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

On July 3, the China Securities Regulatory Commission issued the "Requirements for Supplementary Materials for Overseas Issuance and Listing (June 29, 2026 - July 3, 2026)." The International Department of the China Securities Regulatory Commission requested supplementary materials from 7 companies. Among them, Ma Ji Electronics was required to provide additional information on the pricing and basis for previous capital increases and equity transfers, whether there were abnormal stock purchase prices, whether there were any conflicts of interest, etc. According to the Hong Kong Stock Exchange disclosure on March 31, Kunshan Ma Ji Electronics Co., Ltd. submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as the exclusive sponsor. The China Securities Regulatory Commission asked Ma Ji Electronics to provide clarification on the following issues and requested legal verification and clear legal opinions from lawyers: 1. Please provide supplementary explanations: (1) Whether there were abnormal stock purchase prices, conflicts of interest, actual paid-in capital, failure to fulfill capital obligations, embezzlement of capital, or defects in capital contribution in previous capital increases and equity transfers; (2) Please provide conclusive opinions on the legality and compliance of the establishment and previous equity changes of your company, as well as the legal status and effective existence of your company. 2. Please provide supplementary explanations on the names of both parties holding the equity during the historical evolution, the percentage of equity held in trust, the start and end dates of the trust, the method of trust release, and the positions held by the trustee during the trust period. Further explanations are required according to relevant regulations to explain the reasons, evolution, legality, compliance, potential disputes, and whether the trustee during the trust period is subject to restrictions on holding shares under laws and regulations, including whether it violates non-competition provisions. Additionally, according to Article 8 of the "Trial Measures for Domestic Enterprises to Issue Overseas Securities and Manage Listings," provide an explanation on whether there are significant ownership disputes among the controlling shareholders. 3. Please provide clarification on whether the participants in the employee stock incentive plan are company employees, the specific composition and positions of the participants, any relationships between the participants and other shareholders, directors, supervisors, or senior management of the issuer, whether there are external participants, and provide reasons for their participation, backgrounds, stock purchase prices, valuations, funding sources, and whether there are any conflicts of interest if the stock purchase prices are similar to those of employees. Additionally, explain whether there are any reserved or ungranted shares in the employee stock ownership platform. 4. Please provide clarification on whether the business scope and actual business of your company and its subsidiaries involve areas where foreign investment is restricted or prohibited, and whether the issuance and listing this time and after "full circulation" continues to comply with the requirements for foreign investment entry. 5. Please provide clarification on the specific compliance of overseas investments and foreign exchange registration procedures involving overseas subsidiaries, and provide conclusive opinions on compliance. 6. Please provide clarification on whether there are any pledges, freezes, or other defects in the rights of the shareholders intending to participate in "full circulation." The prospectus shows that Ma Ji Electronics is a supplier of power inductor solutions for advanced process chip (used in consumer electronics, automotive electronics, and high-performance computing fields). Under the design import business model, the company focuses on the development and manufacturing of power inductors. According to Zhaoshi report, in 2024, based on revenue from advanced process chip power inductor solutions, the company ranked first among suppliers headquartered in mainland China and sixth globally. The company's power inductors are used in various industries, including consumer electronics, automotive electronics, and high-performance computing. The company does not supply standardized components but collaborates with end customers during the design stage of their product development cycle to provide customized products. The company operates under a design import business model, combining the company's product development with the technical roadmap of end customers and engaging in vertical integrated manufacturing.