New Stock News | Meikesheng Energy Plans Hong Kong IPO; CSRC Requests Explanation of Progress in State-Owned Shareholder Identification and Performance of State-Owned Asset Management Procedures

On September 18, the China Securities Regulatory Commission (CSRC) published a notice of supplementary materials required for overseas offering and listing filings (September 14, 2026 September 18, 2026). The CSRC requested Meikesheng Energy to explain the specific performance of regulatory procedures including overseas investment and foreign exchange management involved in the establishment of overseas subsidiaries, and to issue a conclusive opinion on compliance. It also requested information on the progress of the company's state-owned shareholder identification and the performance of state-owned asset management procedures. According to a disclosure by the Hong Kong Stock Exchange on April 24, Meikesheng Energy submitted a listing application to the Hong Kong Stock Exchange, with Guotai Haitong as the sole sponsor. In addition, the CSRC requested Meikesheng Energy to supplement the following matters, and asked lawyers to verify and issue clear legal opinions: Supplement explanation on the compliance of the equity incentive plan already implemented by the company, including the specific composition of personnel and their positions, whether the participating personnel have any affiliated relationships with other shareholders, directors, supervisors, and senior management of the issuer, as well as the fairness of pricing, the terms of the agreements, the performance of decision-making procedures, and standardized operation, and issue a clear conclusive opinion on whether it is legal and compliant and whether there is any tunneling of benefits. Supplement explanation on whether the shares held by shareholders who intend to participate in the "Full Circulation" this time are subject to pledge, freeze, or other defects in rights. Supplement explanation on the reasonableness of the subscription prices of new shareholders added in the last 12 months, the reasons for differences among such subscription prices, and issue a clear conclusive opinion on whether there is any tunneling of benefits. At the same time, list item by item the specific amounts and proportions of the proceeds from this offering to be used for domestic and overseas investment projects, and explain the performance of relevant approval, authorization, or filing procedures. If relevant procedures are still being performed, please issue a commitment to repatriate all proceeds back to the PRC. According to the prospectus, Meikesheng Energy is a leading AI-driven new electricity service provider in China based on distributed energy storage (DES) assets. According to CIC data, based on the operational scale of distributed energy storage assets as of December 31, 2025, the company ranked as China's largest new electricity service provider with an operational scale of 799.5 MWh and a market share of 7.4%. The company invests in and develops distributed energy storage assets and provides electricity services. The company is committed to integrating dispatchable terminal electricity resources in real time to maximize the value of distributed energy storage assets and reduce electricity costs, while promoting grid stability.