New stock news | Tudatong plans to list in Hong Kong China Securities Regulatory Commission requires additional explanations on foreign exchange management and other regulatory procedures (if applicable) compliance status.

On April 11, the China Securities Regulatory Commission announced the supplementary materials requirements for overseas issuance and listing (from April 3, 2025 to April 10, 2025), which mentioned the requirement for Tu Da Tong to provide supplementary explanations on foreign exchange management and other regulatory procedures (if applicable) compliance. According to the disclosure by the Hong Kong Stock Exchange on February 12, Tu Da Tong submitted a listing application to the main board of the Hong Kong Stock Exchange through shell borrowing, with Qingke Capital, CITIC SEC, and China Securities Co., Ltd. International serving as joint sponsors. Specifically, the CSRC publicly stated that Tu Da Tong should provide supplementary explanations on the following matters and have lawyers verify and provide clear legal opinions: Firstly, please explain: (1) the compliance status of overseas investments, foreign exchange management, and other regulatory procedures (if applicable) by new shareholders of the issuer (including TECHSTARACQ-Z initiator shareholders and PIPE investors who have signed agreements) since the last filing; (2) the consideration for the transfer of the issuer's equity, the pricing basis, and the tax payment situation of the transferor. Secondly, the compliance status of new domestic operating entities for foreign investment, foreign exchange registration, and other regulatory procedures. Thirdly, the rectification status of foreign exchange registration management for Chinese national individual shareholders involved in previous commitments. Tu Da Tong is the global leader in designing, developing, and manufacturing automotive-grade lidar solutions. According to Zacks Investment Research, Tu Da Tong delivered a total of over 147,000 automotive-grade lidars in 2023, ranking first globally in sales revenue of ADAS lidar solutions in 2023. As of the last practicable date, NIO has selected Tu Da Tong's lidar solutions for use on its nine vehicle models.