Desay SV (002920.SZ) Plans Hong Kong IPO as CSRC Requests Details on Intelligent Robot Business

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Yesterday

The China Securities Regulatory Commission (CSRC) on September 30 published supplementary filing requirements for overseas listings covering the period from September 20 to September 30, 2026, according to Zhitong Finance APP.

The CSRC has asked Huizhou Desay Sv Automotive Co.,Ltd. (002920.SZ) to provide supplementary explanations regarding the specific performance of regulatory procedures such as overseas investment and foreign exchange management involved in the establishment of its overseas subsidiaries, and to issue a conclusive opinion on compliance.

The company is also required to supplement information on the progress of its intelligent robot business, including whether it involves embodied intelligent robot operations.

According to a disclosure by the Hong Kong Stock Exchange on April 12, Huizhou Desay Sv Automotive Co.,Ltd. (002920.SZ) submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Morgan Stanley and Huatai International acting as joint sponsors.

In addition, the CSRC asked Huizhou Desay Sv Automotive Co.,Ltd. to supplement, in light of its debt repayment capacity and other circumstances, whether major borrowing and credit facility contracts before and after the completion of this issuance could lead to major disputes over ownership or result in changes to major shareholders.

The company is also required to provide supplementary details on all pending litigation and arbitration it is involved in, whether such matters could have a material adverse impact on the company's future operations, whether they could constitute a substantive obstacle to this issuance, and whether such circumstances have been fully disclosed.

Furthermore, the company must further explain the necessity and reasonableness of its Hong Kong listing in light of the intended use of the proceeds.

The prospectus shows that Huizhou Desay Sv Automotive Co.,Ltd. is a globally leading mobile intelligent technology platform company dedicated to advancing smart mobility and broader intelligent applications. In the intelligent automotive sector, the company has built a platform-based product and service system covering smart cockpits and intelligent driving.

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