New Stock News | Huanneng Design plans to list in Hong Kong; CSRC requires supplementary explanations on matters including the determination of persons acting in concert

On October 30, the CSRC issued the "Supplementary Material Requirements for Overseas Offering and Listing Filings (October 26, 2026 October 30, 2026)." The International Department of the CSRC issued supplementary material requirements for a total of 5 companies. Among them, Huanneng Design was required to supplement explanations on matters including whether Zhang Fuquan and Zhang Dan constitute persons acting in concert and whether their shareholdings should be calculated on a combined basis. According to disclosure by the Hong Kong Stock Exchange on June 30, Shandong Province Huanneng Design Institute Co., Ltd. submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Altus Capital as its sole sponsor. The CSRC requested Huanneng Design to supplement explanations on the following matters, and requested lawyers to conduct verification and issue clear legal opinions: 1. Please supplement explanations on: (1) the shareholders involved in the company's 2024 capital increase and share subscription and the subscription prices, whether the relevant capital increase funds have been paid, and the reasons for the February 2026 capital reduction and the circumstances of the reducing shareholders; (2) supplement explanations on whether Zhang Fuquan and Zhang Dan constitute persons acting in concert and whether their shareholdings should be calculated on a combined basis; if it is determined that they do not constitute persons acting in concert, please explain the basis; (3) please issue conclusive opinions on whether the company's establishment and successive equity changes were lawful and compliant, as well as the company's subject qualification and valid existence. 2. Please supplement explanations on whether the company's use of proceeds involves overseas projects; if so, please explain the performance of overseas investment approval, authorization, or filing procedures. 3. Please, in light of the proportion of the company's outstanding litigation amounts to the relevant data in the financial statements, explain whether there is any major operational risk and whether it constitutes a material impact on this offering and listing. The prospectus shows that Huanneng Design was founded in 2003 and is headquartered in Jinan, Shandong. It is a comprehensive electric power engineering service provider mainly providing EPC services, engineering design and consulting services, with a focus on renewable energy power engineering. The company obtained Grade A engineering design qualification in the electric power industry in 2018 and is currently one of only three non-state-owned enterprises in China holding such qualification. According to Frost & Sullivan, based on 2025 revenue in the electric power industry, the company ranked third among non-state-owned comprehensive electric power engineering service enterprises in China's comprehensive electric power engineering services industry.