New stock news | Zhejiang Hailiang (002203.SZ) plans to IPO in Hong Kong. The China Securities Regulatory Commission requires additional information on the specific implementation of overseas investment and regulatory procedures related to overseas subsidiaries.

On June 12, the China Securities Regulatory Commission announced the "Requirements for Supplementary Materials for Overseas Issuance and Listing (June 8, 2026 to June 12, 2026)". The International Department of the China Securities Regulatory Commission issued supplementary material requirements for 12 companies. Among them, Zhejiang Hailiang (002203.SZ) was requested to provide further explanations on the specific compliance of overseas subsidiaries regarding overseas investments, foreign exchange registration, and other regulatory procedures. According to the disclosure on January 30 by the Hong Kong Stock Exchange, Zhejiang Hailiang Limited (referred to as Zhejiang Hailiang, 002203.SZ) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and GF SEC as its joint sponsors. The China Securities Regulatory Commission requested Zhejiang Hailiang to provide clarification on the following matters, and to have lawyers verify and provide clear legal opinions: 1. Please provide supplementary explanations on the specific compliance of overseas subsidiaries regarding overseas investments, foreign exchange registration, and other regulatory procedures, and provide a conclusion on their compliance. 2. Please provide further explanations on all pending litigations, arbitration cases, administrative penalties during the reporting period, whether these situations will have a significant adverse impact on the company's future operations, whether they will constitute substantial obstacles to this issuance, and whether these situations have been adequately disclosed. 3. Please provide further explanations on whether the company's existing, under construction and proposed investment projects fall under "high-energy consumption" or "high-emission" projects, and provide relevant justifications. 4. Please provide supplementary explanations on whether the company's stock pledge and contract guarantees could lead to changes in the controlling shareholder before and after this issuance considering the company's debt repayment capacity. 5. Please provide further explanations on the detailed information of the overseas investment projects and the fulfillment of overseas investment approval, review, or filing procedures, and provide relevant justifications. The prospectus shows that Zhejiang Hailiang is a leading global supplier of copper-based material solutions, providing advanced thermal management materials and conductor materials to help global customers improve energy efficiency. The company has a global footprint and a wide production scale, with 23 production bases in Asia, Europe, North America, and Africa as of September 30, 2025, serving a global customer base. Zhejiang Hailiang's products include (i) HVAC and industrial copper processing products; (ii) lithium battery and PCB copper foil products; (iii) AI application copper-based material solutions; and (iv) aluminum-based products, etc. The company's copper material supply network is extensive, complemented by intensive supply chain management to promote inventory turnover, alleviate raw material accumulation pressure, and generate revenue from copper trading.