On January 26, the China Securities Regulatory Commission issued supplementary material requirements for overseas issuance and listing registration (January 19, 2024 to January 25, 2024).
The Zhitong Finance App learned that on January 26, the China Securities Regulatory Commission issued supplementary material requirements for overseas issuance and listing registration (January 19, 2024 to January 25, 2024). The China Securities Regulatory Commission issued supplementary material requirements for Midea Group (000333.SZ), which covered issues such as the status of products such as operating websites, apps, and applets, as well as subsidiary compliance issues. According to the Hong Kong Stock Exchange's disclosure on October 24, Midea Group submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC and Bank of America Securities as co-sponsors.
Specifically, the China Securities Regulatory Commission requested additional explanations from Midea Group on the following matters, and requested lawyers to conduct inspections and issue clear legal opinions:
1. Please explain the status of products such as websites, apps, and applets developed and operated, the scale of collection and storage of user information, data collection and use, whether information is provided to third parties, and arrangements or measures for personal information protection and data security before and after listing.
2. Please explain the compliance operations of the subsidiary Shenzhen Midea Payment Technology Co., Ltd.
According to the prospectus, Midea Group is a leading global technology group. Its business covers smart homes and various household appliances for consumers, and provides commercial and industrial solutions for corporate customers, including new energy and industrial technology, intelligent building technology, robotics and automation, and innovative businesses. Based on 2022 sales and revenue, the company is the world's largest home appliance company. Based on 2022 sales, the company ranked first in online and offline channels in mainland China in 6 categories, including household air conditioners and desktop microwave ovens.
According to data, KUKA Group, a subsidiary of the company, is one of the four largest industrial robot companies in the world, ranking second in sales of heavy-duty robots in 2022. Since the company acquired KUKA Group in 2017, its business in China has grown rapidly, and its revenue reached a record high in 2022, making KUKA China an important contributor to the overall growth of KUKA Group. KUKA China's revenue contribution to KUKA Group's overall business increased from 15.0% in 2020 to 22.2% in 2022.