The China Securities Regulatory Commission has asked Sino Medical Sciences, which is pursuing a Hong Kong IPO, to provide supplementary explanations on whether its historical equity changes were legal and compliant, and whether its actual business involves advanced brain-computer interface technology. According to the CSRC's requirements for supplementary materials on overseas listing filings, Sino Medical Sciences must detail changes in share capital and shareholders since its establishment, including capital increases, share transfers, and payment of consideration, with its lawyers issuing an opinion on the compliance of the equity changes. The company must also explain the basis for identifying its controlling shareholder and actual controller, the compliance of its employee equity incentive plan, the regulatory procedures involved in establishing overseas subsidiaries, and whether its business scope falls within restricted or prohibited areas under the negative list for foreign investment access. In addition, the CSRC specifically requires an explanation of whether the actual operations involve advanced brain-computer interface technology and the specific circumstances. Sino Medical Sciences submitted its listing application to the Hong Kong Stock Exchange on May 27 this year, with CMB International as the sole sponsor. The company is already listed on the STAR Market, and its products cover coronary intervention and neurovascular intervention. In 2025, it recorded revenue of 525 million yuan and net profit attributable to the parent of 47.3 million yuan.
Sino Medical Sciences Technology InCSRC requests supplementary materials on compliance of historical equity changes and whether business involves brain-computer interface technology, potentially delaying or complicating Hong Kong IPO.