According to financial news sources, on September 19, the China Securities Regulatory Commission (CSRC) published supplementary material requirements for overseas issuance and listing filings (September 12, 2025 - September 18, 2025). The CSRC has requested Sunwoda Electronic Co.,Ltd. (300207.SZ) to provide conclusive opinions on whether the company's establishment and historical equity changes are legal and compliant.
According to Hong Kong Stock Exchange disclosures on July 30, Sunwoda Electronic Co.,Ltd. submitted its listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities serving as joint sponsors.
The regulatory requirements also include clarifications regarding controlling shareholders and actual controllers. Specifically, the CSRC requests: (1) Based on pledge reasons, debt repayment capacity, and contract performance, supplementary explanations on whether equity pledges by the issuer's controlling shareholders and actual controllers may lead to changes in the issuer's control, and whether this constitutes prohibited circumstances under Article 8 of the "Trial Measures for Overseas Issuance and Listing of Securities by Domestic Enterprises"; (2) Supplementary explanations for inconsistent recognition results of controlling shareholders in filing materials, including recognition standards, with clear conclusive opinions on controlling shareholder identification.
Regarding equity structure, the requirements include: (1) Explaining the basic situation of existing shareholders and any related relationships or concerted action relationships among them, with specific reasons if verification is not possible; (2) Describing new shareholders in the most recent year, with specific reasons if verification is not possible; (3) Clarifying whether equity holding arrangements exist, including historical instances not limited to controlling shareholders and actual controllers; (4) Detailing established or implemented equity incentive arrangements, including employee stock ownership plans and equity incentive plans during the reporting period, with clear conclusive opinions on legal compliance and potential benefit transfers.
For subsidiaries and branches, the CSRC requests supplementary information in legal opinions regarding the company's subsidiaries and branches, and clarification on whether the business scope of the company and its subsidiaries involves areas covered by the "Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)."
According to the prospectus, Sunwoda Electronic Co.,Ltd. is a global lithium battery technology company committed to providing green and efficient integrated new energy solutions. The company primarily engages in lithium battery research, development, design, manufacturing, and sales, covering a comprehensive product portfolio including consumer batteries, power batteries, and energy storage systems. It provides comprehensive solutions from battery cells and modules to systems, as well as battery testing and recycling services to global customers.
The company has established long-term stable cooperative relationships with leading global technology companies, including major manufacturers serving the world's largest smartphone company, Xiaomi, Lenovo, OPPO, vivo, Honor, and Transsion, among other important industry participants. To date, all top ten global smartphone manufacturers by 2024 sales volume are the company's customers.
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