SIASUN(SZ:300024) Sou Hu Cai Jing·2025-12-15 06:08Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional disclosures from Youdi Robotics regarding its overseas listing application, focusing on six key areas including equity changes, shareholder information, equity incentives, and business operations [1][2][3]. Group 1: Listing and Regulatory Requirements - Youdi Robotics plans to issue up to 73.6 million overseas ordinary shares for a Hong Kong listing, aiming for full circulation of 237 million shares held by 33 shareholders [1]. - The CSRC has mandated the company to provide detailed explanations in accordance with the "Interim Measures for the Administration of Overseas Issuance of Securities and Listing by Domestic Enterprises" [1]. Group 2: Equity Changes - The company must clarify past equity holding arrangements, including any instances of shareholding proxies, and provide a legal opinion on the compliance of past capital increases and share transfers [2]. - A detailed list of changes in the equity structure before and after the proposed listing and full circulation must be provided [2]. Group 3: Shareholder Information - The company is required to analyze whether there have been any changes in control over the last three years and to disclose the legal status of foreign entities holding shares [3]. - The reasonableness of the investment price for a new shareholder in the past 12 months must be assessed, along with any potential rights issues related to shares participating in the full circulation [3]. Group 4: Equity Incentives - The company needs to explain the fairness of pricing for its implemented equity incentive and employee stock ownership plans, ensuring compliance and absence of any benefit transfer [2]. Group 5: Business Operations - Youdi Robotics must disclose its top five clients and sales figures, as well as details about its visual model solutions and their relevance to the company's robotics business [3]. - The company is also required to provide information on its digital products and user data management practices, including user information protection measures [3]. Group 6: Financing and Investment - Youdi Robotics has completed 11 rounds of financing, with a total amount nearing 2 billion yuan, and notable investors include Alibaba's affiliates [5][6]. - The complex shareholder structure and previous instances of shareholding proxies have become focal points in the CSRC's review process [6].