New Stock News: ZhenQi Technology plans to be listed on the Hong Kong Stock Exchange. The China Securities Regulatory Commission requires supplementary explanations on the progress of handling state-owned stock identifications and other related matters.

The China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Filing (January 19, 2026 - January 23, 2026)". The International Department of the China Securities Regulatory Commission required three companies to provide supplementary materials, including a request for Zhenqu Technology to explain the progress of state-owned stock identification processing and whether the establishment of the issuer and previous equity changes were legal and compliant. According to the Hong Kong Stock Exchange disclosure on January 2, Zhenqu Technology submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and Guotai Haitong as joint sponsors. The China Securities Regulatory Commission asked Zhenqu Technology to provide clarification on the following matters and requested lawyers to verify and provide clear legal opinions: 1. Please explain (1) whether Shen Jie and Qu Bo entrusting others to hold shares complies with the management system of their respective units at the time, whether there was a violation of non-compete agreements, and whether it was legal and compliant; (2) list the pricing basis for the issuer's previous capital increases and equity transfers, explain the reasons for inconsistent prices within the same batch, whether there was any transfer of benefits, and clarify the fairness of zero-price transfers and discrepancies between agreed prices and actual payment prices; (3) provide conclusive opinions on whether the establishment of the issuer and previous equity changes were legal and compliant. 2. Please explain (1) whether Shen Jie and the entities he controls collectively hold over 30% of the voting rights, and whether they should be investigated and explained in accordance with the "Regulatory Rules Application Guidelines - Overseas Issuance and Listing No. 2" (hereinafter referred to as "Guidelines No. 2") regarding controlling shareholders; (2) explain the impact of special shareholder rights arrangements on control rights and any changes in control rights before and after listing; (3) conduct investigations and explanations for entities controlled by the same entity and collectively holding more than 5% of shares according to the requirements of "Guidelines No. 2" regarding major shareholders. 3. Please explain whether there are external personnel, departing personnel, and consultants in the equity incentive plan. If such entities exist, please provide information in accordance with "Guidelines No. 2" and provide clear conclusive opinions on whether there was any benefit transfer in the equity incentive plan. 4. Please explain (1) the specific compliance status of overseas subsidiary's foreign investment and forex registration procedures, and provide conclusive opinions on compliance; (2) whether the issuer's plans to increase investments in Europe and accelerate expansion into Southeast Asia involve specific overseas fundraising projects and whether they require foreign investment approval, clearance, or filing procedures. 5. Please explain (1) the business operations of the issuer and its subsidiaries in data processing, market research, semiconductors, integrated circuits, and other fields, the necessity of including these businesses in the operating scope; (2) explain major litigation and arbitration situations according to "Guidelines No. 2". 6. Please explain (1) the progress of state-owned stock identification for Zhangjiang Ke Investment and three other state-owned shareholders; (2) whether the shares held by shareholders participating in the "full circulation" have any pledge, freeze, or other rights defects; (3) whether the business scope of the issuer and its subsidiaries involves areas prohibited or restricted for foreign investment according to the "Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition)", and whether they will continue to meet foreign investment access requirements after this issuance and listing and "full circulation". According to the prospectus, Zhenqu Technology is a technology-driven electronic control solution provider mainly targeting the new energy vehicle sector. As the core subsystem of electric drive or power systems, the electronic control converts electrical energy into controllable power output to achieve precise control of motors or power sources, ensuring efficient and reliable vehicle performance. According to the data from Frost & Sullivan, the company's main solutions hold leading positions in the Chinese market based on installed capacity: - Motor controllers: The company ranked 11th in 2024 and 8th as of the nine months ending September 30, 2025. As for dual-motor controllers, the company ranked third as of the nine months ending September 30, 2025. - Main drive power brick: The company ranked first in 2024 and second as of the nine months ending September 30, 2025. For power bricks installed in dual-motor controllers, the company ranked first as of the nine months ending September 30, 2025. - Power modules: The company ranked eighth in 2024 and seventh as of the nine months ending September 30, 2025.