Sieyuan Electric Faces Additional Environmental Disclosure Queries from Chinese Regulator for Hong Kong Listing

On May 22, the China Securities Regulatory Commission (CSRC) published a list of companies required to submit supplementary materials for their overseas listing filings, covering the period from May 18 to May 22, 2026. The CSRC's international department issued additional information requests to 17 companies. Among them, Sieyuan Electric Co.,Ltd. was asked to provide further clarification on whether its projects fall under the categories of "high energy consumption" or "high emissions."

Sieyuan Electric Co.,Ltd. had submitted its application to the Hong Kong Stock Exchange on February 11, 2026, with CITIC Securities acting as its sole sponsor.

The CSRC has requested Sieyuan Electric to supplement the following details and has asked its legal counsel to verify and provide a clear legal opinion: 1. Ensure consistency between the filing materials and the prospectus regarding the issuance plan, and explain the current issuance plan in accordance with the "Guidelines for the Application of Regulatory Rules – Overseas Listings No. 2." 2. Clarify whether its existing, under-construction, and proposed fundraising projects qualify as "high energy consumption" or "high emissions" projects, and provide relevant supporting evidence.

Sieyuan Electric is a global manufacturer of power transmission and distribution equipment and a provider of comprehensive power energy solutions. According to data from Frost & Sullivan, based on 2024 revenue in China's power transmission, distribution, and control equipment market, the company ranked eighth among international enterprises, fifth among domestic companies, and third among domestic private enterprises, holding a market share of 3.5%.

The company's operations are structured across six business lines: (i) switchgear; (ii) transformers; (iii) protection and automation; (iv) power electronics; (v) energy storage systems and components; and (vi) EPC (Engineering, Procurement, and Construction). Its business strategy focuses on continuing to strengthen its grid-related operations while expanding into the new energy sector.