New Stock News | Borgh Technology Plans for Hong Kong IPO, CSRC Requires Supplementary Explanation Regarding Progress of State-Owned Shareholders in Handling State-Owned Share Identification, Etc.

On May 8, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing applications (April 27, 2026 - May 8, 2026). Among them, the CSRC requested that Boke Electronics provide supplementary explanations regarding the progress of the state-owned shareholder's handling of state-owned stock identification, the situation of equity proxies in the company's historical evolution, and other related matters. According to the disclosure by the Hong Kong Stock Exchange on January 12, Hangzhou Boke Electronics Co., Ltd. (Boke Electronics) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CMSC International as its exclusive sponsor. The CSRC asked Boke Electronics to provide clarifications on the following matters and requested legal opinions from lawyers: 1. Please explain: (1) Whether the pricing of new shareholders' investments in the past 12 months is fair and reasonable, and whether there is conclusive opinion on the existence of benefit transfers; (2) Whether the implementation of employee stock incentives is legal and compliant, and whether there is conclusive opinion on the existence of benefit transfers; (3) The impact of special shareholder rights arrangements on control rights, and whether there have been changes in control rights before and after listing; (4) The situation of equity proxies in the company's historical evolution; (5) Whether there are private equity funds among the company's shareholders, and whether they have been filed with the China Securities Investment Fund Industry Association. 2. Please explain the progress of the state-owned shareholder in handling state-owned stock identification. 3. Please explain the company's registration of fixed pollutants discharge, whether its industry belongs to "high energy consumption" or "high emissions" industries, whether there are "high energy consumption" or "high emissions" projects, and provide relevant evidence. 4. Please explain whether the shares held by shareholders participating in the "full circulation" this time have any defects such as pledges, freezes, or other rights issues. According to the prospectus, Boke Electronics is the world's leading and China's largest high-performance power supply provider for server modules, empowering a wide range of industrial, consumer, and commercial power conversion applications. According to data from Frost & Sullivan, based on the revenue from high-performance server power supply in 2024, the company's market share in the global and mainland China server power supply market is 8.9% and 18.9% respectively. The company's products mainly serve specialized computing power (for specific purposes or functions) and AI computing power (mainly using graphics processing units (GPUs) designed for general purposes), meeting strict requirements for output power, efficiency, power density, and reliability. With deep technical expertise in server power supplies and a strong customer base, the company has successfully expanded into energy storage solutions (energy storage systems or ESS) power conversion business. Through this business line, the company mainly provides power conversion systems for portable and household energy storage products, serving top portable energy storage brands such as Shenzhen Hello Tech Energy, as well as industrial and commercial applications.