IPO News | Shi Dashenghua (603026.SH) Proposes Hong Kong Stock IPO The Securities Regulatory Commission requires clarification on whether the fund-raising project is a “high energy consumption” and “high emission” project

Zhitong Finance App learned that on July 24, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing registration (July 13, 2026 to July 24, 2026). The Securities Regulatory Commission requested Shi Dashenghua to explain whether the existing, ongoing, and current fund-raising project is a “high energy consumption” and “high emission” project, whether it involves the National Development and Reform Commission, the Ministry of Industry and Information Technology, etc. to control excess production capacity, and provide relevant evidence. According to the Hong Kong Stock Exchange's disclosure on April 1, Shi Dashenghua (603026.SH) submitted a listing application to the main board of the Hong Kong Stock Exchange, and CICC was its sole sponsor.

Furthermore, the Securities Regulatory Commission requested Shi Dashenghua to further explain whether the issuer's share pledges, loans, and guarantees may lead to major ownership disputes or changes in the company's controlling shareholders before and after the company's current issuance is completed, taking into account circumstances such as solvency. Further explain the details of the company's overseas fund-raising projects and the implementation of overseas investment approval, approval or filing, and provide relevant evidence.

At the same time, the details of all pending lawsuits and arbitration involving the company were further explained, whether the relevant circumstances would have a significant adverse impact on the company's future operations, whether they would pose a material obstacle to this issuance, and whether the relevant circumstances were fully disclosed. Explain the specific circumstances of the company's production safety accident, whether it is a major violation of laws and regulations, and whether it will pose a substantial obstacle to this listing. Please also provide the local safety department's accident identification and punishment documents.

According to the prospectus, Shida Shenghua is a comprehensive supplier of materials related to lithium-ion batteries and has established a dominant position in the field of electrolyte solvents. According to Frost & Sullivan, since 2020, the company has ranked number one in the global electrolyte solvent market for six consecutive years, with a market share of 22.2% of global shipments in 2025. The company is the first company in the country to achieve the production capacity of the five major carbonate solvents (which are the most widely used electrolyte solvents in lithium-ion batteries).