The China Securities Regulatory Commission (CSRC) issued the "Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (December 22, 2025 - December 26, 2025)" on December 26, with its International Department requesting supplementary materials from a total of 19 companies. In the public notice, the CSRC asked Sungrow Power Supply Co., Ltd. to provide additional explanations regarding the operational status of its businesses, such as industrial internet information data services and big data services, and whether necessary qualifications and permits have been obtained. According to a disclosure made by the Hong Kong Exchanges and Clearing Limited on October 5, Sungrow Power Supply Co., Ltd. submitted a listing application to the main board of the Hong Kong Stock Exchange, with China International Capital Corporation Limited (CICC) acting as its sole sponsor. Analysis from Frost & Sullivan indicates that Sungrow's shipments of photovoltaic inverter products have maintained a leading global position for ten consecutive years.
The CSRC requested Sungrow to supplement and clarify the following matters, and instructed its legal counsel to verify and provide a clear legal opinion: First, provide additional details on the company's industrial internet information data services, big data services, and other related business activities, including whether the necessary operational qualifications and permits have been acquired. Second, elaborate on whether the business scope of the company and its subsidiaries involves areas listed in the "Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition)". Third, explain the share pledge status of the company's controlling shareholder and actual controller before and after the completion of this issuance, and whether this could lead to significant ownership disputes or result in a change of the controlling shareholder. Fourth, provide details on the specific fulfillment of regulatory procedures, such as overseas investment and foreign exchange registration, involving the company's overseas subsidiaries, and issue a conclusive opinion on compliance. Fifth, supplement with detailed information on the company's overseas fundraising and investment projects, as well as the status of fulfilling overseas investment approval, verification, or filing procedures.
According to its prospectus, Sungrow is a globally leading clean energy technology company. Starting with its photovoltaic inverter business, the company has consistently focused on the clean power sector and has progressively expanded into five major areas: solar, wind, energy storage, electric vehicles and charging, and hydrogen energy. Financially, Sungrow achieved rapid growth and delivered strong financial performance during the track record period. From 2022 to 2024, and for the six months ended June 2025, the company's operating revenues were RMB 40.11 billion, RMB 72.16 billion, RMB 77.70 billion, and RMB 43.44 billion, respectively. Its net profits were RMB 3.70 billion, RMB 9.61 billion, RMB 11.26 billion, and RMB 7.83 billion, respectively. The compound annual growth rates for revenue and net profit from 2022 to 2024 reached 39.2% and 74.6%, respectively.
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