New Stock News | Ningbo Yunsheng plans Hong Kong IPO; CSRC requests supplementary explanation on the necessity and rationality of listing in Hong Kong

On October 23, the China Securities Regulatory Commission (CSRC) issued the "Requirements for Supplementary Materials for Overseas Offering and Listing Filing (October 19, 2026 - October 23, 2026)." The International Department of the CSRC issued supplementary material requirements for a total of 4 companies. Among them, Ningbo Yunsheng was required to supplement its explanation on matters such as the necessity and rationality of this Hong Kong listing. It is reported that Ningbo Yunsheng submitted its listing application to the Hong Kong Stock Exchange on June 15, with CICC as the sole sponsor. The company is requested to supplement its explanation on the following matters, and lawyers are to conduct verification and issue clear legal opinions: 1. The company and its subsidiaries hold a "Pollutant Discharge Permit" and there are circumstances of fixed pollution source discharge registration. Please explain whether the industry to which they belong is a "high energy consumption" and "high emission" industry, whether there are "high energy consumption" and "high emission" projects, and provide the relevant basis. 2. Please explain whether the business scope and actual business of the company and its subsidiaries involve dual-use items and technologies prohibited from export or restricted from export, and whether they comply with the relevant provisions of the "Regulations on Export Control of Dual-Use Items," the "Catalogue of Technologies Prohibited from or Restricted from Export in China," and export control announcements. 3. Please explain whether the business scope and actual business of the company and its subsidiaries involve the field of "prohibited investment in rare earths, radioactive minerals, and tungsten exploration, mining, and beneficiation" in the "Special Administrative Measures for Foreign Investment Access (Negative List)," and provide the relevant basis. 4. Please supplement the explanation of all pending litigation and arbitration involving the company and its subsidiaries, whether such circumstances will have a material adverse impact on the company's future operations, whether they will constitute a substantive obstacle to this offering and listing, and whether they have been fully disclosed in accordance with regulations. 5. Please further explain the necessity and rationality of this Hong Kong listing in light of the use of proceeds. The prospectus shows that Ningbo Yunsheng was founded in 1994. As a globally leading supplier of neodymium-iron-boron permanent magnets, through deep technical accumulation and continuous independent innovation capabilities, it has developed neodymium-iron-boron permanent magnets with excellent performance and continues to deepen its presence in three major downstream business areas: new energy vehicles, consumer electronics, and industrial motors, while actively exploring emerging markets with high growth attributes such as embodied intelligence Siasun Robot&Automation and low-altitude aircraft. According to China Insights Consultancy, Ningbo Yunsheng is one of the few enterprises in China mastering the full set of neodymium-iron-boron permanent magnet preparation technologies, covering a broad range of downstream application markets; the company already has an annual production capacity of 26,000 tons of neodymium-iron-boron permanent magnet blanks and is one of the largest rare earth permanent magnet manufacturers in the world.