Jiangsu Silicon Integrity Semiconductor Technology Co., Ltd.: Receives Request for Supplementary Materials in Overseas Listing Registration, Focusing on Shareholders' Equity Pledge Arrangements and Business Model

Recently, Jiangsu Silicon Integrity Semiconductor Technology Co., Ltd., a semiconductor packaging and testing company, has received a request for supplementary materials from the regulatory authorities in the process of overseas issuance and listing registration. The company needs to explain matters such as its shareholders' special pledge arrangements, pricing for new shareholders, use of raised funds, and business model, and lawyers shall conduct verification and issue clear legal opinions.

According to the requirements:

First, the company shall explain the specific reasons and commercial rationality of the arrangement where shareholder Ningpu Xin releases the pledge of its held company equity, promises to the bank not to pledge or transfer it, and re-pledges it after the listing; and analyze whether this situation may lead to changes in the company's control.

Second, it shall explain the basis and fairness of the pricing for the subscription prices of new shareholders added in the recent 12 months, analyze the reasons for price differences, and issue a clear conclusion on whether there are abnormalities in the subscription consideration and whether it involves interest transfer.

Third, it shall improve the explanation of the current issuance and listing plan in accordance with regulatory guidelines, detailedly clarify the specific domestic and foreign uses of the raised funds and the corresponding proportions, and specify whether it involves specific fund-raising projects as well as the performance of relevant approval, verification, or registration procedures.

Fourth, it shall explain the progress of completing the relevant procedures for the transfer of property shares of resigned employees under the equity incentive plan, and confirm whether there are any disputes or potential disputes.

Fifth, it shall detailedly explain the company's business model in plain and understandable language, and elaborate on the specific situation of businesses such as integrated circuit manufacturing, integrated circuit chip and product manufacturing included in the business scope of the company and its subsidiaries.

Sixth, it shall explain whether the shares held by shareholders planning to participate in "full circulation" are subject to pledge, freeze, or other restricted rights situations.

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