New Stock News | Hai Rui Innovation Plans to List in Hong Kong. The China Securities Regulatory Commission requires supplementary explanations to be submitted on the reasonableness of the prices at which new shareholders have entered the company in the 12 months prior to applying for overseas issuance and listing.

On July 10, the CSRC announced the disclosure of supplemental materials required for overseas issuance and listing filing (July 6, 2026 - July 10, 2026). The CSRC International Department issued supplemental material requirements for 7 companies, including asking Hairui Innovation to provide additional clarification on the reasonableness of the purchase price of new shareholders within 12 months before submitting the overseas issuance and listing filing application. It is reported that Hairui Innovation submitted their listing application to the Hong Kong Stock Exchange Main Board on February 13, 2026, with Goldman Sachs and CITIC SEC as joint sponsors. The CSRC requested the company to provide further clarification on the following matters and asked lawyers to verify and provide clear legal opinions: 1. Regarding this issuance and listing, as well as "full circulation": (1) Please explain the estimated amount of capital to be raised after the full exercise of the over-allotment option; (2) Please explain whether the shares held by shareholders participating in the "full circulation" in this issuance have any pledge, freeze, or other defects. 2. Please provide further clarification: (1) The reasonableness of the purchase price of new shareholders within 12 months before the company submitted the overseas issuance and listing filing application, the reasons for the differences in these purchase prices, and clear conclusions on whether there is any transfer of benefits, etc.; (2) The circumstances related to Dongguan Hairui's capital increase in May 2019 without following the asset evaluation procedures, and clear conclusions on the legality and compliance of its establishment and previous equity changes. 3. Please provide further clarification: (1) Whether the business scope and actual business of the company and its subsidiaries involve restrictions or prohibitions in areas of foreign investment, and whether they will continue to meet the requirements for foreign investment access after this issuance and listing and "full circulation"; (2) Please explain the specific compliance with the regulatory procedures for overseas investments and foreign exchange registrations of the company's overseas subsidiaries, and provide conclusive opinions on their compliance. 4. Please provide further clarification on the specific overseas investment projects of the company, if applicable, and explain the compliance with overseas investment approval, approval, or filing procedures. 5. (1) If incentive recipients still hold relevant incentive shares after leaving, whether they comply with the terms of the previous agreements, and whether there are disputes or potential disputes; (2) Clear conclusions on the legality and compliance of implemented equity incentive plans and post-listing option incentive plans and whether there is any transfer of benefits. 6. Regarding standardized operations: (1) Please explain the relevant situation and rectification situation of the administrative penalties for safety production imposed on the company and its subsidiaries, whether these situations constitute major illegal activities and provide relevant evidence, and whether they pose substantial obstacles to this issuance and listing; (2) Please explain the rectification situation after the company and its subsidiaries are subject to other administrative penalties, whether they have a significant adverse impact on the company's daily operations and this issuance and listing; (3) Please explain the latest progress of the company's litigation cases and whether they pose substantial obstacles to this issuance and listing. The prospectus shows that Hairui Innovation has developed an integrated automated box-type warehousing solution called Siasun Robot&Automation (ACR) for automatic picking and handling of individual boxes in warehouses. Through this solution, Hairui Innovation can help customers increase storage density, improve operational efficiency, accelerate order fulfillment, and reduce labor costs. Hairui Innovation provides enterprise customers with a fully integrated solution, combining Siasun Robot&Automation and related hardware, software, and a full range of auxiliary support and services. Hairui Innovation provides a series of advanced ACR solutions, offering flexibility, efficiency, reliability, and cost-effectiveness for various distribution and manufacturing sectors. In 2025, Hairui Innovation introduced HaiPick Climb, becoming the first commercially viable single-sided climbing ACR solution on the global ACR market. According to Zhaoshi Consulting data, HaiPick Climb supports storage heights of up to 15 meters in both new and refurbished warehousing facilities, the highest among similar products.