New stock news | Envision Energy plans Hong Kong IPO, CSRC requires additional information on incentive plan involving external consultants

On April 3, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing filing disclosure (March 30, 2026 - April 3, 2026). The CSRC requested that Farasis Energy provide further details on the incentive plan involving external consultants. According to the disclosure by the Hong Kong Stock Exchange on January 9, Shenzhen Farasis Energy Technology Co., Ltd. (referred to as Farasis Energy) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CMB International as its exclusive sponsor. The CSRC requested Farasis Energy to provide clarification on the following matters and to have lawyers verify and issue clear legal opinions: 1. Please explain the reasons for the inconsistency in the identification results of the controlling shareholder in the filing materials, as well as the criteria for identification, and provide a conclusive opinion on the identification of the controlling shareholder. 2. Please explain the pricing basis for the entry of new shareholders in the past 12 months, the reasons for the differences in pricing compared to the capital increase during the same period, the reasonableness of such differences, and the tax payment situation. Also, clarify whether there are abnormal prices for the consideration of entry and provide a conclusive opinion on the existence of any transfer of benefits. 3. Please provide specific details on external consultants involved in the incentive plan. 4. Please explain whether the shares held by the shareholders who intend to participate in the "full circulation" this time are pledged, frozen, or have other defects in rights. The prospectus shows that Farasis Energy was established in 2019 and focuses on the research, development, manufacturing, and sales of energy storage system solutions, catering to customers in China and overseas. According to data from Frost & Sullivan, the company added 1.3GWh of independent energy storage capacity in the first nine months of 2025, ranking first among global energy storage asset life cycle solution providers. In 2024, based on energy storage system shipments, the company ranked fifth among global energy storage asset life cycle solution providers with a shipment volume of 3.7GWh.