New stock news | Xintianxia plans to list on the Hong Kong stock market. The China Securities Regulatory Commission requires supplementary explanations on the pricing basis for previous capital increases and equity transfers.

On June 26th, the China Securities Regulatory Commission issued the "Requirements for Supplementary Materials for Overseas Issuance and Listing Filings (June 15, 2026 - June 26, 2026)". Among them, Xintianxia was required to provide supplementary explanations for the historical capital increases and equity transfer prices and pricing basis, whether there were any abnormal stock purchase prices, the existence of benefits transfer, etc. According to the Hong Kong Stock Exchange disclosed on January 9th, Xintianxia Technology Co., Ltd. submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with GF SEC and CITIC SEC as its joint sponsors. The China Securities Regulatory Commission requested Xintianxia to explain the following matters, and asked lawyers to verify and provide clear legal opinions: 1. Please explain: (1) whether there were any abnormal stock purchase prices, benefits transfers, whether the capital contributions have been fully paid, whether there were any failures to fulfill capital obligations, diversion of capital, or flaws in capital contribution methods in your company's historical capital increases and equity transfers; (2) provide conclusive opinions on whether the establishment and historical equity changes of your company are legal and compliant, and whether there are entities prohibited from holding shares according to laws and regulations. 2. Please provide supplemental explanations on the compliance of the equity incentive plans your company has implemented, including the specific personnel composition and positions, the existence of relationships between participating personnel and other shareholders, directors, supervisors, senior management personnel of the issuer, the fairness of prices, agreement terms, decision-making procedures, and operational regulations, and provide clear conclusive opinions on the legality and compliance, and the existence of benefits transfer. 3. Your company and its subsidiaries both engage in technology export business, please explain the status and compliance of the related business operations. 4. Please explain whether there are any pledges, freezes, or other defects in the rights of the shares held by the shareholders who intend to participate in the "full circulation." The prospectus shows that Xintianxia was established in 2014, focusing on the research, design, and sales of code-type flash memory chips, with product lines covering NOR Flash, SLC NAND Flash, and MCP, covering areas such as network communication, consumer electronics, industrial medical, and automotive electronics. According to data from Torch Insight Consulting, Xintianxia is one of the few domestic companies with the most comprehensive coverage of code-type flash memory chip products in the industry, and one of the few domestic companies that can meet the needs of customers for both NOR Flash and SLC NAND Flash products simultaneously. Based on revenue in 2024, the company ranks sixth among global code-type flash memory chip companies without wafer factories.