IPO News: Coolsee Intelligence Plans to List on the Hong Kong Stock Exchange, China Securities Regulatory Commission Requires Supplementary Explanation on the Compliance of Building Offshore Architecture and Returning M&A.

On September 5, the China Securities Regulatory Commission (CSRC) announced the "Supplementary Material Requirements for Overseas Issuance and Listing Record (August 29, 2025 - September 4, 2025)", and the CSRC's International Department has requested supplementary materials from 12 companies, including KuSai Intelligent, to provide clarification on offshore structures and compliance with return acquisition. According to the Hong Kong Stock Exchange's disclosure on June 25, KuSai Intelligent has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. The CSRC has requested KuSai Intelligent to provide clarification on the following matters and asked for legal opinions from lawyers: 1. Regarding the compliance of building offshore structures and return acquisitions, please explain: (1) the specific compliance status of foreign exchange registration, overseas investment, foreign investment, tax, and other regulatory procedures involved in building offshore structures and return investments, and provide a conclusive opinion on compliance; (2) the pricing basis, payment methods, payment deadlines and compliance of the acquisitions of Platinum Tech and the equity of KuBi and KuSai in China, whether they comply with the "Regulations on Foreign Investors' Acquisition of Domestic Enterprises", and the tax declaration obligations of the transferor related to the equity transfer process. 2. Regarding the situation of domestic operating entities, please explain: (1) the reasons, compliance, and impact on the company's operations and debt repayment capacity for the unpaid registered capital of the domestic operating entity KuSai Intelligent; (2) the specific content of value-added telecommunications business KuSai Intelligent has engaged in or intends to engage in, the foreign ownership limit, and the specific basis for continuously complying with the foreign investment access policy before and after this issuance and listing. 3. Please provide a list showing the comparison of the equity structure before and after this issuance without exercising the over-allotment option and fully exercising the over-allotment option. 4. Please explain the specific situation of the company's previous application for A-share listing counseling and the reason for termination, whether there are plans to continue with the A-share listing and specific arrangements, and if there are any significant impacts on this issuance and listing. According to the prospectus, KuSai Intelligent is a leading global intelligent technology company that provides a comprehensive one-stop solution for product definition, research and development, supply chain management, manufacturing, and after-sales service. During the reporting period, the company's income came from over 70 countries or regions, covering Asia, the Americas, Europe, Oceania, and Africa. As an enabler behind local brands, the company is a driving force and innovator for global local brands, as well as a symbol of China's manufacturing strength. According to Frost & Sullivan data, in 2024, based on shipment volume, the company was the world's second-largest end-to-end solutions provider for local intelligent smartphone brands; in the first quarter of 2025, the company rose to the top.