New Stock News | WOLONG ELECTRIC plans Hong Kong IPO, China Securities Regulatory Commission requests supplementary explanation on regulatory situation of the competent authority, etc

According to the Zhitong Finance APP, on September 26, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Issuance and Listing Filing (September 19, 2025 - September 25, 2025)," and the International Department of the CSRC issued supplementary material requirements for five companies. In the announcement, the CSRC requested WOLONG ELECTRIC (600580.SH) to provide additional explanations regarding the inconsistent results of the identification of the controlling shareholder in the filing materials, the actual daily supervision situation of the competent authority, and other matters. According to the Hong Kong Stock Exchange's disclosure on August 13, WOLONG ELECTRIC GROUP CO., LTD. (referred to as: WOLONG ELECTRIC) submitted a listing application to the main board of the Hong Kong Stock Exchange, with China International Capital Corporation, Huatai International, and GF Securities (Hong Kong) as its joint sponsors. The China Securities Regulatory Commission requests WOLONG ELECTRIC to supplement the following matters and asks the lawyer to verify and provide clear legal opinions: Please explain the reasons for the inconsistency in the identification results of the controlling shareholder in the filing materials and the identification standards, and provide a clear conclusive opinion on the identification of the controlling shareholder. Please explain the specific situation of the controlling shareholder's pledged shares in your company, and its impact on the control of your company and its subsidiaries, as well as the normal business operations, and whether it constitutes the circumstances prohibited from overseas listing as stipulated in Article 8 of the "Interim Measures for the Administration of Overseas Issuance of Securities and Listing by Domestic Enterprises." Please combine the business and qualification licensing situation of your company and its subsidiaries to list the actual daily supervision situation of the competent authority mentioned in the filing materials, including the name of the competent authority, regulatory field, business content, product name, and the qualification licensing situation involved. Please explain (1) the specific situation of your subsidiary's business scope including real estate development and sales, whether it is actually engaged in related businesses and future business plans, and whether it has obtained the necessary qualification licenses; (2) the specific foreign capital proportion after the issuance and listing of Zhejiang ShunYun, and whether your company and its subsidiaries continue to meet the foreign capital access policy requirements after this issuance and listing. The prospectus shows that WOLONG ELECTRIC is a provider of electric drive system solutions, focusing on the research and development, production, sales, and service of electric drive system products and solutions, continuously providing global customers with five core areas including explosion-proof electric drive system solutions, industrial electric drive system solutions, HVAC electric drive system solutions, new energy transportation electric drive system solutions, and robotic components and system applications. According to Frost & Sullivan data, based on revenue in 2024, WOLONG ELECTRIC ranks first in the global explosion-proof electric drive system solutions market with a market share of approximately 4.5%; ranks fourth in the global industrial electric drive system solutions market with a market share of approximately 2.8%; and ranks fifth in the global HVAC electric drive system solutions market with a market share of approximately 2.0%