According to recent reports, on October 18, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Issuance and Listing Filing (October 12, 2025 – October 17, 2025)." Among the requirements, the CSRC has asked Sichuan Yingfa Ruineng Technology CO., LTD. to provide additional clarification regarding the progress of the state-owned shareholder identification process and the specific reasons for the seizure of land use rights and housing use rights held by its subsidiary, Yingfa Desheng.
Sichuan Yingfa Ruineng submitted its IPO application to the Hong Kong Stock Exchange on August 20, 2025, with CITIC Construction Investment International and Huatai International serving as joint sponsors. The CSRC has requested that Sichuan Yingfa Ruineng addresses the following issues and provide clear legal opinions from its lawyers:
1. Please explain the reasons and rationality behind the differences in pricing during the twelfth capital increase in August 2025, where different shareholders increased capital using their holdings in Yingfa Dekun. 2. Please provide an update on the progress of the state-owned shareholder identification process. 3. Please explain the progress on the overseas investment filing procedures for Mindan Cell and Yingfa USA. 4. Please provide updates on the construction status of the "Overseas Production Base" project and related overseas investment filing procedures. 5. Please explain the specific reasons for the seizure of land and housing use rights held by the subsidiary Yingfa Desheng, whether it constitutes a significant violation of laws and regulations, and whether it has a major adverse impact on business operations. 6. Please clarify whether the business scope and actual operations of the company and its subsidiaries involve areas prohibited or restricted for foreign investment under the "Special Management Measures for Foreign Investment Access (Negative List) (2024 Edition)." 7. Please specify if there are any pledges, freezes, or other rights defects concerning the shares that the shareholders intend to contribute to the "full circulation."
According to the prospectus, Sichuan Yingfa Ruineng is a leading global manufacturer of photovoltaic cells. Since its establishment in 2016, it has focused on the R&D, production, and sales of photovoltaic cells, with products that cater to global markets covering both P-type and N-type cells. Additionally, the company is at the forefront of N-type TOPCon cells and is actively developing the next-generation N-type xBC cell technology route. According to Frost & Sullivan, in terms of shipment volume in 2024, the company ranks as the third-largest specialized manufacturer of N-type TOPCon cells globally, with a market share of 14.7%. It is recognized as a national-level specialized and innovative "little giant" enterprise, included in the Polaris Cup annual influential photovoltaic cell brand, and named the most promising photovoltaic brand in PVBL 2023. The company has also participated in drafting multiple industry standards in China. Its cell products have been certified by France’s carbon footprint certification and Germany’s TÜV certification, highlighting its competitiveness in the global market.