to provide supplemental explanations on the following matters, with legal counsel required to review and provide clear legal opinions:
**I. Regarding the Issuer's Basic Information:** 1) Please explain the historical evolution from the establishment of the issuer's predecessor to its overall transformation into a joint-stock company, and provide clear conclusive opinions on whether the equity changes during this period were legal and compliant; 2) In accordance with the relevant provisions of "Regulatory Rule Application Guidelines - Overseas Issuance and Listing Category No. 2," please explain the situation regarding state-owned shares in the issuer's share capital.
**II. Regarding the Issuer's Overseas Subsidiaries, please explain:** 1) The specific circumstances and disclosure of the establishment of Joulwatt Hong Kong Limited; 2) Clear basis for why Joulwatt Hong Kong Limited's failure to complete overseas investment filing procedures and foreign exchange registration procedures does not constitute a major illegal or non-compliant act; 3) The progress of Joulwatt Hong Kong Limited's deregistration.
**III. Please explain whether the business scope and actual business operations of the issuer and its subsidiaries involve foreign investment prohibited or restricted access areas under the "Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)."
The Joulwatt Technology prospectus is available at: https://www1.hkexnews.hk/app/sehk/2025/107413/documents/sehk25053000767_c.pdf
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