Nations(SZ:300077) Cai Jing Wang·2025-10-11 10:11Core Viewpoint - The company, Guomin Technology, is facing regulatory scrutiny from the China Securities Regulatory Commission (CSRC) regarding its overseas listing application, requiring additional legal opinions and clarifications on several compliance matters [1][2]. Company Overview - Guomin Technology submitted its prospectus to the Hong Kong Stock Exchange in June, aiming for a main board listing, with CITIC Securities as its sole sponsor [2]. - The company is a platform-based integrated circuit design firm, ranking among the top five Chinese companies in the global platform MCU market and first in the Chinese MCU market with built-in commercial encryption algorithms [2]. - In addition to its chip business, Guomin Technology is also developing lithium battery anode materials, focusing on artificial graphite and exploring various technological routes for applications in electric vehicles and energy storage systems [2]. Financial Performance - For the fiscal years ending December 31, the company reported revenues of RMB 1.195 billion in 2022, RMB 1.037 billion in 2023, and an estimated RMB 1.168 billion in 2024 [3][5]. - The company has experienced continuous losses, with net losses of RMB 0.19 billion in 2022, RMB 5.94 billion in 2023, and an estimated RMB 2.56 billion in 2024, totaling over RMB 800 million in losses over three years [5][6]. Regulatory Compliance - The CSRC has requested clarifications on four key compliance issues, including the legality of the company's establishment and shareholding changes, the status of overseas reinvestment reporting, potential restrictions on overseas listings, and the alignment of business operations with foreign investment regulations [1]. Executive Actions - Notably, several key executives of Guomin Technology sold shares shortly before the company's application to the Hong Kong Stock Exchange, indicating potential concerns about the company's future performance [6].