New Stock News | Shanghai Huige Environmental Protection Plans to List in Hong Kong IPO. The China Securities Regulatory Commission requires supplemental explanations on whether the business scope involves restrictions on the negative list for foreign investment access.

On September 13th, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing filing disclosures (from September 6, 2024 to September 12, 2024). The announcement mentioned that Shanghai Huige should provide additional explanations on whether the business scope of the company and its subsidiaries involves restrictions or prohibitions in the negative list for foreign investment, among other matters. According to the Hong Kong Stock Exchange disclosure, on July 31st, Shanghai Huige Environmental Protection Technology Group Co., Ltd. submitted its listing application to the Hong Kong Stock Exchange, with CITIC SEC and China Galaxy International as joint sponsors. Specifically, the CSRC disclosure stated that Shanghai Huige should provide supplementary explanations on the following matters and have lawyers verify and provide clear legal opinions: 1. Whether the business scope of your company and its subsidiaries involves restrictions or prohibitions in the negative list for foreign investment. 2. Whether your company and its subsidiaries have established comprehensive internal control and risk prevention systems for safety production, and whether these systems are effectively implemented. The prospectus disclosed that Shanghai Huige Environmental Protection is a leading global provider of ESG solutions for ships. According to Frost & Sullivan data, as of June 30, 2024, the company ranked first among non-state-owned enterprises (private) in China in terms of completed and outstanding orders for ship desulfurization systems, and tenth globally among all ship desulfurization system providers. In terms of performance, the company's revenue for 2021, 2022, 2023, and up to April 30, 2024, were approximately RMB 141 million, RMB 267 million, RMB 510 million, and RMB 247 million respectively. During the same period, the net profits achieved were RMB 12.769 million, RMB 36.777 million, RMB 121 million, and RMB 66.522 million respectively.