CSRC's AI Compliance Inquiry Impacts UnionTech's HKEX Listing

CSRC's AI Compliance Inquiry Impacts UnionTech's HKEX Listing \nIn a move that underscores the growing importance of regulatory oversight in the tech sector, the China Securities Regulatory Commission (CSRC) has asked UnionTech to address several areas of concern as part of its application to list on the Main Board of the Hong Kong Stock Exchange (HKEX). The CSRC's queries, which were among those sent to five companies during its overseas listing review cycle from September 20 to September 30, 2026, highlight the need for thorough compliance, especially in the realm of artificial intelligence (AI).\nUnionTech, a leading 3D printing company, submitted its listing application on June 26, 2026, with Haitong International as its sole sponsor. The CSRC's questions cover a wide range of topics, including corporate governance, ownership history, and regulatory positioning. One of the key areas of focus is the company's use of AI and its compliance with China's Administrative Measures for Generative Artificial Intelligence Services.\n### Corporate Governance and Ownership Concerns \nOn the corporate governance front, the CSRC is particularly interested in a concerted action agreement signed in January 2023 by Ma Jinsong and 12 other shareholders, who collectively hold approximately 18.12% of the company. The regulator wants to understand how this group resolves internal disagreements on major decisions and whether the company's control could shift materially once the agreement expires. UnionTech's claim that it has no controlling shareholder or actual controller has also been questioned, with the CSRC asking for specific evidence to support this assertion."text_en: