New Stock News | Kangjin Electric Plans Hong Kong Stock Listing, China Securities Regulatory Commission Requires Supplemental Explanation on Previous A-share Listing Arrangements

On September 5th, the China Securities Regulatory Commission (CSRC) announced the "Supplementary Materials Requirements for Overseas Issuance and Listing Filing (August 29, 2025 - September 4, 2025)", and the CSRC International Department issued supplementary material requirements to 12 companies. Among them, Kangjin Electric was required to supplement the explanation of the previous A-share listing arrangement and other matters. It is reported that on June 27, 2025, Kangjin Electric submitted an IPO application to the Hong Kong Stock Exchange, with FOSUN INTL Capital and Chuangsheng Financing as joint sponsors. The CSRC requested Kangjin Electric to supplement the following issues and requested lawyers to verify and provide clear legal opinions: 1. Please supplement the explanation of whether the business scope of the company and its subsidiaries involves the field of the "Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition)". 2. Please supplement the reasons and rectification measures for the disciplinary measures imposed by the National SME Share Transfer System Co., Ltd., and whether it has a significant adverse impact on this IPO. 3. Please supplement the explanation of the previous A-share listing arrangement, whether there are plans to continue with the A-share listing and specific arrangements, and whether there are significant adverse impacts on this IPO. The prospectus shows that Kangjin Electric is a technology-driven integrated provider of power equipment and smart energy management solutions. With decades of industry expertise, the company has developed a competitive "generation-network-load-storage" integrated platform. The company's integrated system capabilities can achieve comprehensive product coverage throughout the lifecycle of the power system. Kangjin Electric is a leading company in the field of power equipment ring main units. According to a Frost & Sullivan report, based on the 2024 ring main unit sales revenue, the company ranks third with a 4.4% market share in the Chinese market. In line with China's trend towards the accelerated transformation of the power system to new energy dominance, the company has strategically shifted towards smart renewable energy solutions since 2016, participating in the "generation-network-load-storage" system integration through wind power, photovoltaics, energy storage, charging infrastructure systems, etc.