China Merchants Securities Co., Ltd.
Regarding Beijing Toyou Feiji Electronics Co., Ltd.
2026 Annual Issuance of A-shares to Specific Targets
Issuance Sponsorship Letter
Sponsor (Lead Underwriter)
(No. 111 Fuhua 1st Road, Futian Street, Futian District, Shenzhen)
August 2026
Statement
China Merchants Securities Co., Ltd. (hereinafter "China Merchants Securities" or "Sponsor") has been engaged by Beijing Toyou Feiji Electronics Co., Ltd. (hereinafter "Issuer," "Company," or "Toyou Technology") to act as the sponsor for the Issuer's 2026 annual issuance of A-shares to specific targets (hereinafter "this Issuance").
The Sponsor and its designated representatives have acted in accordance with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Administrative Measures for the Registration of Securities Issuance by Listed Companies, the Administrative Measures for the Sponsorship of Securities Issuance and Listing, and other relevant laws, administrative regulations, and regulations of the China Securities Regulatory Commission. We have acted with honesty, integrity, and due diligence, strictly following established business rules, industry practice standards, and ethical codes to issue this sponsorship letter, and we guarantee the truthfulness, accuracy, and completeness of the documents provided.
Unless otherwise specified, all abbreviations and definitions in this sponsorship letter are consistent with those in the prospectus.
Table of Contents
Statement 1
Table of Contents 2
Section I Basic Information of this Securities Issuance 3
-
Introduction to Sponsor, Sponsors, and Project Team Members 3
-
Basic Information of the Issuer 3
-
Affiliation between the Sponsor and the Issuer 7
-
Internal Audit Procedures and Opinions of the Sponsor 8
Section II Sponsor's Commitments 10
Section III Recommendation for this Securities Issuance 11
-
The Issuer has fulfilled the decision-making procedures required by the Company Law, Securities Law, and Registration Management Measures, as well as those stipulated by the CSRC and the Shenzhen Stock Exchange 11
-
The Issuer's issuance meets the conditions stipulated by the Company Law and Securities Law 11
-
The Issuer's issuance meets the relevant provisions of the Registration Management Measures 12
-
The Issuer's issuance meets the relevant provisions of the Legal Application Opinion No. 18 on Securities and Futures 15
-
Major Issues and Risks of the Issuer 15
-
Evaluation of the Issuer's Development Prospects 21
-
Verification Opinions on the Sponsor and Issuer's Direct or Indirect Paid Engagement of Third Parties in this Project 22
-
Recommendation for this Securities Issuance 23
Special Authorization Letter for Sponsors of China Merchants Securities Co., Ltd. 26
Section I Basic Information of this Securities Issuance
- Introduction to Sponsor, Sponsors, and Project Team Members
| Sponsor | Sponsors | Project Coordinator | Other Project Team Members |
|---|---|---|---|
| China Merchants Securities Co., Ltd. | Shen Tao, Zhang Deng | Yang Lijhi | Li Zhenghan, Zhang Mohan, Xu Junjie, Zhang Linnan, Cheng Qianhui, Yang Qichen, Jiang Jian |
(1) Professional Practice of Sponsors
- Professional practice of Mr. Shen Tao:
| Project Name | Sponsorship Work | Whether in Continuous Supervision Period |
|---|---|---|
| ThunderSoft Non-public Issuance on ChiNext | Sponsor | No |
| Chinalco International Engineering Co., Ltd. Main Board IPO | Sponsor | No |
- Professional practice of Mr. Zhang Deng:
| Project Name | Sponsorship Work | Whether in Continuous Supervision Period |
|---|---|---|
| Inner Mongolia MengDian HuaNeng Thermal Power Co., Ltd. Public Issuance of Convertible Bonds | Project Handler | No |
(2) Professional practice of Project Coordinator
Professional practice of Mr. Yang Lijhi:
| Project Name | Sponsorship Work | Whether in Continuous Supervision Period |
|---|---|---|
| Wuhan Dameng Database Co., Ltd. STAR Market IPO | Project Team Member | Yes |