New Stock News | Visual China Group (000681.SZ) plans Hong Kong IPO; CSRC requires supplementary explanation on latest progress of pending litigation and other matters

On October 23, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Offering and Listing Filing (October 19, 2026 October 23, 2026)." The International Department of the CSRC issued supplementary material requirements to a total of 4 companies. Among them, Visual China Group (000681.SZ) was required to provide supplementary explanations on the latest progress of pending litigation, whether it is involved in artificial intelligence fields such as AI large models, and other matters. According to disclosure by the Hong Kong Stock Exchange on June 14, Visual (China) Culture Development Co., Ltd. submitted an application to the Main Board of the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. The CSRC requested Visual China Group to provide supplementary explanations on the following matters, and requested lawyers to verify and issue clear legal opinions: 1. Please explain the latest progress of the company's pending litigation, whether the relevant circumstances will have a material adverse impact on future operations, whether they will constitute a substantive obstacle to this offering, and whether the relevant pending litigation has been fully disclosed. 2. Please explain the performance of regulatory procedures such as overseas investment and foreign exchange registration involved in the company's establishment of overseas subsidiaries. 3. Please explain whether the company is involved in artificial intelligence fields such as AI large models, and whether it complies with the "Administrative Measures for Generative Artificial Intelligence Services." 4. Please explain, in conjunction with the use of proceeds, the necessity and reasonableness of this Hong Kong listing. The prospectus shows that Visual China Group is a leading content licensing and customization service provider in China. The company's services enable customers to efficiently acquire, create, manage, and use licensed content across a wide range of application scenarios. The company's development strategy is built around content assets, AI capabilities, and application scenarios. According to Frost & Sullivan, based on 2025 revenue, the company ranks first in China and fifth globally in the visual content licensing services market. As of December 31, 2025, the company had accumulated more than 700 million content assets in various forms, including images, video, audio files, and 3D/CG models. The company's content assets are generally sourced from (i) global content providers, mainly including a global procurement network composed of contracted copyright cooperation agencies and contributors; and (ii) proprietary content, mainly including Corbis's globally leading image library.