New Stock News | Hejie Electric Plans Hong Kong IPO; CSRC Requests Supplementary Explanation on Matters Including Whether There Is Equity Nominee Holding

On October 23, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Offering and Listing Filings (October 19, 2026 October 23, 2026)." The International Department of the CSRC issued supplementary material requirements to a total of 4 companies. Among them, Hejie Electric was required to supplementarily explain matters including the prices and pricing basis of its successive capital increases and equity transfers, and whether there is any equity nominee holding. According to disclosure by the Hong Kong Stock Exchange on May 14, Guangdong Hejie Electric Co., Ltd. submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with FIRST SHANGHAI as the sole sponsor. The CSRC requested Hejie Electric to supplementarily explain the following matters, and requested lawyers to verify and issue clear legal opinions: 1. Please supplementarily explain: (1) the prices and pricing basis of your company's successive capital increases and equity transfers, whether there are any abnormal share subscription prices, whether there is any tunneling of benefits, whether capital contributions have been paid in full, whether there are any circumstances of failure to perform capital contribution obligations, withdrawal of capital contributions, or defects in the manner of capital contribution, and the reason why your company changed from a joint stock limited company to a limited liability company in February 2025; (2) please supplementarily explain whether there is any equity nominee holding in the historical evolution of your company; (3) please issue conclusive opinions on whether the establishment of your company and its successive equity changes are legal and compliant, and on the status of your company's subject qualification and valid existence. 2. Please explain the situation of the shareholder Skyline Ventures Fund I L.P. in accordance with the requirements of the "Guidelines for the Application of Regulatory Rules Overseas Offering and Listing No. 2: Guidelines on the Content and Format of Filing Materials." 3. Please supplementarily explain whether the business scope and business of your company and its subsidiaries involve fields subject to foreign investment restrictions or prohibited access, and whether they will continue to comply with the requirements of foreign investment access policies after this offering and listing and the "full circulation." 4. Please supplementarily explain the performance of regulatory procedures such as overseas investment and foreign exchange registration related to the establishment of overseas subsidiaries by your company. 5. Please supplementarily explain whether the shares held by the shareholders proposed to participate in the "full circulation" this time are subject to pledge, freeze, or other rights defects. The prospectus shows that Hejie Electric is a kitchen appliance supplier focusing on overseas markets, with products sold under its own brand "Ciarra" and in ODM form. According to a Frost & Sullivan report, based on export sales revenue in 2025, the company ranked third among Chinese large kitchen appliance companies exporting to Europe in 2025, with a market share of 1.0%. The company offers a wide range of kitchen and household appliances, which can be divided into the following categories: (i) range hoods, (ii) stoves, (iii) household and small kitchen appliances, and (iv) others. Leveraging more than 15 years of experience in the kitchen appliance industry, the company has comprehensive capabilities in product design, product development, and production. Utilizing the company's production and development capabilities to provide design and supply of kitchen appliances to overseas kitchen appliance brands, the company strategically established its own brand in 2017 and offers its own-brand products through globally renowned e-commerce channels such as Amazon, Leroy Merlin, Darty, and OTTO. As of December 31, 2025, the company had 59 online stores on 24 e-commerce platforms in 16 countries.