On November 7, the China Securities Regulatory Commission (CSRC) released supplementary material requirements for overseas listing filings (November 3–7, 2025). The regulator has requested Guangzhou Xaircraft Technology (Xaircraft) to provide definitive conclusions regarding the legality of its establishment and historical equity changes.
The CSRC further requires Xaircraft to clarify details about its previous A-share listing preparations, including its application withdrawal from the Shanghai STAR Market, and whether it intends to proceed with an A-share listing in the future. Additionally, the company must disclose any circumstances that could significantly impact its current IPO.
Xaircraft submitted its Hong Kong IPO application on September 25, with Huatai International acting as the sole sponsor. The CSRC has also asked the company to supplement disclosures on the following matters, requiring legal verification:
1. **Data Collection & AI Compliance**: - Details on the company’s development and operation of apps, mini-programs, and public accounts, including whether personal data is collected and stored. - Confirmation on whether its AI-related technologies or services have completed necessary regulatory filings.
2. **Regulatory Penalties & Business Scope**: - Explanation of an administrative penalty imposed in August 2023, its rectification status, and potential impact on the IPO. - Clarification on its advertising-related businesses and whether proper licenses have been obtained.
3. **Employee Equity & Foreign Investment Restrictions**: - Compliance of its employee stock ownership plan, particularly regarding former employees holding stakes in Xiamen Jili Partnership. - Assessment of whether its agricultural research and seed businesses fall under foreign investment restrictions per the 2024 Negative List.
4. **Shareholder Status**: - Disclosure on whether shares intended for "full circulation" are pledged, frozen, or encumbered.
According to its prospectus, Xaircraft is a global leader in agricultural robotics, ranking second worldwide in agricultural drones (17.1% market share) and agricultural robots (10.7% share in 2024). The company integrates robotics, AI, and new energy technologies to address labor shortages in farming through high-precision automation solutions.