IPO News | Sunshine Power (300274.SZ) Proposes Hong Kong Stock Listing, China Securities Regulatory Commission Requests Additional Explanation of the Company's Industrial Internet Information Data Service, etc.

The Zhitong Finance App learned that on December 26, the China Securities Regulatory Commission issued the “Supplementary Material Requirements for Overseas Issuance and Listing (December 22, 2025 to December 26, 2025)”. The International Department of the Securities Regulatory Commission issued supplementary material requirements for a total of 19 companies. In the announcement, the Securities Regulatory Commission requested Sunshine Power to provide additional information on the development of the company's industrial Internet information data services, big data services, etc. According to the Hong Kong Stock Exchange's disclosure on October 5, Sunshine Power Co., Ltd. (“Sunshine Power”) (300274.SZ) submitted a listing application to the main board of the Hong Kong Stock Exchange, and CICC is its sole sponsor. According to Frost & Sullivan's analysis, Solar Power's PV inverter product shipments have remained the world leader for ten consecutive years.

The China Securities Regulatory Commission requested Sunshine Power to further explain the following matters, and ask a lawyer to check and issue a clear legal opinion:

1. Please provide additional information on the development of the company's industrial Internet information data services, big data services, etc., and whether the necessary qualifications have been obtained.

2. Please provide additional information on whether the scope of business of the company and its subsidiaries covers the field of “Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)”.

3. Please further explain whether the situation where the controlling shareholder or actual controller of the company holds the issuer's share pledge before and after the issuance is completed may lead to major ownership disputes or changes in the issuer's controlling shareholder.

4. Please provide additional information on the specific implementation of supervisory procedures such as overseas investment and foreign exchange registration involving the company's overseas subsidiaries, and issue a concluding opinion on compliance.

5. Please provide additional information on the details of the company's overseas fund-raising projects and the implementation of overseas investment approval, approval or filing.

According to the prospectus, Sunshine Power is a leading global clean energy technology company. Starting with the photovoltaic inverter business, the company has always focused on the field of clean power, gradually laying out five major tracks: solar energy, wind energy, energy storage, electric vehicles, charging, and hydrogen energy (“photovoltaic hydrogen storage”).

On the financial side, during the track record period, Sunshine Power achieved rapid growth and achieved impressive financial performance. From 2022 to 2024 and from January to June 2025, the company's revenue was RMB 40.11 billion, RMB 72.16 billion, RMB 77.70 billion and RMB 43.44 billion respectively; net profit was RMB 3.7 billion, RMB 9.61 billion, RMB 11.26 billion and RMB 7.83 billion, respectively. The compound annual growth rates of revenue and net profit from 2022 to 2024 reached 39.2% and 74.6%, respectively.