Wanyuantong: CSRC requires explanation on share pledges and guarantees, pending litigation, among 4 items
- The Company must, taking into account its debt-servicing capability, explain whether share pledges, borrowings and guarantees before and after completion of the offering may lead to material disputes over title or a change of the Company's controlling shareholder.
- The Company must set out item by item the specific amounts and proportions of proceeds used for domestic and overseas investment projects and explain the approval, verification or filing procedures performed, and issue an undertaking to repatriate all proceeds to the PRC if such procedures are in progress.
- The Company must supplement the specific circumstances of all pending litigation and arbitration and whether they may materially and adversely affect its future operations, constitute a material obstacle to the offering or have not been fully disclosed.
NewTimeSpace News: On 11 September 2026, the International Cooperation Department of the CSRC published the supplementary material requirements for overseas issuance and listing filing for the period from 7 September 2026 to 11 September 2026, requiring Kunshan Wanyuantong Electronics Technology Co., Ltd. to provide supplementary explanations on 4 items, with its PRC legal counsel required to conduct verification and issue clear legal opinions.
The notice requires the Company, taking into account its debt-servicing capability, to supplement whether the pledge of shares in the issuer, borrowings and guarantees before and after completion of the offering may lead to material disputes over title or result in a change of the Company's controlling shareholder; and to set out item by item the specific amounts and proportions of the proceeds to be used for domestic and overseas investment projects and explain the performance of the relevant approval, verification or filing procedures, and if such procedures are in progress, to issue an undertaking to repatriate all proceeds to the PRC. In addition, the Company is required to supplement the specific circumstances of all pending litigation and arbitration involving it, whether such circumstances may have a material adverse effect on its future operations, whether they may constitute a material obstacle to the offering and whether they have been fully disclosed; and to supplement the specific performance of regulatory procedures relating to overseas investment and foreign exchange registration in connection with the establishment of its overseas subsidiaries, and to issue a conclusive opinion on compliance.
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