New stock news | Jianbang Metal Materials plans to list on the Hong Kong Stock Exchange. The China Securities Regulatory Commission requires additional clarification on the specific steps for dismantling the red-chip structure, among other things.

On August 28, the China Securities Regulatory Commission (CSRC) released the Supplementary Material Requirements for Filing for Overseas Issuance and Listing (August 24, 2026 - August 28, 2026). The International Department of the CSRC issued supplementary material requirements for five companies. Among them, Jinan Jianbang Metal Materials Co., Ltd. was asked to elaborate on the specific steps for dismantling the red-chip structure. According to a disclosure by the Hong Kong Stock Exchange on July 14, Jinan Jianbang Metal Materials Co., Ltd. submitted a listing application to the main board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. as its sole sponsor. The CSRC requests Jianbang Metal Materials to supplement the following matters, and asks lawyers to verify and provide clear legal opinions: 1. Please clarify (1) the specific steps the issuer will take to dismantle the red-chip structure, the respective procedures that will be followed, the relevant agreements that will be signed, and provide a clear conclusive opinion on the legality and compliance of the dismantling process; (2) how to handle the Cayman Jianbang and its various overseas subsidiaries controlled at different levels, as well as the offshore holding platforms established by domestic shareholders such as Chen Zichun, Weilan Bay, and Xincheng Huizhi after the red-chip structure has been dismantled; (3) the tax implications involved in Cayman Jianbang repurchasing equity from four overseas investors and Hong Kong Jianbang transferring the issuer's equity to those four overseas investors, along with assigning the claims related to the equity transfer to Cayman Jianbang, and provide a clear opinion on the tax compliance of each step involved in dismantling the red-chip structure. 2. Please explain the reasons for the change of controlling shareholders and actual controllers within three years prior to the issuers initial submission of the overseas listing application. Whether the original controlling shareholder QI and the original actual controller Chen Jian are involved in circumstances outlined in Article 8 of the "Administrative Provisions for the Overseas Issuance of Securities and Listing by Domestic Enterprises." 3. Please clarify (1) whether the historical shareholding arrangements of Jianbang New Materials have been strictly verified in accordance with the requirements of the "Guidelines for the Application of Supervision RulesType 2 of Overseas Issuance and Listing" (hereinafter referred to as "Supervision Guideline No. 2"); (2) provide a conclusive opinion on the legality and compliance of the establishment of the issuer and the changes in shareholding over time. 4. Please provide the basic information of the issuers directors and senior executives in accordance with the requirements of "Supervision Guideline No. 2." 5. Please indicate whether the issuer plans to use part of the raised funds for building factories or R&D bases in regions such as the Middle East, whether this involves specific overseas investment projects, and whether the relevant approval, authorization, or filing procedures have been completed. If the relevant regulatory procedures have not been fully complied with, please provide a special commitment to repatriate all raised funds back to China. 6. Please provide a clear conclusive opinion on whether there is any benefit transfer in the equity incentive scheme. 7. Please clarify (1) whether the business scope and actual operations of the issuer and its subsidiaries involve areas restricted or prohibited for foreign investment according to the "Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition)"; (2) whether the issuer and its subsidiaries plan to engage in areas restricted or prohibited for foreign investment in the future, and whether they will continue to meet foreign investment access requirements after this issuance and listing and full circulation. The prospectus indicates that Jinan Jianbang Metal Materials Co., Ltd. is a well-known supplier of silver powder in China, with over ten years of operational experience, integrating research, development, production, and sales capabilities.