IPO News | Maxon Energy's proposed Hong Kong stock IPO, the Securities Regulatory Commission requested clarification on the progress of state-owned shareholders' logo processing and implementation of state-owned assets management procedures

The Zhitong Finance App learned that on September 18, the China Securities Regulatory Commission announced the disclosure of supplementary materials for overseas issuance and filing (September 14, 2026 to September 18, 2026). The Securities Regulatory Commission requested Maxon Energy to explain the specific implementation of overseas investment and foreign exchange management procedures involving the establishment of overseas subsidiaries, and issue concluding opinions on compliance. Progress in processing the company's state-owned shareholder logo and implementation of state-owned assets management procedures. According to the Hong Kong Stock Exchange's disclosure on April 24, Maxon Energy submitted a listing application to the Hong Kong Stock Exchange, and the sole sponsor was Cathay Pacific Haitong.

In addition, the Securities Regulatory Commission requested Maxon Energy to further explain the following matters, and ask lawyers to check and issue clear legal opinions:

Further explain the compliance of the equity incentive plan implemented by the company, including specific personnel composition and employment status, whether participants have relationships with the issuer's other shareholders, directors, supervisors, and senior management, as well as price fairness, agreement status, implementation of decision-making procedures, standardized operation, and issue clear concluding opinions on whether it is legal and compliant and whether there are benefits.

The additional explanation is whether the shares held by the company's shareholders who intend to participate in “full circulation” have been pledged, frozen, or otherwise flawed. Further explain the rationality of the company's new shareholders' share prices in the last 12 months, the reasons for the differences between these share prices, and issue clear conclusions on whether there is a transfer of benefits, etc.

At the same time, the specific amount and proportion of the funds raised in this issuance for domestic and foreign investment projects are listed item by item, and the implementation status of the relevant approval, approval or filing procedures is explained. For example, in the process of implementing the relevant procedures, please issue a commitment to return all of the funds raised to the country.

According to the prospectus, Maxon Energy is China's leading new electricity service provider driven by artificial intelligence and based on distributed energy storage (DES) assets. According to Insight Consulting, based on the operating scale of distributed energy storage assets as of December 31, 2025, the company became the largest new electricity service provider in China with an operating 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 terminal power resources that can be scheduled in real time to maximize the value of distributed energy storage assets, reduce electricity costs, and promote grid stability.