CSRC released its requirements for supplementary materials for overseas offering and listing filings covering the period from November 2, 2026 to November 6, 2026. The International Department of the CSRC issued supplementary material requirements for three companies. Among them, Jiangsu Boqian New Materials Stock Co.,Ltd. (605376.SH) was asked to provide additional disclosure on whether its completed and under-construction projects as well as the projects to be funded by this fundraising are "high energy consumption" and "high emission" projects, and on the status of its leasing business operations.
According to a disclosure by the Hong Kong Stock Exchange on June 17, Jiangsu Boqian New Materials Stock Co.,Ltd. submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Guotai Junan International serving as its sole sponsor.
The CSRC requested Jiangsu Boqian New Materials Stock Co.,Ltd. to provide additional disclosure on the following matters, and requested lawyers to verify and issue clear legal opinions:
First, the company is requested to provide additional disclosure on whether its completed and under-construction projects as well as the projects to be funded by this fundraising are "high energy consumption" and "high emission" projects, whether they involve industries with excess capacity subject to regulation by the National Development and Reform Commission and the Ministry of Industry and Information Technology, and whether they comply with the national "anti-involution" policy requirements, along with relevant supporting basis.
Second, the company is requested to provide additional disclosure on the status of its leasing business operations and whether it has obtained relevant qualifications.
Third, the company is requested to further explain the necessity and reasonableness of this Hong Kong listing in light of the intended use of the raised funds.
Fourth, the company is requested to provide additional disclosure, in light of its debt servicing capacity and other circumstances, on whether the pledge of company equity before and after the completion of this issuance may lead to major ownership disputes or result in a change of the company's controlling shareholder.
The prospectus shows that Jiangsu Boqian New Materials Stock Co.,Ltd. is a globally renowned supplier of electronic-grade metal powder materials, focusing on the research and development, production, and sales of high-end metal powder materials. Relying on its independently developed technology platform centered on PVD, it provides core metal powder materials to manufacturers of multilayer ceramic capacitors (MLCC), low-silver and silver-free photovoltaic electrode materials, solid-state battery anode materials, and other electronic components. With years of technical accumulation in high-end metal powder materials, the company has become one of the important material suppliers in the electronic components industry chain, breaking the long-term monopoly of overseas enterprises in the field of nickel powder for high-end MLCC. According to a Frost & Sullivan report, measured by 2025 revenue, it has achieved a globally leading position. Measured by 2025 revenue, among global MLCC nickel powder suppliers, the company's 2025 market share was approximately 11.0%, ranking second globally, establishing strong technical and industrialization capabilities in the field of high-end electronic metal powders.
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