Core Viewpoint - The legal opinion letter issued by Haiwen & Partners confirms the compliance of investors participating in the strategic placement of HANSAN (Nanjing) Technology Co., Ltd.'s initial public offering (IPO) on the Shenzhen Stock Exchange's Growth Enterprise Market, ensuring adherence to relevant laws and regulations [2][4][27]. Group 1: Strategic Placement Overview - HANSAN Technology is applying for an IPO on the Shenzhen Stock Exchange, utilizing a combination of strategic placement, offline inquiry, and online pricing for qualified investors [3][4]. - The strategic placement involves targeted allocation to investors with strategic cooperation relationships or long-term investment intentions, including large enterprises and investment funds [6][7]. Group 2: Investor Qualifications - Eligible investors for the strategic placement include large enterprises with strategic cooperation, large insurance companies, national-level investment funds, and other qualified investors as per the regulations [6][7]. - The legal opinion confirms that the participating investors meet the selection criteria outlined in the relevant regulations [27]. Group 3: Specific Investors - Three investors are participating in the strategic placement, including Shenzhen Anpeng Venture Capital Fund and the employee asset management plan of HANSAN Technology [7][24]. - Anpeng Venture Capital Fund is a subsidiary of Beijing Automotive Group, which is a large enterprise with significant market presence [10][11]. Group 4: Financial Commitments - The total number of shares for the initial issuance is 32.25 million, with 6.45 million shares allocated for strategic placement, representing 20% of the initial issuance [24][26]. - The commitments from participating investors include a maximum subscription amount of 46 million yuan for the employee asset management plan [24][28].

Group 1 - Rayleigh Labs recently completed a significant A+ round financing led by Sichuan Achievement Transformation Fund, with participation from Yonghua Capital and Guangdian Capital [2] - The company was founded in 2017 in Shenzhen by an international team of acoustic experts, holding over 70 patents and integrating acoustic algorithms, sound units, and hardware technology into a modular "spatial sound base" [3] - Rayleigh Labs' brands, Jamo and OXS, have served over 10 million end-users across more than 80 countries [3] Group 2 - The new funding will be allocated to three main areas: continuous iteration of the Xspace spatial acoustic engine, upgrading the Jamo wireless cinema and OXS esports flagship product lines, and establishing brand and channel centers in key overseas cities to drive global brand and industry solutions [4] - The Sichuan Achievement Transformation Fund highlighted Rayleigh Labs' combination of underlying algorithms, patent barriers, and global brand implementation capabilities, aiming to leverage the company's technology for high-end audio upgrades in China and the global esports equipment boom [5] Group 3 - In the context of the Ministry of Industry and Information Technology's continuous rollout of "High-Quality Development Action Plans for the Audiovisual Industry," Rayleigh Labs is positioned to respond to policy initiatives and consumer upgrades by entering the high-end immersive sound sector with a technology and brand dual approach [6] - The founder of Shandao Venture Capital praised the entrepreneurial spirit of the founding team, which has focused on acoustic hard technology for eight years, and expressed anticipation for the company's continued growth in the global arena [6]

Core Insights - Rayleigh Labs, a provider of immersive sound solutions, has completed a financing round of over 100 million yuan, led by Sichuan Achievement Transformation Fund managed by CITIC Construction Investment, with participation from Yonghua Capital and Lightpoint Capital [2] - The founder, Li Detao, emphasized the company's commitment to exploring platform-based spatial sound technology to build a global brand and industry solutions [2] Company Overview - Shenzhen Rayleigh Acoustic Technology Co., Ltd. was established in November 2017 by a team of top international acoustic experts, employing over 50 technical professionals and holding more than 70 acoustic patents [3] - The company aims to create a leading Chinese sound brand focused on scene-based auditory experiences, integrating spatial acoustic algorithms, sound components, hardware electronics, and acoustic structure technologies into a modular platform for innovative and immersive experiences [3] Product and Brand Portfolio - Rayleigh Labs owns the immersive sound brand Jamo (Danish Bang & Olufsen) and the esports immersive sound brand OXS (Aoxi), with products covering over 80 countries and regions globally [3] - Jamo has nearly 60 years of brand history, providing high-end cinema and music equipment to over a million users, and is launching a new series of wireless home cinema products tailored for a younger audience [3] - OXS leverages Jamo's legacy and Rayleigh's Xspace technology to create a specialized gaming experience, with its flagship product Thunder Pro+ gaining significant attention in the esports industry [4] Industry Solutions - Utilizing its platform technology, Rayleigh Labs offers integrated immersive sound industry solutions (Rayleigh Inside) for the smart space era, having delivered over 10 million acoustic solutions to meet high-quality, immersive sound experience demands [5] - The company has reached ten times the end-user base compared to its own consumer brands, fostering a broad user foundation for its proprietary products [5]