CICC(SH:601995) Zhi Tong Cai Jing·2026-01-09 12:50Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional documentation from FJD Inc. regarding compliance with regulations related to its overseas listing application, particularly focusing on its equity structure and reverse mergers [1][2]. Group 1: Regulatory Compliance Requirements - FJD Inc. is required to clarify the compliance of its equity structure and reverse mergers, including whether shareholders holding over 5% have completed necessary foreign exchange registrations and whether domestic institutional shareholders have followed outbound investment regulations [2]. - The company must provide details on the establishment of its equity structure, including changes in capital and shareholder composition, and confirm the legality of these changes through legal opinions [3]. - The CSRC has requested information on the operational status of FJD's domestic entities, including necessary qualifications for its business activities in advertising, autonomous driving, and telecommunications [3]. Group 2: Financial and Operational Transparency - FJD Inc. must disclose the specific uses of raised funds, including the proportion allocated for domestic versus overseas projects, and the approval processes followed for these uses [4]. - The company is required to explain its equity incentive plans, including the structure, personnel involved, and the reasons for using a trust structure for these incentives [4]. - The company needs to clarify its business model, particularly its applications of AI, and the rationale for submitting its filing through Shenzhen Fengjiang Management Co., Ltd. [5]. Group 3: Market Position and Growth - FJD Inc. is recognized as a global leader in the agricultural robotics market, being the third-largest supplier of agricultural automatic navigation systems and the second-largest supplier of aftermarket kits, with market shares of approximately 8.5% and 16.9% respectively for 2024 [5].