New Stock News: GEM Co., Ltd. (002340.SZ) Intends to List in Hong Kong. The China Securities Regulatory Commission Requires Supplemental Information on the Company's Subsidiaries and Branches.

On October 31st, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Issuance and Listing Filings (October 27, 2025 - October 31, 2025)", the CSRC International Department issued supplementary material requirements for 9 companies. In the announcement, the CSRC requested GEM Co., Ltd. (002340.SZ) to provide additional information on whether the company belongs to the "high energy-consuming" and "high emission" industries, as well as information on all subsidiary companies and branches. According to the disclosure by the Hong Kong Stock Exchange on September 22nd, GEM Co., Ltd. Limited (referred to as GEM Co., Ltd.) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and China Securities Co., Ltd. International as its joint sponsors. The CSRC requested GEM Co., Ltd. to provide clarification on the following issues, and to have legal counsel verify and provide clear legal opinions: 1. Please provide additional information on whether the company belongs to the "high energy-consuming" and "high emission" industries, and verify whether projects that have been completed, under construction or planned belong to "high energy-consuming" and "high emission" projects. 2. Please provide clarification on (1) the progress of the cancellation procedures for the repurchase of 8.75045 million restricted shares; (2) the progress of industrial and commercial changes related to changes in registered capital; (3) the filing progress of Hubei Green Tungsten, a subsidiary of the company, engaged in recycling operations of renewable resources; (4) the progress of the application for change in foreign investment filed by overseas subsidiaries of the company, PT Cemex Indonesia and PT Meimei Indonesia. 3. In accordance with the "Regulatory Rules Applicable Guidance - Overseas Issuance and Listing No. 2", please provide information on all subsidiary companies and branches in the legal opinion letter, currently only explaining the situation of major subsidiaries. 4. In accordance with Article 8 of the "Trial Measures for the Issuance and Listing of Securities by Domestic Enterprises Overseas", please provide additional information on whether the company and all domestic subsidiaries have any prohibitive circumstances for overseas issuance and listing. The prospectus shows that GEM Co., Ltd. is a leader in the recycling production of key metal resources and lithium-ion battery recycling industry, and is also a leading enterprise in the global new energy materials manufacturing industry. Since its establishment in 2001, the company has formed a comprehensive business operation model focusing on the circular economy of its business, covering three core businesses: key metal resources, lithium-ion battery and scrap car recycling, and new energy materials. Financially, in the years 2022, 2023, 2024, and the six months ending June 30, 2025, the company achieved revenues of 29.392 billion yuan, 30.529 billion yuan, 33.2 billion yuan, and 17.561 billion yuan respectively; during the same period, the net profits for the year/period were approximately 1.332 billion yuan, 1.162 billion yuan, 1.328 billion yuan, and 843 million yuan respectively.