New Stock News | Canmax Technologies (300390.SZ) plans to IPO in Hong Kong. The China Securities Regulatory Commission requires supplementary explanations regarding the fairness of pricing for related transactions with Contemporary Amperex Technology.

On August 14, the China Securities Regulatory Commission (CSRC) released the "Supplementary Material Requirements for Filing for Overseas Issuance and Listing (August 10, 2026 - August 14, 2026)." The International Department of the CSRC issued supplementary material requirements for eight companies. Among them, Canmax Technologies is required to clarify whether the pricing of related party transactions with Contemporary Amperex Technology during the reporting period is fair, and whether there are instances of profit transfer, among other matters. According to the disclosure by the Hong Kong Stock Exchange on April 2, Canmax Technologies (300390.SZ) submitted a listing application to the main board of the Hong Kong Stock Exchange, with Huatai International and China Merchants International as its co-sponsors. The CSRC requests that Canmax Technologies provide supplementary explanations on the following matters, and that legal counsel conduct verifications and issue clear legal opinions: 1. Please clarify whether your companys existing, under-construction, and this fundraising investment project falls under "high energy consumption" and "high emissions" projects, and provide relevant evidence. 2. Please provide supplementary information regarding your companys major borrowings and external guarantees before and after the completion of this issuance in relation to its debt repayment capacity, and whether these could lead to significant ownership disputes in the issuers equity or result in changes to the companys controlling shareholder. 3. Please clarify the specific regulatory procedures concerning foreign investment and foreign exchange registration involved in the establishment of your overseas subsidiaries, and provide a conclusive opinion on compliance. 4. Please elaborate on the specific circumstances of the related party transactions between your company and Contemporary Amperex Technology during the reporting period, whether the pricing of these transactions is fair, and if there are instances of profit transfer, along with clear evidence. 5. Please detail all pending lawsuits and arbitration involving your company, whether these situations could have a significant adverse impact on the companys future operations, whether they pose substantial obstacles to this issuance, and whether these circumstances have been fully disclosed. 6. Please further explain the necessity and rationale for your companys listing in Hong Kong in conjunction with the direction of the fundraising. The prospectus shows that Canmax Technologies is a new energy technology enterprise mainly engaged in the research, production, and sales of new energy lithium battery materials. The company's business is divided into three segments: new energy lithium battery materials, electrostatic ultra-clean technology products, and medical devices. According to Frost & Sullivan, based on sales volume and revenue in 2025, Canmax Technologies is the largest producer of battery-grade lithium hydroxide in China and the third largest globally. In the same year, Canmax Technologies was the fourth largest producer of battery-grade lithium compounds in China and globally. The company's core products, battery-grade lithium hydroxide and battery-grade lithium carbonate, are essential raw materials for manufacturing lithium batteries, widely used in fields such as power batteries for new energy vehicles, energy storage systems, low-altitude aircraft, and consumer electronics.