New Ziguang Optoelectronics plans to list on the US stock market, and the China Securities Regulatory Commission requires supplementary explanations regarding the registered capital contribution status of domestic operating entities, among other matters

Zhitong
2025.03.21 11:37
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New Ziguang Optoelectronics plans to go public on NASDAQ, but the China Securities Regulatory Commission requires it to supplement the explanation regarding the registered capital contribution of its domestic operating entities. The regulatory commission issued supplementary material requirements for 18 companies, involving multiple aspects such as the pricing basis for equity acquisitions, reasons for capital reduction, and compliance with foreign exchange registration. The company focuses on the research and sales of transparent solar packaging adhesive films, with a projected revenue of 26 million USD in 2024

According to the Zhitong Finance APP, on March 21, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Issuance and Listing Filing Public Notice (March 14, 2025 - March 20, 2025)", in which the International Department of the CSRC issued supplementary material requirements for 18 companies. Among them, it requires New Ziguang Optoelectronics (private placement to public) to supplement the explanation of the registered capital contribution status of its domestic operating entity. The company plans to list on NASDAQ with the stock code XZ.

The CSRC requests the company to supplement the following matters and asks the lawyer to verify and provide clear legal opinions:

  1. Please explain: (1) The pricing basis, fairness, payment status, and tax payment status of the equity acquisition of New Ziguang Optoelectronics by Tongjie New Energy; (2) The reasons for the non-proportional capital reduction of New Ziguang Optoelectronics in October 2021, tax payment status, and compliance; (3) The legality and compliance of the offshore structure setup and return investment involving foreign exchange registration, overseas investment, foreign investment, and other regulatory procedures, and provide conclusive opinions.

  2. Please explain: (1) The actual contribution status of the registered capital of the domestic operating entity. If there is any unpaid amount, please explain the reasons for the shortfall, compliance, and its impact on the company's operations and debt repayment ability; (2) The reasons and compliance for New Ziguang Energy Co., Ltd. not being included in the issuer's equity control structure; (3) Whether the established, under-construction, and this fundraising project belong to "high energy consumption" and "high emission" projects, and provide relevant basis; (4) The specific situation of the company financing through trademarks, whether it involves illegal financial activities, and please have the lawyer verify and provide clear conclusive opinions.

According to the information, through its operating entity in China, Hangzhou New Ziguang Optoelectronics, the company focuses on the research and development, production, and sales of transparent solar packaging adhesive films. The main products of Hangzhou New Ziguang Optoelectronics include transparent EVA, white EVA, POE, and EPE. New Ziguang Optoelectronics was established in 2016, and its revenue for the 12 months ending June 30, 2024, was $26 million

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