HAI ROBOTICS Receives Supplementary Material Requirements for Overseas Listing Filing, Focusing on Compliance of Unevaluated Capital Increase & Impact of Work Safety Penalties
NewTimeSpace News: Hai Robotics has received supplementary material requirements from regulators during its overseas securities offering and listing filing process. The Company is required to verify pricing fairness of new shareholders, compliance of Dongguan Hai Robotics’ unevaluated capital increase, fundraising scale upon full greenshoe exercise, title status of full-circulation shares, foreign investment access compliance, overseas investment and overseas fundraising project approval procedures, equity incentive compliance, rectification progress and listing impact of work safety and other administrative penalties, as well as latest litigation updates. Legal counsel shall conduct comprehensive penetrating verification and issue definitive legal opinions covering all aforesaid matters.
NewTimeSpace News: Recently, Hai Robotics Innovation Group Co., Ltd. received supplementary material requirements issued by regulatory authorities in the course of filing for overseas securities offering and listing.
Second, explain the reasonableness of share subscription prices for new shareholders added within 12 months prior to filing and the causes of price discrepancies, and deliver definitive conclusions on whether any benefit transfer exists. Meanwhile, disclose relevant background regarding failure to complete asset appraisal procedures during the capital increase of Dongguan HaiRou in May 2019, and issue definitive conclusions on the lawfulness and compliance of the Company’s establishment and all historical equity changes.
Third, supplement confirmation on whether the business scopes and actual operations of the issuer and its subsidiaries involve sectors restricted or prohibited for foreign investment, and verify sustained compliance with foreign investment access requirements after the proposed listing and full circulation. Disclose implementation status of regulatory procedures including overseas investment and foreign exchange registration applicable to overseas subsidiaries and provide compliance conclusions. Supplement information on whether the Company has planned overseas fundraising investment projects; if applicable, specify completion status of overseas investment examination, approval or filing.
Fourth, for incentive recipients retaining incentive shares after resignation, clarify whether such arrangements comply with original contractual terms and whether any disputes or potential disputes exist. Deliver definitive conclusions on lawfulness and potential benefit transfer risks relating to implemented equity incentive plans and proposed post-listing option incentive schemes.
Fifth, disclose details and rectification progress of administrative penalties imposed on the Company and its subsidiaries concerning work safety. Assess whether such incidents constitute material violations supported by relevant grounds and whether they create material obstacles to the proposed overseas listing. Explain rectification measures adopted after receiving other administrative penalties and evaluate material adverse impacts on daily operations and the offering. Update progress of ongoing litigation and assess whether such cases constitute material obstacles to the listing.
Legal counsel shall complete verification procedures covering all above matters and issue definitive legal opinions.
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