New Stock News | Riyo Corporation plans to list in Hong Kong. The China Securities Regulatory Commission requires supplementary information on the compliance of the implemented stock incentive plan, among other things.

On August 1st, the China Securities Regulatory Commission issued the "Supplementary Materials Requirement for Overseas Issuance and Listing Approval (July 25, 2025 - July 31, 2025)", with the International Department of the Securities Regulatory Commission requesting supplementary materials from 9 companies. In the public announcement, the Securities Regulatory Commission requested that Riyou Group explain the rationality of the prices at which new shareholders entered the company in the past 12 months, as well as the compliance of the implemented equity incentive plans. According to a disclosure by the Hong Kong Stock Exchange on May 29th, Jiangsu Riyou Photovoltaic New Materials Co., Ltd. (referred to as Riyou Group) submitted an application for listing on the Hong Kong Stock Exchange main board, with GUOTAI JUNAN I as its exclusive sponsor. The China Securities Regulatory Commission requested Riyou Group to supplement the following issues and requested lawyers to verify and provide clear legal opinions: 1. Please supplement and explain whether the business scope of the company and its subsidiaries involves the areas covered by the "Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition)". 2. Please supplement and explain the rationality of the prices at which new shareholders entered the company in the past 12 months, the reasons for the differences in these prices, and provide a clear conclusive opinion on the existence of any conflicts of interest. 3. Please supplement and explain the compliance of the implemented equity incentive plans, including the specific composition and positions of personnel, whether there are relationships between participants and other shareholders, directors, supervisors, senior management, the fairness of prices, agreement conditions, decision-making process compliance, and regular operation compliance, and provide clear conclusive opinions on their legality, compliance, and any conflicts of interest. 4. Please supplement and explain whether the shares held by shareholders participating in this "full circulation" plan have been pledged, frozen, or have any other defects in rights. 5. Please supplement and explain the specific situation of the previous A-share listing counseling filing, whether there are plans to continue with the A-share listing, specific arrangements, and whether there are any significant impacts on the current IPO. 6. Please supplement and explain any relevant public opinion involving your company, controlling shareholders, or actual controllers, and whether there are any significant impacts on the current IPO. According to the prospectus, Riyou Group is a supplier of conductive silver paste and metallization paste solutions in Wuxi, Jiangsu Province, China, focusing on the manufacturing and supply of conductive photovoltaic silver paste. With its research and development capabilities and industry experience, the company is able to produce conductive photovoltaic silver paste for various types of solar cells, including TOPCon cells, xBC cells, and PERC cells. According to a report by Lux Research, the company is a leading global supplier of conductive photovoltaic silver paste, ranking first among the top five global photovoltaic silver paste manufacturers in terms of revenue growth from 2022 to 2024 and fourth in terms of revenue and sales in the global photovoltaic silver paste industry in 2024. In the fiscal year 2024, the company's revenue and sales accounted for approximately 4.8% of the total revenue and sales of the global conductive photovoltaic silver paste industry. In terms of finances, during the historical period, the company achieved rapid growth in revenue and net profit, with compound annual growth rates of 141.3% and 925.6% from the fiscal year 2022 to 2024, respectively. In the fiscal years 2022, 2023, and 2024, Riyou Group's revenue was approximately RMB 393 million, RMB 1.594 billion, and RMB 2.285 billion, respectively, while its net profit for the year was RMB 0.877 million, RMB 59.659 million, and RMB 92.241 million, respectively.