New stock news | Baoge New Materials plans to list on Hong Kong GEM. The China Securities Regulatory Commission requires further clarification on whether the establishment of the company's past equity changes are legal and compliant.

On November 7th, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Materials Requirements for Overseas Issuance and Listing (November 3, 2025 - November 7, 2025)," with the CSRC's International Department requiring supplementary materials from 13 companies. In the announcement, the CSRC requested Baogai New Materials to provide further clarification on the legality and compliance of the company's establishment and previous equity changes, as well as whether the existing, under construction, and proposed investment projects fall under the category of "high energy consumption" or "high emissions" projects. According to a disclosure by the Hong Kong Stock Exchange on September 24th, Shandong Baogai New Materials Technology Co., Ltd. submitted its listing application to the GEM of the Hong Kong Stock Exchange, with China Thai International as the exclusive sponsor. Please provide legal opinions on the following matters for Baogai New Materials to be verified by lawyers and provide clear legal opinions: 1. Please provide a legal opinion on whether the establishment and previous equity changes of your company are legal and compliant. 2. Please provide information on whether the existing, under construction, and proposed investment projects fall under the category of "high energy consumption" or "high emissions" projects, and provide relevant basis. 3. Regarding the current issuance and listing plan: (1) Please explain the post-issuance equity structure after the full exercise of the option to adjust the amount of shares to be issued, including the number and percentage of H shares to be issued in this offering; (2) Please explain the estimated amount of funds to be raised before and after the exercise of the option to adjust the amount of shares to be issued, the specific calculation method, the specific use of the raised funds and the proportion of domestic and overseas use, as well as the status of domestic and foreign investment approval, approval, or filing procedures. The prospectus shows that Baogai New Materials was established in 2009, and has become a market and technological leader in the composite material trench cover industry in China, specializing in the production of GFRP trench cover products mainly used to meet engineering and infrastructure needs. The company's comprehensive product portfolio mainly includes cable trench covers, drainage trench covers, and manhole covers, serving important sectors such as electricity, transportation, urban public facilities, water conservancy projects, and petrochemical engineering in China. Baogai New Materials' revenue comes from the sale of cable trench covers, manhole covers, drainage trench covers, and others.