Urovo Group is planning a Hong Kong IPO, and the China Securities Regulatory Commission has requested a supplementary explanation regarding the pricing basis and fairness of each share change since the company's establishment.

On January 17, the China Securities Regulatory Commission released the notice of supplementary materials for overseas listing and issuance (January 10-16, 2025). Among them, the notice mentioned that Urocs Group should supplement the explanation of the pricing basis and fairness of each share change since its establishment, as well as whether the shares held by the shareholders participating in "full circulation" are subject to pledge, freezing or other defects. According to the Hong Kong Stock Exchange's disclosure on November 18, 2024, Urocs Group submitted an application for listing on the main board of the Hong Kong Stock Exchange, and China Securities (International) Co., Ltd. was its sole sponsor. Specifically, the CSRC notice pointed out that Urocs Group should supplement the explanation of the following matters, and the lawyer should conduct a verification and issue clear legal opinions: 1. Please explain whether the leasing business involves financial leasing based on the business development. 2. Please explain whether the shareholder Suzhou Guofa Venture Capital Enterprise (LP) should be registered as a private placement product under the laws and regulations, and the reasons and legal consequences for not being registered as a private placement product, and whether it will cause obstacles to this listing and issuance. 3. Please supplement the explanation of the pricing basis and fairness of each share change since the establishment of the Company, as well as whether the shares held by the shareholders participating in "full circulation" are subject to pledge, freezing or other defects. 4. Please explain the exit of the partners in the employee shareholding platform who no longer participate in the employee shareholding plan, and whether there are disputes or disputes. The prospectus shows that Urocs Group is a leading integrated circular packaging service provider in China, focusing mainly on providing services to automotive parts manufacturers and OEMs in the automotive industry. The Company's comprehensive services include two main segments: integrated container management, covering shared operation services (the management of the entire container operation process from design to recycling through the Company's digital capabilities and extensive operation network) and leasing services and other value-added services; and container sales (the targeted provision of containers to meet different customer needs). According to Frost & Sullivan, the Company is the largest service provider in the shared operation services industry in China and the automotive industry in terms of revenue in 2023.