New Stock News | Jiangsu Boqian New Materials Stock (605376.SH) plans Hong Kong IPO; CSRC requires supplementary explanation on matters including the conduct of its leasing business

On November 6, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Materials Requirements for Overseas Offering and Listing Filing (November 2, 2026 November 6, 2026)." The International Department of the CSRC issued supplementary materials requirements for a total of 3 companies. Among them, Jiangsu Boqian New Materials Stock (605376.SH) was required to provide supplementary explanation on matters including whether its existing and under-construction projects and the projects to be funded by this offering belong to "high energy consumption" and "high emission" projects, and the conduct of its leasing business. According to disclosure by the Hong Kong Stock Exchange on June 17, Jiangsu Boqian New Materials Stock Co., Ltd. submitted an application to the Main Board of the Hong Kong Stock Exchange, with GUOTAI JUNAN I as its sole sponsor. The CSRC requested Jiangsu Boqian New Materials Stock to provide supplementary explanation on the following matters, and requested lawyers to conduct verification and issue clear legal opinions: 1. Please provide supplementary explanation on whether the company's existing and under-construction projects and the projects to be funded by this offering belong to "high energy consumption" and "high emission" projects, whether they involve overcapacity controlled by the National Development and Reform Commission, the Ministry of Industry and Information Technology and other authorities, and whether they comply with the national "anti-involution" policy requirements, and provide the relevant basis. 2. Please provide supplementary explanation on the conduct of the company's leasing business and whether it has obtained the relevant qualifications. 3. Please further explain, in light of the use of proceeds, the necessity and reasonableness of this Hong Kong listing. 4. Please provide supplementary explanation, in light of solvency and other circumstances, on whether the company's equity pledge may lead to major ownership disputes, or lead to a change in the company's controlling shareholder, before and after the completion of this offering. The prospectus shows that Jiangsu Boqian New Materials Stock is a globally renowned supplier of electronic-grade metal powder materials, focusing on the research and development, production and sales of high-end metal powder materials. Relying on its self-developed technology platform centered on PVD, it provides core metal powder materials to manufacturers of multilayer ceramic capacitors (MLCCs), low-silver and silver-free photovoltaic electrode materials, solid-state battery anode materials and other electronic components. With years of technical accumulation in high-end metal powder materials, the company has become one of the important material suppliers in the electronic components industry chain, breaking the long-term monopoly of overseas companies in the field of nickel powder for high-end MLCCs. According to a Frost & Sullivan report, it achieved global leadership by 2025 revenue; by 2025 revenue, among global suppliers of MLCC nickel powder, the company's 2025 market share was approximately 11.0%, ranking second globally, and it has established strong technical and industrialization capabilities in the field of high-end electronic metal powders.