New Stock News | Dyness Digital Energy Technology Plans Hong Kong IPO; CSRC Requires Supplementary Explanation on the Reasonableness of New Shareholders' Subscription Prices and Other Matters

On September 18, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Materials Requirements for Overseas Offering and Listing Filing (September 14, 2026 September 18, 2026)." The International Department of the CSRC issued supplementary materials requirements for a total of 6 companies. Among them, Dyness Digital Energy Technology was required to supplementarily explain the reasonableness of the subscription prices of new shareholders within the last 12 months, the reasons for differences in subscription prices among different shareholders, the reasons for and reasonableness of the relatively large differences in equity incentive grant prices on the employee shareholding platform, and other matters. According to disclosure by the Hong Kong Stock Exchange on June 26, Dyness Digital Energy Technology Co., Ltd. submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with GUOTAI JUNAN I as its sole sponsor. The CSRC requested Dyness Digital Energy Technology to supplementarily explain the following matters, and requested lawyers to verify and issue clear legal opinions: 1. Regarding new shareholders, please explain (1) the reasonableness of the subscription prices of new shareholders within the last 12 months, and the reasons for differences in subscription prices among different shareholders; (2) issue a clear conclusive opinion on whether the subscription prices of new shareholders within the last 12 months are fair and reasonable and whether there is any tunneling of benefits. 2. Regarding the employee shareholding platform, please explain: (1) the reasons for and reasonableness of the relatively large differences in equity incentive grant prices among Yuanjian Daotong, Nanzhang Zichou, and Suzhou Qinhu Pan; (2) the composition and positions of your company's equity incentive personnel, whether the participants have affiliated relationships with your company's other shareholders, directors, supervisors, and senior management, whether there are persons who are explicitly prohibited by laws, administrative regulations, and relevant national provisions from participating in enterprise equity incentives; and the fairness of subscription prices, agreement arrangements, performance of decision-making procedures, and standardized operation, and issue a clear conclusive opinion on whether they are legal and compliant and whether there is any tunneling of benefits. 3. Your company's controlling shareholder previously had circumstances of equity holding on behalf of others. Please provide a list explaining the names of both parties to the nominee holding, the proportion of equity held on behalf of others, the start and end time of the nominee holding, the method of terminating the nominee holding, the reasons for the equity nominee holding, the evolution of the nominee holding, its legality and compliance, whether there are disputes or potential disputes, and whether during the period of equity nominee holding the party whose equity was held on behalf of others belonged to an entity prohibited by laws and regulations from holding shares (including whether it violated non-compete provisions). In conjunction with the above circumstances, please explain in accordance with Article 8 of the "Trial Measures for the Administration of Overseas Securities Offering and Listing by Domestic Companies" whether the equity held by the controlling shareholder has any major ownership disputes. 4. Regarding the equity transfer, please explain the pricing basis for the fourth equity transfer in April 2022, the reasons for and reasonableness of the difference from the pricing of the capital increase in the same period, and the income tax payment status of the relevant transferors in the above equity transfer process, and issue a clear conclusive opinion on whether there is any tunneling of benefits. 5. Regarding overseas business, (1) please explain the cross-border business situation involved in your company and whether it has obtained the necessary qualification licenses; (2) please explain the specific performance of regulatory procedures such as overseas investment and foreign exchange management, and issue a conclusive opinion on compliance. 6. Regarding this offering and listing and "full circulation": please explain whether the shares held by shareholders proposed to participate in "full circulation" in this offering are subject to pledge, freezing, or other defects in rights. The prospectus shows that Dyness Digital Energy Technology is a pioneer among Chinese companies in the energy storage system (ESS) industry, focusing on the research and development, manufacturing, and sales of residential and commercial & industrial ESS products. According to Frost & Sullivan, the company's commercial and industrial (C&I) ESS shipments in 2025 were approximately 0.6 GWh, bringing the company's total ESS shipments to approximately 3.1 GWh. Among Chinese ESS companies, the company is one of those with the broadest global business footprint. Dyness Digital Energy Technology is one of the first Chinese companies to focus on overseas ESS markets. Since its early establishment, the company has adopted a global operating model supported by localized services, entering markets in various regions with products developed for local needs. Over the years, the company has established distribution networks covering Europe, Asia-Pacific, the Americas, Africa, and the Middle East, and has accumulated localized knowledge regarding grid environments, energy consumption patterns, and end-user behavior in dozens of markets. These market insights enable the company to quickly adapt to the needs of different markets and provide products that meet local application scenarios.