New Stock News | Jiliu Technology Plans Hong Kong IPO; CSRC Requests Explanation on Whether There Was Any Equity Nominee Holding Arrangement in Its Historical Evolution

On October 23, the China Securities Regulatory Commission (CSRC) published supplementary material requirements for overseas offering and listing filings (October 19, 2026 October 23, 2026). The CSRC required Jiliu Technology to supplement its explanation on whether there was any equity nominee holding arrangement in its historical evolution, and to issue a conclusive opinion on whether the issuer's establishment and successive equity changes were lawful and compliant. According to the Hong Kong Stock Exchange disclosure on April 29, Jiliu Technology submitted a listing application to the HKEX, with GUOTAI JUNAN I as the sole sponsor. In addition, the CSRC required Jiliu Technology to supplement the following matters, and requested lawyers to verify and issue clear legal opinions: Explain (1) whether the industrial and commercial change registration of the partners of Jiliu Xiliu and Jiliu Xize has been completed, and whether there are any changes compared with the filing materials; (2) whether Xinglian Dingsen and Hangzhou Guanghe are registered private funds; if not, please conduct look-through verification in accordance with the requirements of the "Regulatory Rules Application Guidelines Overseas Offering and Listing No. 2" (hereinafter referred to as the "Regulatory Guidelines No. 2"); (3) Hangzhou Guanghe and Suzhou Guangyue are controlled by the same entity, and their shareholding ratios should be calculated on a combined basis; please conduct look-through verification of Suzhou Guangyue according to the standard for shareholders holding 5% or more. Explain (1) conduct a complete verification of the new shareholders within the most recent 12 months in accordance with the requirements of the "Regulatory Guidelines No. 2", including existing shareholders that newly acquired shares within the most recent 12 months, and explain transaction prices, pricing bases, and other circumstances on a transaction-by-transaction basis in chronological order; (2) if there are differences in the subscription prices of new shareholders, explain the reasons and issue a clear conclusive opinion on whether the subscription prices are fair and reasonable and whether there is any tunneling of benefits. Explain (1) strictly in accordance with the "Regulatory Guidelines No. 2", explain whether the new shareholders Yuanchuang Future Fund and Huahai Jinpu involve circumstances where entities prohibited by laws and regulations from holding shares directly or indirectly hold shares of the issuer; (2) whether the relationship between new shareholders such as Shanghai Guofang and the sponsor Guotai Junan Financing Limited affects the independence of the intermediary institutions and whether it complies with the rules of the listing venue. Explain (1) the reasons for and necessity of the issuer establishing multiple employee shareholding platforms, and whether the incentive prices and conditions of each platform are consistent; (2) whether Jiao Fangzheng, who has served for less than one year, meets the conditions for equity incentive grants, and whether retaining the incentive share complies with the articles of association or agreement of the employee shareholding plan; (3) issue a clear conclusive opinion on whether the equity incentive is lawful and compliant, whether the price is fair, and whether there is any tunneling of benefits. Explain (1) whether the shares held by shareholders intending to participate in the "Full Circulation" are subject to pledges, freezes, or other defects in rights; (2) please explain the progress of the state-owned shareholder Karamay Chengfa Fund in handling the state-owned share identification; if it is being handled, please undertake to complete it before this offering and listing. The upper limit of the offering quantity in the filing materials and the prospectus should remain consistent. If there is any inconsistency, please provide the revised filing report or prospectus. If the prospectus involves an increase in the number of shares offered and the scale of proceeds raised, please also update the use of proceeds plan. The prospectus shows that Jiliu Technology is the largest independent AI computing cluster provider in China, leading disruptive innovation in the AI infrastructure field. The rapid evolution of AI technology has driven growing social demand for high-performance AI infrastructure. The bottleneck in designing and delivering high-performance AI infrastructure lies not only in high-performance computing and network chips themselves, but also in whether network systems, orchestration and scheduling mechanisms, and parallel computing technologies can turn tens of thousands of processors into a high-performance supercomputer.