The Zhitong Finance App learned that on November 6, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (November 2, 2026 - November 6, 2026)”. The International Division of the China Securities Regulatory Commission issued supplementary material requirements for a total of 3 companies. Among them, Boqian New Materials (605376.SH) was requested to provide additional information on matters such as whether the current fund-raising project is a “high energy consumption” and “high emission” project, and the development of the leasing business. According to the Hong Kong Stock Exchange disclosure on June 17, Jiangsu Boqian New Materials Co., Ltd. submitted a statement to the main board of the Hong Kong Stock Exchange, and Guotai Junan International is its sole sponsor.
The China Securities Regulatory Commission requested Boqian Xincai to provide additional explanations on the following matters, and ask lawyers to check and issue clear legal opinions:
1. Please further explain whether your company has built, is under construction, and whether the current fund-raising project is a “high energy consumption” and “high emission” project, whether it involves the National Development and Reform Commission, the Ministry of Industry and Information Technology, etc. to control excess production capacity, and whether it complies with the requirements of the national “anti-internal circulation” policy, and provide relevant evidence.
2. Please provide additional information on the development of your company's leasing business and whether it has obtained relevant qualifications.
3. Please further explain the necessity and rationality of this listing in Hong Kong in conjunction with the fund-raising investment.
4. Please explain whether the company's equity pledge may lead to major ownership disputes or changes in the company's controlling shareholders before and after the completion of the current offering, taking into account circumstances such as solvency.
According to the prospectus, Boqian New Materials is a world-renowned supplier of electronic grade metal powder materials, focusing on R&D, production and sales of high-end metal powder materials. Relying on the self-developed PVD technology platform, it provides core metal powder materials for manufacturers of multilayer ceramic capacitors (MLCC), low silver and silver free photovoltaic electrode materials, solid state battery anode materials and other electronic components.
With the accumulation of technology in high-end metal powder materials over the years, the company has become one of the important material suppliers in the electronic component industry chain, breaking the long-term monopoly of overseas companies in the field of nickel powder for high-end MLCC. According to the Sullivan report, it achieved a global lead in terms of 2025 revenue. Among MLCC nickel powder global suppliers, the company's market share in 2025 was about 11.0%, ranking second in the world, and has established strong technical and industrialization capabilities in the field of high-end electronic metal powders.