New Stock News | Mic Energy Source submits application to Hong Kong Stock Exchange to become China's largest new energy service provider.

According to the disclosure of the Hong Kong Stock Exchange on April 24, 2026, Meike Sheng Energy Technology Co., Ltd. (Meike Sheng Energy) submitted an application for listing to the Hong Kong Stock Exchange, with Guotai Haitong as the exclusive sponsor. Company Introduction The prospectus shows that Meike Sheng Energy is a leading new electricity service provider in China driven by artificial intelligence and based on distributed energy storage (DES) assets. According to the data from Bright Insight Consulting, based on the scale of distributed energy storage assets operation as of December 31, 2025, the company has become the largest new electricity service provider in China with an operational scale of 799.5 MWh and a market share of 7.4%. The company invests and develops distributed energy storage assets and provides electricity services. The company is committed to integrating real-time dispatchable end-point electricity resources to maximize the value of distributed energy storage assets, reduce electricity costs, and promote grid stability. The company develops distributed energy storage assets and provides electricity services. Currently, the company focuses on investing and developing distributed energy storage assets at physical electricity nodes in China to expand the company's network of real-time dispatchable user-side electricity resources and promote the scale development of electricity services. The Company focuses on major high-load provinces in China, especially in the Yangtze River Delta and Pearl River Delta regions, to develop distributed energy storage assets. The company's development of distributed energy storage assets includes the planning of optimal energy storage solutions and standardized delivery and acceptance. The company mainly provides electricity services to electricity users, typically industrial and commercial enterprises, characterized by high electricity consumption, long duration of electricity demand, and significant fluctuations in daily loads. The company's current electricity services mainly include peak-valley arbitrage, operation and maintenance, electricity trading, and virtual power plants. In terms of peak-valley arbitrage and operation, the company deploys remote dispatching and control technologies to physical electricity nodes and combines them with user-side load curves to provide electricity cost optimization services to electricity users. In terms of electricity trading, the company participates in electricity trading in annual, monthly, day-ahead, and real-time markets, including providing position management, electricity declaration, and bidding for electricity users. In terms of virtual power plants, the company aggregates distributed energy storage assets to participate as a unified power generation entity in the optimization of the electricity system, including peak shaving, demand response. The company has developed an artificial intelligence platform for analyzing and predicting loads, generation, electricity prices, and operational conditions to support the company's electricity services. Financial Information Revenue The company recorded revenues of approximately RMB 174 million, RMB 125 million, and RMB 520 million in 2023, 2024, and 2025 respectively. Annual Profit The company recorded annual profits of approximately -RMB 291 million, -RMB 299 million, and -RMB 235 million in 2023, 2024, and 2025 respectively. Gross Profit The company recorded gross profits of RMB 4.508 million, RMB 5.189 million, and RMB 51.884 million in 2023, 2024, and 2025 respectively. Industry Overview In terms of the scale of distributed energy storage assets operation, the market size of China's distributed energy storage assets operation service industry increased from 0.2 GWh in 2020 to 10.7 GWh in 2025, with a compound annual growth rate of 123.1%. As the core carrier to achieve spatial energy transfer and flexible system regulation, distributed energy storage assets meet the fundamental needs of building a new electricity system, rapidly increase the penetration rate in various scenarios, and drive the industry to achieve strong expansion. It is expected that the market size of China's distributed energy storage assets operation service industry will continue to grow rapidly and reach 123.3 GWh by 2030, with a compound annual growth rate of 62.9% from 2025 to 2030. Electricity trading refers to various participants conducting electricity transactions in the market through mechanisms such as bilateral negotiations, centralized bidding, and listed trading. In terms of electricity trading volume, the market size of the CHINA POWER trading service industry reached 6639.4 TWh in 2025. In 2025, the CHINA POWER trading service market is mainly dominated by medium and long-term electricity trading services, accounting for over 95% of the overall electricity trading service market. However, to address short-term imbalances between power supply and demand, spot trading services have emerged. Through price signals, it achieves effective demand adjustment, supports real-time grid balance, and ensures the stable operation of the power system under high penetration of new energy. In China, the electricity spot trading markets in some provinces (including Shanxi and Guangdong) officially launched at the end of 2023. With the comprehensive promotion of spot market construction and the increasing demand for dispatchable resources including distributed energy storage assets, their market share is expected to continue to increase. In terms of electricity trading volume, the market size of CHINA POWER spot trading service industry is expected to increase from 287.2 TWh in 2025 to 916.9 TWh in 2030, with a compound annual growth rate of 26.1%. During this period, its market share in the overall electricity trading service market will increase from 4.3% to 10.0%. Board of Directors and Management Information The company's board of directors currently consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. Shareholding Structure The company's controlling shareholders group includes: (i) Ms. Wei, (ii) Ms. Wei-controlled entity Shanghai Tuxin, and (iii) Dr. Yan, collectively holding approximately 40.43% of the total issued shares of the company. Intermediary Team Sponsor: Guotai Junan Financing Limited Legal Advisor: Han Kun Law Firm for Hong Kong and US law, Jin Tiancheng Law Firm for Chinese law Independent Auditor and Reporting Accountant: Ernst & Young LLP Industry Consultant: Bright Insight Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Consultant: Hao De Financing Limited