On November 7, the China Securities Regulatory Commission (CSRC) released its "Supplementary Disclosure Requirements for Overseas Listing Filings (November 3–7, 2025)." The CSRC's international department disclosed supplementary material requests for 13 companies, including AoChuang Holdings, Inc., the controlling shareholder of Hainan AoChuang New Energy Development Co., Ltd. (previously submitted confidentially but now made public). The regulator has asked the company to provide additional details regarding its domestic operating entities.

AoChuang Holdings, which filed an updated prospectus with the SEC on September 3, 2024, plans to list on the Nasdaq under the ticker "ANE." The CSRC has requested the following clarifications, to be verified by legal counsel with a definitive opinion:

1. **Equity Control Structure**: Compliance of the equity control framework, including regulatory procedures related to its establishment and round-trip acquisitions involving foreign investment, along with a conclusive opinion on compliance.

2. **Domestic Operating Entities**: - Details on the establishment, historical evolution, business operations, corporate governance, and regulatory compliance of Hainan AoChuang New Energy Development Co., Ltd. and Aomei (Hainan) New Energy Technology Co., Ltd. - Information on the acquisition of equity in Hainan AoChuang New Energy by Aomei (Hainan), including timing, pricing rationale, payment terms, tax obligations, and foreign investment regulatory compliance, with a conclusive opinion.

3. **Equity Changes**: - Reasons for share acquisitions by shareholders in September 2023, pricing basis, and any affiliations with other shareholders, directors, or senior management. - Verification of whether any parties legally prohibited from holding shares directly or indirectly own equity in the issuer, with a clear conclusion.

4. **Regulatory Compliance**: - Confirmation of whether the company’s domestic entities engage in ride-hailing services (listed in their business scope) and whether such activities fall under foreign investment restrictions or prohibitions per the "Special Administrative Measures for Foreign Investment Access (Negative List)." - Disclosure of actual operations in insurance agency, advertising design, and related businesses, if applicable, along with specific business models.

Founded in 2003, AoChuang Holdings is a comprehensive automotive service provider in Hainan, operating four 4S dealerships. Its services include vehicle sales, maintenance, parts distribution, insurance agency, and other value-added services.