IPO News | GreenSheng Technology Plans Hong Kong Stock IPO, China Securities Regulatory Commission Requests Additional Clarification on Whether Shareholders Holding 5% or Less of Shares Are Related

Zhitong Finance App learned that on August 21, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (August 17, 2026 - August 21, 2026)”. The International Division of the China Securities Regulatory Commission issued supplementary material requirements for a total of 3 companies. Among them, GreenSheng Technology is required to further explain matters such as whether there is a relationship between shareholders holding less than 5% of the shares, the composition and employment status of the company's equity incentive personnel. According to the Hong Kong Stock Exchange disclosure on May 15, Shenzhen Gelin Sheng Technology Co., Ltd. submitted a listing application to the main board of the Hong Kong Stock Exchange, and Nanhua Finance Co., Ltd. is its sole sponsor.

The China Securities Regulatory Commission requested Gelin Sheng Technology to provide additional explanations on the following matters, and requested lawyers to conduct inspections and issue clear legal opinions:

1. Please indicate whether there is a relationship between shareholders holding less than 5% of the shares. If so, whether the shareholding ratio should be calculated collectively, and those over 5% should be thoroughly checked by 5% or more shareholders.

2. Please explain the composition and employment status of the equity incentive personnel in your company, whether the participants have relationships with other shareholders, directors, supervisors, and senior managers of your company; whether there are people whose laws, administrative regulations, and relevant national regulations clearly cannot participate in corporate equity incentives; as well as the fairness of the share price, agreement, implementation of decision-making procedures, and standardized operation, and issue clear concluding opinions on whether they are legal and compliant and whether there are benefits.

3. Please explain the full details of the special shareholders' rights arrangement, the details of the termination clause and the decision-making process for implementation, whether all shareholders have reached an agreement, whether there are any disputes, and whether it constitutes a substantial obstacle to the current overseas issuance and listing.

4. Please explain: (1) How your company has obtained relevant business qualifications, and explain whether your company and its subsidiaries' business, scope of operations, etc. are restricted or prohibited in the negative foreign investment access list, and whether they continue to meet the requirements of the foreign investment access policy before and after this listing and “full circulation”. (2) Please describe in detail the business model of your company and its subsidiaries, the business scope and actual business of your company and its subsidiaries in easy-to-understand language. (3) The calculation basis for your company's market share of about 9.8% of total global revenue in the filing materials. The comparison of listed companies in the contract industry further explains your company's industry position and related basis.

5. Please indicate whether the issuer has state-owned shareholders, and if so, explain how it has implemented state-owned assets management procedures such as the state-owned stock logo.

6. Please explain whether the shares held by shareholders who intend to participate in the “full circulation” have been pledged, frozen, or have other rights defects.

7. Please explain: (1) The specific project situation of the raised capital to expand the construction or acquisition of production and operation bases, whether the country or region where the project is located, etc., involves overseas investment, and whether it complies with the relevant regulations and grounds for overseas investment. (2) List the specific amount and proportion of the funds raised in this issuance for domestic and foreign investment projects, and explain the implementation of the relevant approval, approval or filing procedures. If so, please issue a commitment to return all of the funds raised to the country during the implementation of the relevant procedures.

According to the prospectus, Gelin Sheng Technology is one of the leading market participants in the global lithium-ion battery mid-stage intelligent equipment industry. It focuses on R&D and manufacturing of laminated technology and equipment in the new energy battery industry, particularly providing services to lithium-ion battery manufacturers in China and overseas countries.

GreenSheng Technology is famous for its high-speed lamination technology, and continues to achieve industry breakthroughs in the speed of iteration. For example, the whole machine's lamination efficiency increased from 0.6 seconds per film in 2016 to 0.1 seconds per film at the last practical date. The company's laminators use a variety of proprietary lamination technologies specially tailored for the production of prismatic and soft pack batteries to ensure minimal battery variability, high consistency, and efficient automated manufacturing.