SIASUN(SZ:300024) Sou Hu Cai Jing·2025-12-21 12:07Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional explanations from Lush Robot regarding foreign investment access, overseas investments, the reasonableness of new shareholder entry prices, and compliance of equity incentive plans before its IPO in Hong Kong [1] Group 1: Regulatory Requirements - The CSRC has asked Lush Robot to clarify whether its business scope involves any restricted or prohibited foreign investment areas [1] - The company must provide details on the compliance of its overseas subsidiaries with foreign investment and foreign exchange registration procedures [1] - The progress of the management procedures for state-owned shareholder identification needs to be explained [1] - The reasonableness of the entry prices for new shareholders in the past 12 months must be justified, including any differences and potential related-party transactions [1] - The compliance of the implemented equity incentive plan must be detailed, including participant relationships with other stakeholders and the legality of the plan [1] - The company must confirm whether the shares held by shareholders participating in the "full circulation" plan are subject to any pledges, freezes, or other rights defects [1] Group 2: Company Overview - Lush Robot, established in 2014, is a leading next-generation AI robotics company focused on the design, R&D, manufacturing, and commercialization of intelligent robots [2] - According to a report, Lush Robot ranks third among domestic manufacturers and seventh globally in multi-joint robot sales as of 2024, with the highest sales growth rate among major domestic manufacturers for two consecutive years starting in 2023 [2] - The company submitted its main board listing application to the Hong Kong Stock Exchange on September 29, 2025, with CICC and Guotai Junan International as joint sponsors [2] Group 3: Financial Performance - Despite rapid revenue growth, Lush Robot has recorded net losses over the past years, with cumulative losses of 678 million yuan over three and a half years [3] - The company reported significant financial costs due to financing, with interest from redeemable debt reaching 99.94 million yuan in 2024 and 55.20 million yuan in the first half of 2025 [3] - As of June 30, 2025, Lush Robot's balance sheet shows redeemable debt of 1.967 billion yuan, which has severely impacted profitability [3] - The company’s financial costs in 2024 amounted to 100.2 million yuan, primarily from redeemable debt interest [3] Group 4: Redeemable Debt - The redeemable debt arises from special rights clauses in agreements with investors, allowing them to request share buybacks if the company fails to complete a qualified listing by December 31, 2027 [4] - These redemption clauses will automatically suspend upon the formal submission of the IPO application but will not be permanently lifted, meaning the IPO must succeed [5]