New stock news | Chongqing Afari Technology (601777.SH) plans to be listed in Hong Kong. The China Securities Regulatory Commission requires additional clarification on the overseas investment filing procedures involving overseas subsidiaries.

The China Securities Regulatory Commission (CSRC) issued the "Supplementary Materials Requirements for Overseas Issuance and Listing Filings (January 26, 2026 - January 30, 2026)". The International Department of the CSRC has requested supplementary materials from 6 companies, including Chongqing Afari Technology (601777.SH), to explain the overseas investment approval process for setting up overseas subsidiaries and the progress of the transfer of shares related to Lifan Holdings and Mercedes-Benz Digital Technology agreement. According to the disclosure by the Hong Kong Stock Exchange on October 16, Chongqing Afari Technology Co., Ltd. has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as the sole sponsor. The CSRC has requested Chongqing Afari Technology to supplement the following matters and to have lawyers verify and provide clear legal opinions: 1. Please explain the compliance status of the overseas investment approval process for setting up overseas subsidiaries and provide a conclusive opinion on the compliance. 2. Please explain the progress of the transfer of shares related to Lifan Holdings and Mercedes-Benz Digital Technology agreement, as well as the compliance confirmation situation with the Shanghai Stock Exchange. 3. Regarding business operations: (1) Please provide a detailed description of the company's business model and specific details about AI models and AI-assisted driving systems in simple language, including application scenarios, specific functions, and whether it involves the acquisition and use of geographic information data; (2) Please explain the specific situation of the business scope of the company and its subsidiaries, including data processing and storage support services, socio-economic consulting services, advertising design, agency, production, and publication, real estate development, property management, and enterprise project investment consulting, whether the related businesses have actually been conducted and the specific operational situation, and whether the necessary qualifications and licenses have been obtained; (3) In addition to the above, whether the business scope and actual operations of the company and its domestic subsidiaries involve restricted or prohibited areas for foreign investment, and whether they continue to comply with the requirements of foreign investment access policies before and after this listing. 4. Regarding standardized operations: (1) Please supplement the business situation and standardized operations of the company and its domestic subsidiaries in the legal opinion according to the "Regulatory Rules Application Guidelines - Overseas Issuance and Listing No. 2", at present, only the main subsidiaries need to be checked and explained; (2) Please explain the latest developments in litigation cases of the company and its domestic subsidiaries, whether they constitute substantial obstacles to this overseas issuance and listing; (3) Please explain the development and operation of websites, mini-programs, apps, public accounts, and other products of the company and its subsidiaries, whether they involve providing information content to third parties, the types of information content provided, and information content security measures; at the same time, explain the scale of user information collected and stored, data collection and use, and arrangements or measures for personal information protection and data security before and after the listing. 5. Please strictly compare with Article 8 of the "Trial Measures for the Administration of the Overseas Issuance of Securities and Listing by Domestic Enterprises" and explain whether the company and its domestic subsidiaries have any prohibitive factors for overseas issuance and listing, and have lawyers verify and provide clear legal opinions.