Core Viewpoint - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas listing applications, specifically requesting additional compliance information from Ligent Technologies, Inc. (纳真科技) regarding its offshore structure and reverse mergers [1][2]. Group 1: Compliance Requirements - The CSRC has requested Ligent Technologies to clarify the compliance of its offshore structure and reverse investment, including details on foreign exchange management, overseas investment, foreign investment, and tax management [1]. - The company must provide a conclusive opinion on the compliance of its acquisition of domestic operational entities, including the pricing basis, payment methods, and tax obligations related to share transfers [1][2]. Group 2: Shareholder and Legal Structure - Ligent Technologies is required to disclose the control structure of its major shareholder, Hisense Group, and whether any shareholders holding over 5% of shares have any legal restrictions on their holdings [2]. - The company must confirm the legality of past equity changes in its domestic operational entities and provide updates on any ongoing litigation, specifically regarding Qingdao Hisense Broadband [2]. Group 3: Listing and Investment Plans - The company needs to outline its plans for share subdivision and its impact on the number of shares to be issued in the upcoming listing [2]. - Ligent Technologies is also required to report on the progress of its overseas fundraising projects and compliance with overseas investment approval processes [2]. Group 4: Company Overview - Ligent Technologies is recognized as a leading global provider of optical communication and connection solutions, crucial for AI computing networks, and is one of the few companies with capabilities in both optical module and optical chip R&D and mass production [2].

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas listing applications, specifically mentioning the need for Ligent Technologies, Inc. (纳真科技) to clarify compliance regarding offshore structures and reverse mergers [1][2] - Ligent Technologies has submitted a listing application to the Hong Kong Stock Exchange, with Citigroup and CITIC Securities acting as joint sponsors [1] - The CSRC has requested Ligent Technologies to provide legal opinions on various compliance aspects, including foreign exchange management, overseas investment, foreign investment, and tax management related to their offshore structure and reverse investment [1][2] Group 2 - The CSRC requires Ligent Technologies to clarify the ownership structure of its controlling shareholder, Hisense Group, and whether any shareholders holding over 5% of shares have any legal restrictions on their holdings [2] - The company must provide conclusive opinions on the legality of past equity changes in its domestic operating entities and the latest developments regarding litigation involving Qingdao Hisense Broadband [2] - Ligent Technologies is a leading global provider of optical communication and connection solutions, crucial for AI computing networks, and is one of the few companies with both optical module and optical chip R&D and mass production capabilities [2]

Group 1 - Nazhen Technology has submitted its prospectus to the Hong Kong Stock Exchange, with Citigroup and CITIC Securities as joint sponsors [1] - The company is a full-stack supplier of optical communication and connection solutions, providing critical optical communication products for AI computing networks [1] - According to Frost & Sullivan, Nazhen Technology ranks fifth globally among all professional optical module manufacturers by revenue in 2024, and third in China [1] Group 2 - Nazhen Technology's revenue for the years 2022 to 2024 is reported as 5.043 billion, 4.239 billion, and 5.087 billion yuan respectively, with net profits of 429 million, 216 million, and 89.49 million yuan [1] - In the first half of 2025, the company achieved a revenue of 4.216 billion yuan, representing a year-on-year growth of 124%, and a net profit of 510 million yuan, indicating a turnaround from losses [2]