New Stock News | Puying Innovation Plans Hong Kong IPO; CSRC Requests Supplementary Explanation on Matters Including Past Equity Changes

On October 30, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Offering and Listing Filings (October 26, 2026 October 30, 2026)." The International Department of the CSRC issued supplementary material requirements to a total of 5 companies. Among them, Puying Innovation was required to supplement explanations on matters including past equity changes. According to disclosure by the Hong Kong Stock Exchange on June 30, Shenzhen Puying Innovation Technology Co., Ltd. submitted a listing application to the GEM of the Hong Kong Stock Exchange, with Altus Capital as its sole sponsor. The CSRC requested Puying Innovation to supplement explanations on the following matters, and requested lawyers to verify and issue clear legal opinions: 1. Regarding past equity changes: (1) Your company has historically been involved in capital reductions; please explain the reasons for and rationality of the capital reductions, whether necessary legal procedures were performed, and the tax payment situation; (2) the prices and pricing basis of each capital increase and equity transfer, whether there were any abnormal share subscription prices, whether there was any tunneling of benefits, whether capital contributions were fully paid in, and whether there were any circumstances of failure to perform capital contribution obligations, withdrawal of capital contributions, or defects in the manner of capital contribution; (3) issue a clear conclusive opinion on whether the past equity changes were lawful and compliant. 2. Please provide a table listing the names of both parties to nominee shareholding arrangements in your company's historical evolution, the proportion of equity held under nominee arrangements, the start and end times of the nominee arrangements, and the method of termination, and, in conjunction with the employment circumstances of the nominee shareholders during the nominee period, further explain in accordance with the relevant provisions of the "Guidelines for the Application of Regulatory Rules Overseas Offering and Listing No. 2" the reasons for the formation of the nominee shareholding, its evolution, its lawfulness and compliance, whether there are disputes or potential disputes, whether there is any tunneling of benefits, and whether the nominee shareholders during the nominee period were entities prohibited from holding shares under laws and regulations (including whether they violated non-competition provisions). 3. Your company holds fixed pollution source pollutant discharge registration qualifications; please explain whether the established, under-construction, and proposed projects are "high-energy-consumption" and "high-emission" projects. 4. Please explain whether the shares held by shareholders intending to participate in the "full circulation" this time are subject to pledges, freezing, or other defects in rights. 5. Regarding business: (1) the basis for calculating your company's market share in the filing materials, and, in conjunction with a comparison with listed companies in the same industry, further explain your company's industry position and the relevant basis; (2) in conjunction with the main customers and suppliers during the reporting period, product functions, pricing basis and specific application scenarios, and the consistency between revenue scale and industry position, further explain your company's business model and core competitiveness. 6. Please explain: the internal decision-making process for dividend distributions during the reporting period and the performance of procedures such as tax payments, and, in conjunction with the company's liabilities, cash flow, and other circumstances, explain the rationality of implementing dividend distributions and the necessity of this listing and financing given the dividend distributions. The prospectus shows that Puying Innovation is a leading manufacturer of enterprise-level financial smart printing and document processing equipment established in 2015, mainly engaged in the design, research and development, production, and sales of mission-critical specialized printers, print-scan all-in-one devices, smart self-service devices and terminals, as well as consumables, components, and other products. The company's products are mainly used in the banking and financial sector for the printing and application of passbooks, deposit receipts, and bill vouchers. It has so far served more than 186 customers, with products sold to more than 54 countries and regions. According to Frost & Sullivan, by revenue, the company ranked first in the global financial smart printing and scanning equipment market in 2025; from 2016 to 2025, by cumulative shipments, the company's historical installed base of high-reliability printing and scanning equipment was 748,518 units, accounting for approximately 4.9% of total global installed base in the relevant market, ranking first in the industry.