New Stock News | Zhejiang Energy's Mai Ling Reapplies to the Hong Kong Stock Exchange as the World's Largest Provider of Green Shipping Equipment and Systems

According to the information disclosed by the Hong Kong Stock Exchange on August 7, Zhejiang Zheneng Mailing Green Navigation Technology Co., Ltd. (referred to as Zheneng Mailing) has submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with CITIC SEC and CCB International as joint sponsors. The company had previously filed its application with the Hong Kong Stock Exchange on January 30, 2026. Company Profile The prospectus shows that Zheneng Mailing is a global leader in green shipping equipment and systems. Green shipping equipment and systems refer to those capable of reducing greenhouse gas emissions, limiting pollutant emissions, improving resource efficiency, and protecting marine ecosystems, aiming to minimize the environmental impact of shipping. To meet the needs of global shipping groups, shipowners, and shipyards, the company has developed "five business lines": (i) ship exhaust gas emission control and purification systems, (ii) ship energy efficiency enhancement systems, (iii) ship upgrading and retrofitting services, (iv) intelligent operation and maintenance systems for ships, and (v) new energy systems for ships. These business lines cover everything from equipment design and manufacturing to ship retrofitting, onboard installation, commissioning, and technical support, comprehensively aiding in enhancing ship value. According to data from Kaizhong Consulting, the company is the world's largest provider of green shipping equipment and systems by 2025 revenue. The revenue breakdown by business line is as follows: According to Kaizhong Consulting, the company is the largest supplier of ship exhaust gas emission control and purification systems globally by revenue in 2025. The flagship product in this business line is the Exhaust Gas Purification System (EGCS), which ranks first globally by revenue in 2025; the companys Greenhouse Gas Continuous Emission Monitoring System (GHGCEMS) is the worlds first related product to obtain classification society certification; the companys flagship product in the ship energy efficiency enhancement system, the shaft generator system, was launched in 2024 and delivered in the same year. By revenue in 2025, the company is the second largest provider of ship energy efficiency enhancement systems globally. The company relies on rich experience accumulated over years of servicing global shipping groups, shipowners, and shipyards, along with deep insights into market trends, to continuously expand its business lines. Its ship upgrading and retrofitting and related services line leverages a comprehensive intelligent retrofitting base that integrates research and development validation, modular intelligent manufacturing, actual ship retrofitting, service feedback, and global scheduling. This effectively aids shipping companies, shipowners, and shipyards in maintaining and enhancing the value of their ship assets in a cost-effective manner. Additionally, in response to market trends toward smart and clean energy ships, the company has launched its intelligent operation and maintenance system and new energy system for ships, reflecting its comprehensive technological reserves. The global demand for ship exhaust gas emission control and purification continues to grow. The global shipping industry undertakes over 80% of international trade transport tasks and is also a significant source of greenhouse gas emissions and air pollutants. According to data from Kaizhong Consulting, shipping accounted for approximately 2.4% of global anthropogenic greenhouse gas emissions in 2024. Since the implementation of the global "sulfur cap" regulation in 2020, sulfur oxide (SOx) emissions have been significantly reduced, with the previous 13% global share now a thing of the past. However, emissions within the shipping industry are highly concentrated: in 2024, container ships, bulk carriers, and oil tankers contributed over 60% of the shipping industrys carbon emissions. According to Kaizhong Consulting, it is expected that between 2025 and 2030, the compound annual growth rate (CAGR) of the global green shipping equipment and systems market will reach 31.7%, with the scale expected to reach RMB 151.6 billion by 2030. Financial Information Revenue: For the fiscal years 2023, 2024, 2025, and the five months ending May 31, 2025, and 2026, the company achieved revenues of approximately RMB 2.369 billion, RMB 2.397 billion, RMB 3.501 billion, RMB 1.323 billion, and RMB 2.507 billion, respectively. Net Profit: For the fiscal years 2023, 2024, 2025, and the five months ending May 31, 2025, and 2026, the net profits were approximately RMB 621 million, RMB 626 million, RMB 773 million, RMB 277 million, and RMB 622 million, respectively. Gross Margin: For the fiscal years 2023, 2024, 2025, and the five months ending May 31, 2025, and 2026, the gross margins were 34.2%, 35.1%, 30.4%, 28.3%, and 34.8%, respectively. Industry Overview Supported by resilient shipping trade demand, the global fleet size has steadily increased in recent years. The number of active ships worldwide increased from 106,200 in 2021 to 115,700 in 2025, with a CAGR of 2.2% from 2021 to 2025. Looking ahead, the global fleet size is expected to continue growing steadily, reaching 128,200 ships by 2030, with a CAGR of 2.1% from 2026 to 2030. Driven by dry bulk trade activities and fleet renewal needs, as well as the sustained growth of crude oil and refined oil transportation and continued investment in larger, more advanced vessels, the number of active bulk carriers has increased from 11,700 in 2018 to 14,600 in 2025, and is expected to reach 17,200 by 2030. The number of active oil tankers has grown from 11,700 in 2018 to 12,900 in 2025, and is projected to reach 16,200 by 2030. The number of active container ships has risen from 5,600 in 2018 to 7,000 in 2025, with an expectation to reach 9,300 by 2030. In terms of revenue, the global green shipping equipment and systems industry is projected to grow from RMB 5.8 billion in 2018 to RMB 39.1 billion in 2025, reflecting a CAGR of 17.5% from 2021 to 2025. Leveraging the 2026 IMO NZF mid-term measure vote, the implementation of relevant greenhouse gas reduction rules in 2028, and the adoption of shaft generator systems, alternative fuel systems, and other advanced technologies as the industry transitions from compliance upgrades to systematic decarbonization and digitalization, the market scale is expected to reach RMB 151.6 billion by 2030, with a CAGR of 31.7% from 2026 to 2030, thereby achieving more diversified and stable growth. Within the overall market, the ship exhaust gas emission control and purification systems segment has historically dominated, while the ship energy efficiency enhancement systems segment is becoming a key driver of incremental growth. By revenue, the market size of ship upgrading and retrofitting and related services is RMB 7.5 billion in 2025, with an expected CAGR of 28.2% from 2026 to 2030. The market size for intelligent operation and maintenance systems for ships is RMB 1.3 billion in 2025, with a predicted CAGR of 32.2% from 2026 to 2030, while the market size for new energy systems for ships is RMB 7.2 billion in 2025, with a forecasted CAGR of 38.8% from 2026 to 2030. The market size of the ship exhaust gas emission control and purification systems segment is expected to grow from RMB 2 billion in 2018 to RMB 11.6 billion in 2025, and is anticipated to resume growth starting in 2026, reaching RMB 24.2 billion by 2030. This growth is supported by multiple emission control technologies and decarbonization solutions, including carbon capture systems and nitrogen oxide treatment equipment. As the largest segment by revenue, the market size for exhaust gas purification systems rapidly expanded between 2019 and 2020, subsequently slowing due to moderate retrofitting demand, reaching RMB 9.1 billion by 2025 and expected to reach RMB 15.7 billion by 2030. Looking ahead, growth expectations will primarily be driven by sustained demand for new ship installations and supported by increased shipbuilding activity and the expansion of emission control zones. The integration of carbon capture and scrubbing systems may further enhance long-term relevance, positioning exhaust gas purification systems as both compliance solutions and broader emission reduction platforms. Board of Directors Information The board of directors consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors. Equity Structure As of the last practicable date, Hangzhou Xicheng has four general partners: Mr. Wang, Mr. Guo Jinrong, Mr. Shen Haitao, and Mr. Xu Huiping, holding approximately 10.34%, 10.34%, 9.31%, and 9.31% of the partnership interests, respectively. Mr. Xu Huiping is the executive partner. According to the relevant plan documents, the executive partner is responsible for the daily operations and management of Hangzhou Xicheng, while significant business matters such as amendments to the partnership agreement, providing guarantees, disposing of real estate, and accepting new partners must be decided collectively by the general partners. Upon the establishment of Hangzhou Xicheng, it was mandated that there would be four general partners who should be members of the company's senior management team. Each general partner exercises their voting rights independently, and the general partners (excluding Mr. Wang) do not typically accept Mr. Wang's instructions. As a result, no single general partner can exert control over Hangzhou Xicheng. Advisory Team Joint Sponsors: CITIC SEC (Hong Kong) Limited, CCB International Finance Limited Company Legal Advisors: Concerning Hong Kong laws and U.S. laws: Han Kun Law Offices L.L.P.; concerning Chinese laws: Han Kun Law Offices Joint Sponsors Legal Advisors: Concerning Hong Kong laws: King & Wood Mallesons; concerning Chinese laws: King & Wood Mallesons Auditor and Reporting Accountant: Ernst & Young Industry Consultant: Kaizhong Industry Consulting Co., Ltd.