New Stock News | Sendai Electric plans Hong Kong IPO; CSRC requires supplementary explanation of the specific reasons for each change of listing board, among other matters

On October 30, the China Securities Regulatory Commission (CSRC) issued the "Requirements for Supplementary Materials for Overseas Offering and Listing Filing (October 26, 2026 October 30, 2026)." The International Department of the CSRC issued supplementary material requirements to a total of 5 enterprises. Among them, Sendai Electric was required to supplementarily explain the specific reasons for each change of listing board, among other matters. According to disclosure by the Hong Kong Stock Exchange on June 10, Fujian Sendai Electric Co., Ltd. (referred to as: Sendai Electric) submitted an application to the Main Board of the Hong Kong Stock Exchange, with CISI FIN as its sole sponsor. The company is requested to supplementarily explain the following matters, and lawyers are to conduct verification and issue clear legal opinions: 1. Regarding the successive withdrawal of applications and the frequent changes of listing path, please explain the specific reasons, decision-making process and basis for each change of listing board, and whether there are circumstances that would have a material impact on this offering and listing. 2. Regarding the controlling shareholder and actual controller, Zhou Haizhu holds 80.00%. Please explain whether the company's corporate governance and internal control are sound and effective, whether they can effectively check and balance, and the relevant measures to safeguard minority shareholders' voting rights, right to know, and other rights. 3. Please explain the internal decision-making process for dividend distributions during the reporting period, the specific flow of dividend funds, and the performance of regulatory procedures such as tax payments; explain the reasonableness of implementing dividend distributions in light of the company's liabilities and other circumstances, as well as the necessity of this listing and financing given the dividend distributions. 4. From 2024 to 2025, the company and four members of management were issued warning letters by the Fujian Securities Regulatory Bureau and self-regulatory measures by the Beijing Stock Exchange for failing to timely disclose related parties and related-party transactions, failing to truthfully disclose that the actual controller controlled others' accounts, cross-period revenue recognition, corporate governance deficiencies, and other issues. Please explain the specific circumstances of the above violations, rectification measures, and completion status. 5. Regarding the historical evolution, (1) Zhou Haizhu became the controlling shareholder in 2018 through a private placement. Please explain whether Zhou Haizhu's capital contributions and share increase funds in each instance were all genuine own funds or legally raised funds, whether the share ownership is clear, and whether there are undisclosed nominee holdings, concerted actions, or special interest arrangements. (2) Li Jianmin, who held 23.67% in the 2018 register of shareholders, no longer appears in the 2023 register of shareholders. Please explain the transfer of the shares he held, including the transfer time, transferee, and other specific circumstances, and whether there are ownership disputes, nominee holdings, or other undisclosed arrangements. (3) The company's predecessor was established with capital contribution from Hong Kong Xieda Trading, and subsequently underwent multiple changes including the equity transfer of Hong Kong Huida Electric and the conversion from foreign-invested to domestic-invested. Please explain whether each capital increase and equity transfer was lawful and compliant, and the performance of foreign investment, foreign exchange registration, and tax payment, among other matters. The prospectus shows that the company was founded in 1995 and is a technology-driven provider of intelligent power distribution equipment and control systems, mainly serving the data center and power grid application sectors. With more than thirty years of deep industry expertise, the company has grown into a leading comprehensive provider of high- and low-voltage switchgear in China. The company's continuous technological innovation and extensive industry expertise are the foundation driving its growth.