To The Moon

According to Zhitong Finance APP, on October 23, the China Securities Regulatory Commission (CSRC) released the "Requirements for Supplementary Materials for Overseas Offering and Listing Filing (October 19, 2026 - October 23, 2026)." The International Department of the CSRC issued supplementary material requirements to four companies. Among them, Ningbo Yunsheng Co.,Ltd. (600366) was asked to supplement its explanation regarding the necessity and rationality of this Hong Kong listing, among other matters.

It is reported that Ningbo Yunsheng Co.,Ltd. (600366) submitted its listing application to the Hong Kong Stock Exchange on June 15, with CICC acting as the sole sponsor.

The company was requested to supplement explanations on the following matters, with lawyers conducting verification and issuing clear legal opinions: First, the company and its subsidiaries hold Pollutant Discharge Permits and have fixed pollution source discharge registration circumstances. Please explain whether the industry it belongs to is a "high energy consumption" or "high emission" industry, whether there are "high energy consumption" or "high emission" projects, and provide relevant basis.

Second, please explain whether the business scope and actual operations of the company and its subsidiaries involve dual-use items and prohibited export or restricted export technologies, and whether they comply with relevant regulations including the Regulations on Export Control of Dual-Use Items, the Catalogue of Technologies Prohibited or Restricted from Export in China, and export control announcements.

Third, please explain whether the business scope and actual operations of the company and its subsidiaries involve the field of "prohibited investment in rare earth, radioactive minerals, and tungsten exploration, mining, and beneficiation" as listed in the Special Administrative Measures for Foreign Investment Access (Negative List), and provide relevant basis.

Fourth, please supplement explanations regarding all pending litigation and arbitration matters involving the company and its subsidiaries, whether such circumstances will have a material adverse impact on the company's future operations, whether they will constitute a substantial obstacle to this offering and listing, and whether they have been fully disclosed in accordance with regulations.

Fifth, please further explain the necessity and rationality of this Hong Kong listing in conjunction with the investment direction of the raised funds.

The prospectus shows that Ningbo Yunsheng Co.,Ltd. (600366) was established in 1994. As a globally leading supplier of neodymium iron boron permanent magnets, through deep technical accumulation and continuous independent innovation capabilities, it has developed neodymium iron boron permanent magnets with excellent performance, and continues to deeply cultivate three major downstream business areas: new energy vehicles, consumer electronics, and industrial motors, while actively exploring emerging markets with high growth attributes such as embodied intelligent robots and low-altitude aircraft.

According to CIC Consulting, Ningbo Yunsheng Co.,Ltd. (600366) is one of the few enterprises in China that has mastered the complete set of preparation technologies for neodymium iron boron permanent magnets, covering a wide range of downstream application markets; the company already has an annual production capacity of 26,000 tons of neodymium iron boron permanent magnet blanks, making it one of the largest rare earth permanent magnet manufacturers in the world.