四、关于业务经营：(1)请说明公司及下属公司经营范围及实际业务开展是否涉及《外商投资准入特别 管理措施(负面清单)(2024年版)》限制或禁止外商投资领域；(2)公司及下属公司经营范围包含技术出口 业务，请说明最近三年技术出口业务的开展情况及合规性，是否存在技术跨境转移。 一、请说明2025年8月公司限制性股票归属完成后，注册资本工商变更登记手续的办理进展。 星宸科技的解决方案广泛应用于各类端边侧设备，涵盖智能安防、智能物联及智能车载领域，并持续拓 展至快速增长的市场，包括3D感知应用场景。依托公司在家庭服务机器人领域的市场优势地位，星宸 科技已成功进军更广阔的智能机器人市场，并凭借网络录像机SoC的专业技术，把握端侧AI推理SoC领 域发展机遇。此外，公司积极布局车载激光雷达和移动影像设备如AI眼镜等新兴领域。 二、请说明公司设立台湾分公司涉及的境外投资备案程序的履行情况，并就合规性出具结论性意见。 五、请说明超额配售权行使后的预计募集资金数量。 12月12日，中国证监会公布《境外发行上市备案补充材料要求(2025年12月8日—2025年12月12日)》。 中国证监会国际司公示8家企业补充材料要求，其中，要 ...

三、请说明公司持股5%以上的股东向上穿透后的境内主体是否存在法律法规规定禁止持股的主体。 四、关于业务经营：（1）请说明公司及下属公司经营范围及实际业务开展是否涉及《外商投资准入特 别管理措施（负面清单）（2024年版）》限制或禁止外商投资领域；（2）公司及下属公司经营范围包 含技术出口业务，请说明最近三年技术出口业务的开展情况及合规性，是否存在技术跨境转移。 五、请说明超额配售权行使后的预计募集资金数量。 招股书显示，星宸科技是全球领先的视觉AI SoC的无晶圆厂设计商及供应商。依托"视觉+AI"的核心框 架以及"感知+计算+连接"的核心技术优势，公司的视觉AI SoC致力于推动视觉 AI技术赋能各行各业端 边侧设备。截至2025年6月30日，公司已成功设计并开发超过600个SoC产品。于往绩记录期间，SoC的 累计出货量达4.54亿颗。 智通财经APP获悉，12月12日，中国证监会公布《境外发行上市备案补充材料要求(2025年12月8日— 2025年12月12日)》。中国证监会国际司公示8家企业补充材料要求，其中，要求星宸科技补充说明超额 配售权行使后的预计募集资金数量等事项。据悉，星宸科技(301536 ...

智通财经APP获悉，12月12日，中国证监会公布《境外发行上市备案补充材料要求(2025年12月8日— 2025年12月12日)》。中国证监会国际司公示8家企业补充材料要求，其中，要求星宸科技补充说明超额 配售权行使后的预计募集资金数量等事项。据悉，星宸科技(301536.SZ)已于9月26日递表港交所，中金 公司和中信建投国际为联席保荐人。 中国证监会请星宸科技补充说明以下事项，请律师核查并出具明确的法律意见： 一、请说明2025年8月公司限制性股票归属完成后，注册资本工商变更登记手续的办理进展。 二、请说明公司设立台湾分公司涉及的境外投资备案程序的履行情况，并就合规性出具结论性意见。 三、请说明公司持股5%以上的股东向上穿透后的境内主体是否存在法律法规规定禁止持股的主体。 四、关于业务经营：（1）请说明公司及下属公司经营范围及实际业务开展是否涉及《外商投资准入特 别管理措施（负面清单）（2024年版）》限制或禁止外商投资领域；（2）公司及下属公司经营范围包 含技术出口业务，请说明最近三年技术出口业务的开展情况及合规性，是否存在技术跨境转移。 五、请说明超额配售权行使后的预计募集资金数量。 招股书显示，星宸 ...

Core Viewpoint - Starry Technology, a leading visual AI chip company, has submitted its H-share listing application in Hong Kong as a key step in its global strategy, aiming to leverage the international advantages of the Hong Kong capital market to expand overseas business [1][2] Group 1: Company Overview - Starry Technology is the largest global supplier of visual AI SoCs, holding a market share of 26.7% based on 2024 shipment volume [1] - The company ranks first in the security visual AI SoC segment with a market share of 41.2% and second in the robotics visual AI SoC segment with a market share of 23.0% [1] - As of October 28, 2024, the company's A-shares closed at 59.2 yuan per share, with a market capitalization of 25 billion yuan [1] Group 2: Financial Performance - For the first three quarters of 2025, Starry Technology reported revenue of 2.166 billion yuan, a year-on-year increase of 19.5%, and a net profit attributable to shareholders of 202 million yuan, up 3.03% [2] - In Q3 2025, the company achieved revenue of 763 million yuan, reflecting a year-on-year growth of 21.13%, and a net profit of 82.25 million yuan, which is a 23.46% increase [2] - Research and development expenses for the first nine months of 2025 reached 501 million yuan, a 15.8% increase year-on-year, with R&D personnel constituting 77.5% of the total workforce [2] Group 3: Strategic Initiatives - The company views the Hong Kong listing as a means to enhance its international visibility and strengthen ties with top global clients and partners [2] - Starry Technology has successfully designed and developed over 600 SoC products, with cumulative shipments reaching 454 million units by June 30, 2025 [2] - The smart IoT business, particularly the robotics visual AI SoC, has become a significant growth driver, with 5.5 million units shipped in the first half of the year [3] - The smart automotive sector is also showing strong growth, with double-digit revenue increases in the first three quarters of 2025, supported by an integrated solution covering multiple application scenarios [3]

Core Viewpoint - The semiconductor industry is experiencing a surge in mergers and acquisitions (M&A) in the third quarter, with companies like SMIC and Chipone actively expanding across various core sectors, including analog chips, semiconductor materials, and equipment [1] Group 1: Mergers and Acquisitions - StarChip Technology has aggressively pursued M&A, completing the acquisition of a 53.3% stake in Shanghai Furui Kun for 214 million yuan on October 20, 2023 [1] - The company is also preparing for a dual capital platform layout, having submitted a prospectus to the Hong Kong Stock Exchange on September 26, 2023 [1] - StarChip's M&A activities are aimed at enhancing its visual technology ecosystem, with three key acquisitions in two years to expand its business coverage [8] Group 2: Market Position and Growth - StarChip Technology has become a leader in the global visual AI chip market, holding a 26.7% market share in 2024, with specific shares of 41.2% and 37.2% in security visual AI SoC and NVR/NAS visual AI SoC, respectively [5] - The global visual AI SoC market is projected to grow from 246 million units in 2024 to 954 million units by 2029, with a compound annual growth rate (CAGR) of 31.1% [4] - The company is expanding its revenue streams beyond traditional security applications into AI glasses and robotics, with smart IoT revenue contributing 23.2% and smart vehicle revenue at 10.8% by mid-2025 [6] Group 3: Financial Performance and Challenges - Despite revenue growth of 18.57% to 1.402 billion yuan in the first half of 2025, net profit declined by 7.46% to less than 120 million yuan, indicating a "revenue growth without profit" dilemma [10] - The company's gross margin has been under pressure, decreasing from 40.6% to 33.1% in the first half of 2025, with all three business lines experiencing declines [10] - StarChip's sales model heavily relies on distributors, with over 90% of revenue coming from this channel, raising concerns about revenue stability and customer concentration risks [11]

Core Insights - Xiamen-based AI chip company Starry Technology has completed the cash acquisition of 53.3087% of Shanghai Bluetooth chip company Furui Kun, making it a subsidiary and included in the consolidated financial statements [1] - Starry Technology filed for listing on the Hong Kong Stock Exchange on September 26, 2023 [1] Company Overview - Established in December 2017, Starry Technology is the largest visual AI SoC supplier globally, holding a 26.7% market share based on 2024 shipment volume [3][5] - The company is primarily owned by SigmaStar Technology Inc., which is indirectly wholly owned by MediaTek, making MediaTek the largest indirect shareholder [39] Market Position - Starry Technology leads the global market in security visual AI SoCs with a 41.2% market share and ranks first in the NVR/NAS visual AI SoC market with a 37.2% share [5][6] - In the first half of 2025, the company is projected to be the second-largest supplier of robot visual AI SoCs, with a 23.0% market share [7] Financial Performance - Starry Technology's revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 2.368 billion, RMB 2.020 billion, RMB 2.352 billion, and RMB 1.402 billion, respectively, with net profits of RMB 564 million, RMB 205 million, RMB 256 million, and RMB 120 million [9] - The company has seen a decline in revenue contribution from its primary business line, intelligent security, which accounted for 73.1% of revenue in 2022, dropping to 64.9% in the first half of 2025 [12][13] Product Lines and Innovations - Starry Technology's product portfolio includes three main business lines: intelligent security, intelligent IoT, and intelligent automotive, with intelligent security being the largest revenue contributor [12] - The company has developed a comprehensive technology platform for high-performance, low-power visual AI SoC solutions, integrating proprietary core IP libraries and AI processing tools [19][21] Research and Development - As of June 30, 2025, Starry Technology employed 615 R&D personnel, representing 77.5% of its total workforce, with a strong focus on innovation in AI processing capabilities [22][21] - The company holds 320 granted patents and has developed over 600 SoC products, with cumulative shipments reaching 455 million units [23][25] Strategic Acquisitions - The acquisition of Furui Kun enhances Starry Technology's capabilities in Bluetooth connectivity and low-power solutions, strengthening its competitive position in the AI solutions market [42]

Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Core Viewpoint - Xingchen Technology (301536) has submitted its listing application to the Hong Kong Stock Exchange, with CICC (601995) and CITIC Securities (601066) serving as joint sponsors [1] Company Overview - Xingchen Technology is a leading global visual AI SoC (System on Chip) fabless design company and supplier, having successfully designed and developed over 600 SoC products, with a cumulative shipment of 454 million units [1] - The company's solutions are widely applied in smart security, smart IoT, and smart automotive sectors, while actively expanding into emerging markets such as 3D perception, home service robots, LiDAR, and AI glasses [1] Market Position - According to Frost & Sullivan, Xingchen Technology ranks first globally in visual AI SoC suppliers by shipment volume in 2024, with a market share of 26.7% [1] - In the security visual AI SoC sector, Xingchen Technology is projected to hold the first position globally by shipment volume in 2024, with a market share of 41.2% [1] - In the robotics visual AI SoC sector, Xingchen Technology is expected to rank second globally by shipment volume in the first half of 2025, with a market share of 23.0% [1]

Core Insights - Starshine Technology has submitted an application for the issuance of overseas listed shares (H-shares) and listing on the Hong Kong Stock Exchange, marking a significant step in its growth strategy [2] - The company is a leading player in the visual AI SoC market, leveraging its core technology framework of "Vision + AI" and "Perception + Computing + Connectivity" to empower various industries [2][4] - According to Frost & Sullivan, Starshine Technology holds a 26.7% market share in the global visual AI SoC market and ranks first in the security visual AI SoC segment with a 41.2% market share [2] Company Strategy and Technology - The company adheres to a full-stack core technology strategy, focusing on advanced technology research and development, and has built a comprehensive core technology platform [4] - Starshine Technology's agile system development capabilities enable it to lead innovations in edge AI, continuously launching next-generation SoC products that redefine market standards [4][5] - The company has strategically focused on high-growth potential markets that align with its core advantages, expanding its solutions into various edge devices across smart security, IoT, and automotive sectors [5] Market Position and Client Base - Starshine Technology has established a high-value customer pool by creating value through its visual AI SoC solutions, collaborating with leading global clients to discuss industry trends and technological evolution [6] - The company has developed a dual-track supply chain system to serve both domestic and international markets, contributing to a robust AI industry ecosystem [6] - As of June 30, 2025, Starshine Technology's SoC solutions have been adopted by over 300 end customers globally, reflecting its strong market recognition [6]

Core Viewpoint - Xingchen Technology has submitted its listing application to the Hong Kong Stock Exchange, with CICC and CITIC Securities as joint sponsors [1] Group 1: Company Overview - Xingchen Technology is a leading global fabless designer and supplier of visual AI SoCs, focusing on empowering various industries through its core technology framework of "perception + computation + connectivity" [4] - The company has successfully designed and developed over 600 SoC products as of June 30, 2025, with a cumulative shipment of 454 million SoCs during the reporting period [4] - Xingchen Technology's solutions are widely applied in smart security, IoT, and automotive sectors, and it is expanding into rapidly growing markets, including 3D perception applications [4] Group 2: Market Position - According to Frost & Sullivan, Xingchen Technology is the largest visual AI SoC supplier globally, holding a market share of 26.7% based on 2024 shipment volume [4] - The company's security visual AI SoC ranks first globally with a market share of 41.2% based on 2024 shipment volume [4] - In the robotics visual AI SoC segment, Xingchen Technology ranks second globally with a market share of 23.0% based on the first half of 2025 shipment volume [4] Group 3: Financial Performance - For the fiscal years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, the company reported revenues of approximately RMB 2.368 billion, RMB 2.020 billion, RMB 2.353 billion, and RMB 1.402 billion respectively [5][7] - The net profits for the same periods were approximately RMB 564 million, RMB 205 million, RMB 256 million, and RMB 120 million respectively [5][7] - The company has incurred research and development expenses of RMB 486 million, RMB 494 million, RMB 602 million, and RMB 317 million for the respective periods [7]