New stock news | Chaozhou Three-Circle (Group) (300408.SZ) plans to list on the Hong Kong Stock Exchange. The China Securities Regulatory Commission has requested additional clarification on the specific use of the funds raised.

The China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing (January 12, 2026 - January 16, 2026)". The International Department of the China Securities Regulatory Commission requested supplementary materials from 6 companies, among which, Chaozhou Three-Circle (Group) was required to provide explanations on the specific use of the funds raised, the proportion of domestic and overseas uses, and the approval, review, or filing procedures related to the use of funds; for projects involving overseas investment, they were required to explain the procedures for overseas investment approval, review, or filing. It is reported that on December 4, Chaozhou Three-Circle (Group) (300408.SZ) submitted an application to the Hong Kong Stock Exchange main board, with China Galaxy International as the exclusive sponsor. The China Securities Regulatory Commission requested Chaozhou Three-Circle (Group) to provide explanations on the following matters and requested lawyers to verify and provide clear legal opinions: 1. The contents related to the issuing plan in the registration materials should be consistent with the prospectus. Please explain the issuing plan for this issuance in accordance with the requirements of the "Regulatory Rules Application Guidelines-Overseas Issuance and Listing Class No.2". 2. Please explain the specific use of the funds raised, the proportion of domestic and overseas uses, and the approval, review, or filing procedures related to the use of funds; for projects involving overseas investment, explain the procedures for overseas investment approval, review, or filing. 3. Please explain the specific compliance of the regulatory procedures for establishing overseas subsidiaries involving overseas investments, foreign exchange registration, etc., and provide conclusive opinions on compliance. The prospectus shows that, according to Frost & Sullivan data, Chaozhou Three-Circle (Group) focuses on the main business of advanced ceramic materials and has grown into a global leader in the field of advanced electronic ceramic materials and components. The company has built a core product matrix of four major categories, including electronic and ceramic materials, electronic components, communication devices, and equipment components, covering core application areas such as communication, AI and data centers, consumer electronics, automotive electronics, semiconductor manufacturing and packaging, new energy, and intelligent industrial control, encompassing the business framework of basic materials, key components, and high-end devices and components. According to Frost & Sullivan data, the company's products have formed significant competitiveness in some segmented areas. For example, aluminum oxide ceramic substrates have undergone multiple technological upgrades and expansions, gradually achieving full coverage of chip resistors. The company has now developed into one of the top suppliers of global aluminum oxide ceramic substrates with a market share of over 50% based on revenue in 2024. Resistor paste has driven the localization process of thick film resistors in the supply chain. According to Frost & Sullivan data, SOFC separator sheets are one of the key components driving the energy transition of SOFC systems, and based on revenue in 2024, the company's SOFC separator sheets rank first in the global market share.