New stock news | Kunlun New Energy plans to list in Hong Kong Stock Market, CSRC requires additional explanations on changes in equity and other matters.

On May 8, the China Securities Regulatory Commission (CSRC) announced the disclosure requirements for supplemental materials for overseas issuance and listing (April 27, 2026 - May 8, 2026). In particular, the CSRC requested Kunlun New Energy to provide additional explanations on equity changes, employee shareholding plans, and other matters. According to the disclosure by the Hong Kong Stock Exchange on January 28, Kunlun New Energy Materials Technology (Yichang) Co., Ltd. submitted a listing application to the main board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. International and Ping An Securities (Hong Kong) serving as its joint sponsors. The CSRC requested Kunlun New Energy to provide explanations on the following matters, and asked lawyers to verify and provide clear legal opinions: 1. Regarding equity changes: (1) Please explain the pricing basis for each of your company's capital increases and equity transfers, whether the subscribed capital has been paid in, whether there are any situations of unfulfilled capital contribution obligations or flaws in the capital contribution method, and provide a clear conclusion on the legality and compliance of the establishment and historical equity changes; (2) Please explain if there were instances of shareholding by proxy in the historical development of your company. 2. Regarding employee shareholding plans: (1) Please conduct verification on whether external consultants participating in your company's employee shareholding plans meet the requirements of the "Regulatory Rules Applicable Guidance - Overseas Issuance and Listing No. 2", and provide a clear conclusion on whether there is any improper benefiting; (2) Please explain if your company has established or prepared to implement an option incentive plan before the initial public offering registration. 3. Please indicate the type of audit opinion from the accounting firm in the filing report in accordance with the "Regulatory Rules Applicable Guidance - Overseas Issuance and Listing No. 2". 4. Regarding standard operations: (1) Please explain the rectification situation of your company and its subsidiaries after being subjected to administrative penalties in the aspect of occupational safety, whether it constitutes a significant violation of laws and regulations, and whether it has a significant adverse impact on your company's daily operations and the current issuance and listing; (2) Please provide the latest progress of litigation cases involving your company, their impact on the company's operation and solvency, and whether they present substantive obstacles to the current issuance and listing. 5. Regarding the current issuance and listing and "full circulation": (1) Please explain the specific plan arrangements for the subdivision of your company's shares, whether it will affect the number of shares issued in this offering; (2) Please explain the expected amount of funds to be raised after the full exercise of the over-allotment option; (3) Please explain if there are any pledges, freezes, or other defects in the shares held by shareholders participating in this "full circulation". 6. Please explain the specific situation of the A-share listing guidance filing and submission of the listing application to the exchange by your company in the past, the reasons for withdrawal, whether there are plans to continue with the A-share listing and specific arrangements, and whether there are any significant impacts on the current issuance and listing. The prospectus shows that Kunlun New Energy is a global leading supplier of lithium battery electrolytes, focusing on the research and development, production, and sales of lithium battery electrolytes and advanced battery materials. With technological advantages and strategic production capacity layout, the company provides stable, safe, efficient, and cutting-edge products for the global new energy industry. According to data from Frost Sullivan, in terms of shipment volume, the company ranked third among global electrolyte suppliers in the nine months ending on September 30, 2025. In addition, the company has strategically positioned itself in the fields of solid-state electrolytes (SSE), gel electrolytes, solid-liquid hybrid electrolytes, and sodium-ion electrolytes in the advanced battery materials sector.