New Stock News | Aode New Energy plans to list on the Hong Kong stock market. The China Securities Regulatory Commission requires supplementary explanations on whether there are any situations of shareholding representation in the company's historical development.

The China Securities Regulatory Commission issued the "Supplementary Materials Requirements for Overseas Issuance and Listing (March 23, 2026- March 27, 2026)." The International Department of the China Securities Regulatory Commission issued supplementary material requirements for 11 enterprises, including requesting Aodong New Energy to provide explanations on whether there are any instances of equity proxy holding in its historical evolution, and the basis for each capital increase and equity transfer pricing. It is reported that Aodong New Energy Co., Ltd. (hereinafter referred to as "Aodong New Energy") submitted an application for listing on the main board of the Hong Kong Stock Exchange to CMB International as the exclusive sponsor on December 12, 2025. The China Securities Regulatory Commission requested Aodong New Energy to provide clarification on the following matters and requested lawyers to verify and provide clear legal opinions: 1. Clarify whether there was actual capital contribution in each capital increase and equity transfer pricing, whether there are instances of unfulfilled capital contribution obligations, capital embezzlement, or flaws in the capital contribution method, and provide a clear conclusion on the legality and compliance of each equity change. 2. Clarify if there are instances of equity proxy holding in the historical evolution, list the names of the proxy holders, their equity ratios, the start and end times of the proxy holding, the methods of releasing the proxy holding, and combine the positions of the proxy-holders during the proxy holding period to further explain the reasons for the formation of equity proxy holding, its evolution, legality and compliance, the existence of disputes or potential disputes, whether the parties being proxy-held are subject to prohibitions under laws and regulations (including violations of non-competition provisions) in accordance with the relevant provisions of the "Regulatory Rules Application Guidelines - Overseas Issuance and Listing No. 2," and provide an explanation on whether the equity held by the controlling shareholder during the proxy holding period has significant ownership disputes in accordance with Article 8 of the "Measures for the Administration of Securities Issuance and Listing by Domestic Enterprises Overseas." 3. Provide specific information on the compliance with overseas investment and foreign exchange registration procedures involving the establishment of overseas subsidiaries, and provide a conclusive opinion on compliance. 4. Provide clear conclusions on the legality and compliance of the implemented equity incentive plans and post-listing option incentive plans. 5. Provide the pricing basis for new shareholders' entry prices in the 12 months before the submission of the overseas issuance and listing application, explain the reasons for the differences in pricing between the increasement of capital during the same period, and the tax payment status of the transferors involved in the equity transfer process, and provide a clear conclusion on the existence of any advantages being transferred. 6. Provide specific arrangements for the splitting of shares and whether it affects the number of shares to be issued this time. 7. The contents related to the issuance plan in the filing materials and prospectus should be consistent, please explain the issuance plan in accordance with the requirements of the "Regulatory Rules Application Guidelines - Overseas Issuance and Listing No. 2." 8. Please explain whether there are any flaws such as pledges, freezes, or other rights in the shares held by the shareholders who are expected to participate in the "full circulation." According to the prospectus, Aodong New Energy is a leading company in China's battery-swapping industry, dedicated to building a comprehensive product and service portfolio covering the entire battery-swapping ecosystem. The company can efficiently manage battery-swapping equipment, vehicles, and batteries through its independently developed intelligent energy service platform, thereby better meeting user needs. Aodong New Energy's business started with operating its own battery-swapping stations, and later expanded its business to include selling battery-swapping equipment and providing operation services. The company has already established a comprehensive battery-swapping station portfolio covering a variety of vehicles, functions, and application scenarios. During the previous period, Aodong New Energy's battery-swapping stations mainly provided battery-swapping services for passenger cars. The company has also been establishing battery-swapping stations for commercial vehicles, including light trucks, light trucks, and heavy trucks to create a complete battery-swapping solution. As of June 30, 2025, Aodong New Energy has upgraded nine battery-swapping stations, which now support passenger cars and light trucks.