October 30 saw the China Securities Regulatory Commission (CSRC) issue its "Supplementary Materials Requirements for Overseas Offering and Listing Filing (October 26, 2026 – October 30, 2026)," according to Zhitong Finance App.
The International Department of the CSRC issued supplementary materials requirements for a total of five enterprises. Among them, Huanneng Design was asked to clarify whether Zhang Fuquan and Zhang Dan constitute concert parties and whether their shareholdings should be calculated on a combined basis.
According to a 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 Eddid Capital acting as its sole sponsor.
The CSRC requested that Huanneng Design provide supplementary clarification on the following matters, and asked lawyers to verify and issue clear legal opinions: First, please supplement: (1) the circumstances of the shareholders that participated in the company's capital increase in 2024 and the subscription prices, whether the relevant capital increase funds have been paid, the reasons for the capital reduction in February 2026 and the circumstances of the shareholders involved in the capital reduction; (2) supplementary clarification on whether Zhang Fuquan and Zhang Dan constitute concert parties and whether their shareholdings should be calculated on a combined basis, and if they are determined not to constitute concert parties, please explain the basis; (3) please issue a conclusive opinion on whether the establishment of the company and its successive equity changes were legal and compliant, as well as the company's subject qualification and valid existence status. Second, please supplement whether the company's use of proceeds involves overseas projects, and if so, please explain the performance of overseas investment approval, verification, or filing procedures. Third, please explain, in light of the proportion of the company's outstanding litigation amounts to relevant data in its financial statements, whether there are material operational risks and whether these constitute a substantive impact on the current offering and listing.
The prospectus shows that Huanneng Design was established in 2003 and is headquartered in Jinan, Shandong. It is a comprehensive power engineering service provider mainly offering EPC services, engineering design, and consulting services, with a key focus on renewable energy power engineering. The company obtained a Grade A qualification for power industry engineering design in 2018 and is currently one of only three non-state-owned enterprises in China holding this qualification. According to Frost & Sullivan data, based on 2025 power industry revenue, the company ranks third among non-state-owned comprehensive power engineering service enterprises in China's comprehensive power engineering services industry.
Comments