China's securities regulator has requested Shenzhen Camsense Technologies Co., Ltd. to provide supplementary disclosures regarding its upcoming Hong Kong initial public offering. The China Securities Regulatory Commission (CSRC) issued the requirements as part of its review of overseas listing filings between November 17-21, 2025.
Among the seven companies receiving supplemental material requests, Camsense was asked to justify the pricing rationale for shares issued to new investors within the past 12 months. The CSRC specifically demanded explanations for pricing discrepancies among different investors and clarification on potential improper benefit transfers.
The laser sensor technology company, which filed its listing application with the Hong Kong Exchange on September 29, 2025, with China International Capital Corporation and Guosen Securities (HK) as joint sponsors, must address six key areas:
1. Detailed justification for recent share issuance pricing variations and potential conflicts of interest 2. Explanation of inconsistencies between the listing plan and prospectus disclosures 3. Fairness assessment of employee stock incentive programs 4. Operational details of advertising-related business activities 5. Progress updates on state-owned capital administration procedures involving certain investors 6. Disclosure of any encumbrances on shares proposed for full circulation
According to its prospectus, Camsense specializes in high-precision spatial perception solutions for smart robotics, leveraging AI technology to develop advanced algorithms and hardware components. Industry research from CIC shows the company dominated the global robotic vacuum cleaner perception solution market in 2024, capturing over 50% market share with approximately 8 million LiDAR units shipped that year alone.
The company maintains strong growth momentum, having shipped more than 25 million units cumulatively since inception. Preliminary 2025 figures show continued expansion, with first-half shipments exceeding 5 million LiDAR units and 2 million line laser sensors.