On November 7, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Overseas Listing Filings (November 3–7, 2025)," requesting 13 companies to provide additional disclosures. Among them, Baogai New Materials was asked to clarify whether its establishment and historical equity changes comply with legal regulations and whether its existing, ongoing, and proposed fundraising projects fall under the "high energy consumption" or "high emissions" categories.

According to a September 24 filing with the Hong Kong Stock Exchange, Shandong Baogai New Materials Technology Co., Ltd. submitted an application for a GEM listing, with Zhongtai International acting as the sole sponsor.

The CSRC has requested Baogai New Materials to supplement the following details, with legal verification required: 1. A legal opinion confirming compliance in the company’s establishment and equity changes. 2. Clarification on whether existing, ongoing, and proposed fundraising projects qualify as "high energy consumption" or "high emissions," supported by relevant evidence. 3. Details on the listing plan, including: - Post-issuance equity structure after full exercise of the greenshoe option, including H-share quantity and proportion. - Estimated fundraising amounts before and after greenshoe exercise, calculation methodology, fund allocation (domestic vs. overseas), and regulatory approvals.

Founded in 2009, Baogai New Materials is a market and technology leader in China’s composite trench cover industry, specializing in GFRP trench covers for engineering and infrastructure needs. Its product portfolio includes cable trench covers, drainage covers, and manhole covers, serving key sectors such as power, transportation, urban utilities, water conservancy, and petrochemical projects. Revenue is primarily derived from sales of these products.