New stock news | Greenland Holdings plans Hong Kong IPO, China Securities Regulatory Commission requires additional information on overseas investments by overseas subsidiaries.

On May 16, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing disclosure (May 12, 2025 - May 15, 2025). The CSRC requires Grant Holdings to provide additional explanations on the specific compliance of overseas subsidiaries' overseas investments, foreign exchange registration, and regulatory procedures, and to issue conclusive opinions on their compliance. According to the disclosure by the Hong Kong Stock Exchange on April 11, Grant Holdings submitted the listing application to the HKEX, with Dahua Jixian as exclusive sponsor and Lingfeng Capital as exclusive financial advisor. At the same time, explanations were given regarding the equity structure, including: (1) whether the company and domestic shareholders complied with the effective foreign exchange management, foreign investment, and tax management regulations during the equity structure construction and domestic mergers and acquisitions process; (2) the pricing basis, payment terms, compliance, and fairness of the acquisition of 98.9998% of Ningbo Grant's equity in February 2025, and whether it complies with the "Regulations on the Acquisition of Domestic Enterprises by Foreign Investors"; (3) conclusive opinions on the establishment and compliance of major domestic operating entities and the equity changes. The prospectus disclosed that Grant Holdings is a mature manufacturer of sunshades and blackout curtains for overseas markets, with the Netherlands, the UK, Chile, France, and Australia being its main sales countries during the reporting period. According to a report by Frost & Sullivan, among the top five sunshade and blackout curtain manufacturers in China, Grant Holdings is the only manufacturer with overseas production bases, ranking third in China's sunshade and blackout curtain manufacturers by total revenue in 2023. In terms of finances, Grant Holdings achieved revenues of approximately RMB 259 million and RMB 257 million in the fiscal years of 2023 and 2024, respectively, with annual profits of approximately RMB 15.579 million and RMB 6.795 million, respectively.