Tosda Changes Course for Hong Kong IPO with Leadership Shift in Board Secretary Role

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Text / Rui Finance Zeng Shujia

During the Two Sessions, topics related to embodied intelligence are frequently mentioned.

Wu Fengli, Chairman and CEO of Tusda (rights protection) (SZ300607), stated that Tusda adheres to the “industrial first, then household” approach, choosing to first develop and validate technology in industrial scenarios, then gradually expand into commercial and household applications as the technology matures.

A few days ago, the company announced the establishment of an investment department to further focus on embodied intelligence and related high-tech fields. Meanwhile, former female Secretary of the Board, Xie Shimei, stepped down from her secretary role and now oversees the operations of the investment department.

After her departure, the new secretary of the board is Tusda veteran Zhou Yongchong.

Currently, Tusda’s IPO in Hong Kong is approaching a critical stage, and the sudden change of secretary has attracted attention.

Recently, the China Securities Regulatory Commission requested Tusda to supplement materials explaining three matters. In January this year, Tusda was also issued a “Warning Letter” by the Guangdong Securities Regulatory Bureau, which mentioned five areas needing rectification.

**　　Secretary of the Board Manages Investments**

On March 6, Tusda announced that to strengthen its strategic layout in cutting-edge technology fields and accelerate the construction of an embodied intelligence industry ecosystem, it has officially established an investment department.

This department will focus on industry investments, innovation incubation, and ecological cooperation in embodied intelligence and related high-tech fields.

Senior executive Xie Shimei was appointed as the overall manager of the investment department. Due to this internal management restructuring, Xie Shimei resigned from her positions as Vice President and Secretary of the Board.

These two roles were originally set to expire on July 3, 2026, so her resignation is considered early. However, she continues to serve as the Investment Director.

Tusda likely chose Xie Shimei because of her previous experience.

At 34, she joined Tusda in July 2021 as Director of Investor Relations, mainly responsible for investor relations management. Two years later, she was promoted from securities affairs representative to Secretary of the Board and Vice President.

Before joining Tusda, Xie Shimei worked as an auditor at an accounting firm and from 2017 to 2021 served as Project Manager, Project Director, and Head of Investor Relations at Shenzhen Jiufu Investment Consulting.

In 2023 and 2024, her annual salaries were 494,300 yuan and 623,900 yuan, respectively.

Her successor as Secretary of the Board is Zhou Yongchong, a 50-year-old director and CFO.

He holds a college diploma and previously worked at several accounting firms in Dongguan from 2003 to 2010, serving as an auditor, project manager, and department manager.

He joined Tusda in November 2011, initially as Finance Manager, then promoted to Finance Director after two years, and later involved in company management, becoming a director.

As a veteran with over 14 years at Tusda, Zhou Yongchong’s experience far exceeds that of Xie Shimei. He currently owns 144,000 shares, accounting for 0.0302% of the company’s total shares.

**　　Hong Kong IPO Requires Additional Documentation**

Tusda is now preparing for a Hong Kong IPO, having officially submitted its listing application to the Hong Kong Stock Exchange Main Board on January 16 this year.

According to the prospectus, Tusda is a leading full-stack industrial robot manufacturer in mainland China and a pioneer in embodied intelligence.

The company has established an independent layout across the entire supply chain for core robot components, robot bodies, and automation application systems. It has launched “Xiao Tuo,” China’s first intelligent humanoid robot for injection molding scenarios. Additionally, its quadruped robot “Star Zai” can perform multiple tasks across different applications.

By 2025, Tusda achieved profitability, with an expected net profit attributable to shareholders of 60-80 million yuan, compared to a loss of 245 million yuan in the same period last year. Its non-recurring net profit is estimated at 42-62 million yuan, versus a loss of 250 million yuan last year.

On March 2, the China Securities Regulatory Commission released the latest “Additional Material Requirements for Overseas Issuance and Listing,” requiring seven companies to provide supplementary information. Among them, Tusda is asked to clarify three points:

First, details on the procedures for establishing overseas subsidiaries, foreign exchange registration, and compliance opinions.

Second, the specific use of raised funds, the proportion used domestically and abroad, plans to repatriate funds, and whether foreign investment projects are involved, including necessary approvals, filings, and permits.

Third, whether Tusda and its subsidiaries’ business scope, including “design, production, agency, and publication of various advertisements; data processing services, internet data services, big data services,” are actively operated, and whether the necessary licenses have been obtained.

In January, Tusda received a “Warning Letter” from the Guangdong Securities Regulatory Bureau, citing five issues needing rectification, including inaccurate revenue and cost accounting, bad debt provisions, improper use of raised funds, and inadequate management of insider information.