According to reports, on October 24, the China Securities Regulatory Commission (CSRC) published supplementary material requirements for overseas issuance and listing registration (from October 20, 2025, to October 24, 2025). The announcement indicated that Transwarp Technology (688031.SH) needs to provide additional information regarding the actual operations of its and its subsidiaries' value-added telecom services, including whether the appropriate qualifications have been obtained, and if it involves areas within the "Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition)." As disclosed by the Hong Kong Stock Exchange on August 18, Transwarp Technology (688031.SH) submitted its listing application to the main board of the HKEX, with Haitong International acting as its exclusive sponsor. The prospectus reveals that Transwarp Technology is an AI infrastructure software provider that effectively integrates artificial intelligence, big data, and cloud technology, assisting enterprises in building AI infrastructure software efficiently, thus driving intelligent transformation and innovation in business models across various industries. By revenue, the company ranks fifth in China's AI infrastructure software market in 2024 and is the largest pure AI infrastructure software provider.