New stock news | RayCloud plans to list on Hong Kong stock market. China Securities Regulatory Commission requires additional explanation on the compliance of employee shareholding plans, etc.

On May 22, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing filing disclosure (May 18, 2026 - May 22, 2026). The International Department of the China Securities Regulatory Commission issued supplementary material requirements for 17 companies, including requesting that Ruiyunlian provide further clarification on the compliance of employee shareholding plans. It is reported that Ruiyunlian submitted an application to the Hong Kong Stock Exchange on January 16, 2026, with CMB International as its exclusive sponsor. The China Securities Regulatory Commission asked Ruiyunlian to provide clarification on the following matters and requested lawyers to conduct checks and provide clear legal opinions: 1. Please explain whether there has been any shareholding by proxy in the historical development of your company, and provide a conclusive opinion on the legality and compliance of the establishment and previous changes in equity. 2. Please provide a clear conclusion on whether there has been any benefit transfer in the implementation of the employee shareholding plan and whether it is legal and compliant. 3. Please check whether the number of shareholders in your company exceeds 200 according to the requirements of the "Regulatory Rules Application Guidelines - Overseas Issuance and Listing Type No. 2," and provide a clear conclusion in the special legal opinion. 4. Regarding standardized operations: (1) Please explain the specific implementation of regulatory procedures such as overseas investments and foreign exchange registration of your overseas subsidiaries, and provide a conclusive opinion on compliance; (2) Please explain the rectification situation after the administrative penalties imposed by the customs department on your company and its subsidiaries, and determine whether the above situation constitutes a significant violation of laws and regulations and whether it has a significant impact on the issuance and listing this time. 5. Regarding this issuance and listing and "full circulation": (1) Please explain the expected amount of funds to be raised after the exercise of the over-allotment option; (2) Please explain whether the shares held by the shareholders intending to participate in "full circulation" are pledged, frozen, or have other defects in rights. The prospectus shows that Ruiyunlian is a leading global provider of intelligent intercom solutions, serving as the central gateway for smart living with AI-driven, multi-scenario intelligent intercom, access control devices, smart home equipment, and cloud services. Ruiyunlian targets the global high-end market, currently focusing on four major scenarios: residential, elderly care, commercial office, and community unified management. According to data from Frost & Sullivan, based on the shipment volume in 2024, Ruiyunlian is the largest provider of intelligent intercom solutions in North America and Europe. As of September 30, 2025, the global cumulative sales volume of the company's smart community solutions is close to approximately two million units. Ruiyunlian currently has over 1 million mobile application users, serving over 530,000 households and over 5,400 enterprises, with its user base continuing to expand. In addition, the company's open architecture allows seamless integration with smart home devices.