On October 24, the China Securities Regulatory Commission (CSRC) issued the “Supplementary Material Requirements for Filing Overseas Issuances and Listings (October 20, 2025 – October 24, 2025),” requesting additional documentation from 11 companies. Among them, the CSRC has asked Shenzhen Intellifusion Technologies Co., Ltd. (688343.SH) to provide more details on the specific scope of business operations of the company and its subsidiaries, and to assess whether the company will continue to comply with foreign investment access policy requirements following the planned issuance and listing. As disclosed by the Hong Kong Stock Exchange on August 25, Shenzhen Intellifusion has updated its prospectus, with Huatai International, Citic Securities, and CMB International acting as joint sponsors.
The CSRC has requested that Shenzhen Intellifusion provide clarification on the following matters, and to have legal counsel verify and issue a clear legal opinion: 1. Regarding Business Operations: (1) Please clarify the specific scope of business for your company and subsidiaries, particularly regarding “value-added telecommunications services; production of electronic publications; economic information consulting; advertising services; design, production, agency, and publication of advertisements.” Confirm whether necessary qualifications and licenses have been obtained, and whether the scope of operations and actual business activities involve areas restricted or prohibited for foreign investment, as well as whether the foreign shareholding ratio complies with the upper limit provisions. Additionally, verify whether the company will continue to meet foreign investment policy requirements post-listing. (2) Provide a clear and easily understandable description of the business model and specific details of the engagement with large models, as well as whether the relevant large model filings have been completed. 2. Regarding Compliance: (1) Supplement your company's and domestic subsidiaries' business circumstances and compliance operations according to the “Guidance for Supervision Rules Applicable to the Second Category of Overseas Issuance and Listing.” Currently, only the main subsidiaries’ conditions are reviewed. (2) Please clarify if your company and its subsidiaries are involved in developing or operating websites, mini-programs, apps, or public accounts, and if they provide information content to third parties. Specify the types of information content involved and the security measures for protecting said content. Also, provide details on the scale of collected and stored user information, data usage status, and personal data protection measures before and after listing.
3. Ensure strict compliance with Article 8 of the "Trial Measures for Management of Overseas Issuance of Securities and Listing by Domestic Enterprises," and explain if your company or domestic subsidiaries face any prohibitions for overseas issuance or listing.
4. Regarding this issuance and listing: (1) Please specify the expected fundraising amount after fully exercising the over-allotment option. (2) Present a table showing the changes in the shareholding structure of the top ten shareholders and other shareholders before and after the issuance under the scenarios of not exercising and fully exercising the over-allotment option.
The prospectus indicates that Shenzhen Intellifusion is a leading artificial intelligence (AI) company in China, focused on the research, design, and commercialization of AI inference chips. The company integrates a profound understanding of AI algorithms and practical application scenarios into high-performance, cost-effective applications powered by AI inference computing. It offers industry-leading NPU-driven AI inference chip products and services across three categories: enterprise-level, consumer-level, and industry-level applications, successfully creating a complete closed loop from the construction of AI inference infrastructure to product design, development, and commercial deployment, enabling rapid migration across diverse AI scenarios.
Financially, for the fiscal years 2022, 2023, 2024, and for the three months ending March 31, 2025, Shenzhen Intellifusion reported revenues of approximately 546 million RMB, 506 million RMB, 917 million RMB, 98.44 million RMB, and 264 million RMB respectively. During the same periods, the losses were approximately 448 million RMB, 384 million RMB, 572 million RMB, 138 million RMB, and 85.81 million RMB.