New Stock News | Fyland plans Hong Kong IPO, China Securities Regulatory Commission requires additional clarification on the compliance of the stock incentive plan.

On June 5th, the China Securities Regulatory Commission issued the "Requirements for Supplementary Materials for Overseas Issuance and Listing Record (June 1st, 2026 - June 5th, 2026)." The CSRC International Department has issued supplementary material requirements to 10 companies. Among them, Fialand was required to provide further explanation on the compliance of the implemented equity incentive plan. According to the disclosure by the Hong Kong Stock Exchange on April 17th, Fialand submitted an application for listing on the main board of the Hong Kong Stock Exchange, with GUOTAI JUNAN I as its exclusive sponsor. The CSRC requested Fialand to provide clarification on the following matters and requested lawyers to conduct a review and provide clear legal opinions: 1. Please explain: (1) whether the entry prices of new shareholders in the past 12 months are fair and reasonable, and provide a definitive conclusion on the existence of interest transfer; (2) further explain the compliance of the equity incentive plan implemented by your company, including the specific composition of personnel and positions, whether there are relationships between participating personnel and other shareholders, directors, supervisors, senior management of the issuer, the fairness of prices, agreement conditions, decision-making procedures, operational norms, and provide a definitive conclusion on whether it is legal and compliant, and whether there is interest transfer. 2. Please explain: (1) Your company's revenue comes mostly from overseas sales, further explain the cross-border business situation of your company, whether necessary qualifications and licenses have been obtained; (2) in accordance with the "Guidelines for the Application of Regulatory Rules - No. 2 of Overseas Issuance and Listing," further explain the effective existence of your company's domestic operating entities. 3. Please explain: Whether the shares held by the shareholders participating in the "full circulation" in this offering are subject to pledges, freezes, or other defects in rights. The prospectus shows that Fialand was established in 2004 and is a technology company mainly focusing on vertical courtyard scenes, dedicated to building an integrated intelligent courtyard ecosystem. Leveraging IoT capabilities, Fialand develops, manufactures, and sells a wide range of smart courtyard equipment combinations under the "Energy Management + Intelligent + Water Treatment" (EIW) product matrix.