Caicai Technology's listing approval is complete, and the "Hong Kong split to the north" pathway is becoming increasingly mature.

CaiKe Technology Passes Review, “Hong Kong Split to North” Pathway Becomes More Mature Caixin.com, March 23 — Recently, Caike Technology successfully passed the review, following Tiangong International’s spin-off of its subsidiary Tiangong Shares and listing on the Beijing Stock Exchange. This marks the growing maturity of the “Hong Kong split to North” capital operation pathway. As a controlling subsidiary of Caike New Energy, a Hong Kong-listed company, Caike Technology has been deeply engaged in the fine chemicals industry for nearly 20 years. It has been recognized as a national-level specialized and innovative “Little Giant” enterprise. The company plans to raise approximately 210 million yuan this time. Although recent forecasts indicate that the company’s performance has been somewhat pressured by product price fluctuations and other factors, its successful review still sends a positive signal to the market. Currently, the continuous improvement of the spin-off mechanism provides institutional support for Hong Kong-listed companies to optimize capital structures and unlock subsidiary value. Industry analysts believe that as market capacity and attractiveness increase simultaneously, and with more benchmark cases demonstrating the model, the “Hong Kong split to North” pathway is expected to become another important channel for innovative small and medium-sized enterprises to connect with the capital market. (China Securities Journal)