Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for three companies, including Zhenqu Technology, which is seeking to list on the Hong Kong Stock Exchange. The CSRC has requested clarifications on various legal and compliance matters related to the company's shareholding structure and corporate governance [1][2]. Group 1: Regulatory Requirements - Zhenqu Technology is required to provide details on the compliance of shareholding arrangements involving key individuals and the legality of past capital increases and share transfers [1][2]. - The company must clarify the impact of special shareholder rights on control and provide information on major shareholders holding over 5% of shares [2]. - The CSRC has requested a review of the company's stock incentive plans to ensure there are no conflicts of interest or improper benefits [2]. Group 2: Business Operations - Zhenqu Technology is a technology-driven supplier of electric control solutions, primarily targeting the electric vehicle sector, focusing on efficient and reliable vehicle performance [3]. - According to Frost & Sullivan, Zhenqu Technology holds leading positions in the Chinese market for various electric control solutions, ranking first in the main drive power bricks and third in dual motor controllers as of September 30, 2025 [4].

Core Viewpoint - Zhenqu Technology has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and Guotai Junan as joint sponsors. The company focuses on electric vehicle (EV) control solutions and has developed a layered solution set that includes power modules, motor controllers, and power bricks, allowing customers to choose different levels of system integration [1] Group 1: Company Overview - Zhenqu Technology pioneered the concept of "power brick" and achieved mass production of the main drive power brick in 2021, significantly simplifying the assembly of control systems, enhancing platform reusability, and shortening development cycles [1] - The company has expanded its offerings to low-power controllers and domain controllers in the power domain and chassis domain [1] Group 2: Market Position and Achievements - As of September 30, 2025, the company has secured 50 design wins from 13 OEMs, with solutions applied to 82 vehicle models, 54 of which have entered mass production [1] - According to Frost & Sullivan, the company's rankings in the Chinese market by installation volume are as follows: - Motor controllers ranked 11th in 2024 and 8th in the first nine months of 2025 - Dual motor controllers ranked 3rd in the first nine months of 2025 - Main drive power bricks ranked 1st in 2024 and 2nd in the first nine months of 2025 - Power bricks installed in dual motor controllers ranked 1st in the first nine months of 2025 - Power modules ranked 8th in 2024 and 7th in the first nine months of 2025 [1] Group 3: Business Expansion - The company has leveraged its core technology to expand its business into emerging fields such as electric vertical takeoff and landing vehicles (eVTOL) and embodied intelligence [1]

Group 1 - The core viewpoint of the news is that Zhenqu Technology (Shanghai) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Guotai Junan as joint sponsors [1] - The company is a technology-driven supplier of electric control solutions, primarily targeting the electric vehicle sector [1] - According to Frost & Sullivan, the company's main solutions are leading in the Chinese market by installation volume, ranking 11th and 8th for motor controllers in 2024 and the nine months ending September 30, 2025, respectively, and ranking third for dual motor controllers as of the same date [1] Group 2 - As of September 30, 2025, the company has secured 50 designations from 13 major manufacturers, indicating that its solutions will be integrated into multiple vehicle models developed by these manufacturers [3] - The company's solutions have been applied to 82 vehicle models, with 54 of these models already in mass production as of the same date [3]