New Stock News | OnTheGo plans to go public in Hong Kong IPO; China Securities Regulatory Commission requires further clarification on whether there are any related relationships among shareholders holding less than 5% of the shares.

On July 10, the China Securities Regulatory Commission disclosed the "Supplementary Materials Requirements for Overseas Issuance and Listing (July 6, 2026 - July 10, 2026)". The International Department of the China Securities Regulatory Commission issued supplementary material requirements for 7 enterprises. Among them, Anqing Computer Information Co., Ltd. (referred to as Anqing) was required to provide further explanation on the relationship between shareholders holding less than 5% of the shares. According to the disclosure on April 2 by the Hong Kong Stock Exchange, Anqing submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. The China Securities Regulatory Commission requested Anqing to provide clarification on the following matters, and requested lawyers to verify and provide clear legal opinions: 1. Please explain whether there is a relationship between shareholders holding less than 5% of the shares. If so, should the shareholding percentages be combined, and shareholders holding over 5% should be subjected to thorough verification. 2. Please explain: (1) the reasons for the reduction of capital by the issuer and its reasonableness, whether necessary legal procedures have been followed, and provide a clear conclusive opinion on the legality and compliance of previous equity changes; (2) provide a clear conclusive opinion on whether the prices at which new shareholders entered in the last 12 months are fair and reasonable, and whether there is any transfer of benefits. 3. Please explain the composition and appointment of equity incentive personnel of the issuer, whether there are relationships between the participants and other shareholders, directors, supervisors, and senior management of the issuer, whether there are individuals not allowed to participate in equity incentives according to laws, regulations, and relevant national provisions. Also provide information on the fairness of the entry price, agreement stipulations, decision-making procedures, regulatory operations, and provide clear conclusive opinions on legality, compliance, and transfer of benefits. 4. Regarding special shareholder rights, please provide a detailed description of the complete specific content of special shareholder rights arrangements, the specific details of termination clauses, the decision-making procedures followed, whether all shareholders have reached a consensus, whether there are disputes, and whether there are substantive obstacles to this overseas issuance and listing. 5. Please explain: (1) the qualifications obtained by the issuer for relevant operations, and whether the business and scope of operation of the issuer and its subsidiaries are subject to restrictions or prohibitions from the negative list of foreign investment access special management measures (negative list) (2024 edition). Also, explain whether the issuance and listing this time and before and after "full circulation" continuously meet the requirements of foreign investment access policies; (2) describe in simple terms the business model of the issuer and its subsidiaries, the business scope and actual operations of the issuer and its subsidiaries; (3) describe in simple terms whether the issuer's business involves AI large models, and if so, provide specific details including application scenarios, specific functions, compliance with the "Regulations on the Management of Generative Artificial Intelligence Services", whether the large model filing has been completed. If not, check whether the business descriptions in the prospectus and other filing materials are true and accurate; (4) explain the compliance of overseas subsidiary establishment, implementation procedures, business layout of domestic and foreign subsidiaries, distribution of main business links domestically and abroad, and comparison of major operating indicators such as revenue and profit (list specific countries and regions). 6. Regarding corporate governance, please explain the reasonableness of the terms of office of senior management personnel of the issuer being indefinite, and the specific impact of the inconsistency with the term of office of directors on the governance, standard operation, major decision-making voting, etc. of the issuer. 7. Please explain whether the shares held by the shareholders who intend to participate in the "full circulation" in this session are subject to pledge, freeze, or other rights defects. 8. Please provide further explanation on whether the procedures for convening the second extraordinary general meeting of shareholders in 2026 comply with the "Company Law", "Articles of Association", and other regulations, whether it constitutes a major violation of laws and regulations, whether there is a risk of investigation and punishment, and provide a clear opinion from lawyers, as well as provide opinions from the local market regulatory department (municipal level) of the issuer. According to the prospectus, Anqing was established in 2017 and is a technology company in China focusing on the development, design, manufacturing, and sales of AI computing devices, as well as providing related technical services and support. According to data from Frost & Sullivan, based on the 2024 revenue, Anqing is the sixth largest provider of AI computing device solutions in China. The company is also the largest independent enterprise among AI computing device solution providers in China. Anqing's main products include high-performance AI servers, other servers, support devices, and components. Other servers mainly include general servers, storage servers, and edge servers, while support devices and components mainly include AI high-bandwidth switches, adapter cards, accelerator cards, and CPUs. The company's products are characterized by high performance, high reliability, and high compatibility, and can meet different customers' differentiated needs based on modular and redundant design on the basis of the most advanced computing architectures at home and abroad, while ensuring reliability and compatibility with international and domestic mainstream computing accelerator cards.