Core Viewpoint - The legal opinion issued by Shanghai Jintiancheng Law Firm confirms that Xinhenghui Electronics Co., Ltd. has met all necessary legal requirements for its initial public offering (IPO) and listing on the ChiNext board, including internal approvals and regulatory compliance [1][4][9]. Group 1: Approval and Authorization - The company held its annual general meeting on April 29, 2022, where it approved the proposal for the IPO, with the resolution valid for 12 months until April 28, 2023, and subsequently extended to April 28, 2026 [4][5]. - The Shenzhen Stock Exchange's Listing Review Committee approved the company's IPO application on March 22, 2023 [5]. - The China Securities Regulatory Commission (CSRC) granted approval for the IPO registration on March 18, 2025, valid for 12 months [5]. - The Shenzhen Stock Exchange issued a notice on June 18, 2025, allowing the company's shares to be listed on the ChiNext board under the stock code "301678" [5]. Group 2: Company Qualifications - The company holds a valid business license issued by the Zibo Administrative Approval Service Bureau, confirming its legal existence and operational status [6]. - Xinhenghui Electronics was established as a joint-stock company through a restructuring process in November 2020 and has been operating for over three years [6]. Group 3: Substantive Conditions for IPO - The IPO has received the necessary approval from the CSRC, meeting the requirements set forth in the Securities Law and the ChiNext Listing Rules [6][9]. - The company's total share capital before the IPO was RMB 179.666 million, which increased to RMB 239.555467 million post-IPO, exceeding the minimum requirement of RMB 30 million [7]. - The company issued 59.888867 million shares in the IPO, representing over 25% of the total shares post-IPO [7]. - The company reported net profits for the years 2023 and 2024, meeting the requirement of positive net profits for the last two years and a cumulative net profit of no less than RMB 50 million [8]. - The company's directors, supervisors, and senior management have made commitments regarding the accuracy and completeness of the IPO application documents [8]. Group 4: Sponsorship and Commitments - The company has appointed Founder Securities as the sponsor for the IPO, which is registered with the CSRC and has membership with the Shenzhen Stock Exchange [9]. - The company and its major stakeholders have made public commitments regarding the IPO, including measures for accountability in case of non-compliance [9].