New Stock News | Shengru Technology plans to go public in Hong Kong. China Securities Regulatory Commission requires explanation of the situation regarding engineering surveying and mapping, as well as the development of internet information services.

On April 3, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing filing disclosure (March 28, 2025 - April 2, 2025). The CSRC requested Shengruan Technology to provide further explanation on the company and its subsidiaries' situation regarding engineering surveying, internet information services, and whether they continue to meet the requirements of the Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition) before and after the issuance and listing. According to the Hong Kong Stock Exchange disclosure on January 23, Shengruan Technology submitted an application to the main board of the Hong Kong Stock Exchange, with GF SEC (Hong Kong) as the exclusive sponsor. Moreover, the CSRC also requested supplementary explanations on whether the company and its subsidiaries are involved in developing, operating websites, mini-programs, apps, official accounts, and other products, whether they provide information content to third parties, the types of information content provided, as well as information content security measures. The company is also required to disclose the scale of collected and stored user information, data collection and usage, arrangements or measures for personal information protection and data security before and after listing. According to the prospectus, Shengruan Technology is a high-tech enterprise dedicated to providing information construction services for oil and gas field enterprises, government units, and small and medium-sized manufacturing enterprises, with businesses in the fields of smart oil fields, smart cities, and industrial internet. Financially, as of the nine months ending September 30 in 2022, 2023, and 2024, Shengruan Technology's revenues were approximately RMB 391 million, RMB 502 million, and RMB 163 million respectively; during the same period, the annual profits were RMB 37.607 million, RMB 53.664 million, and -RMB 11.316 million respectively.