Shida Shinghwa Advanced Material Group Co., Ltd. Receives Supplementary Filing Requirements for Overseas Listing; Focus on Identification of Dual High Projects, Overcapacity and Impacts of Work Safety Incidents

NewTimeSpace News: Recently, during the filing process for its overseas securities offering and listing, Shida Shinghwa received supplementary material requirements issued by regulatory authorities.

Pursuant to the requirements, firstly, the Company shall supplement explanations on whether completed, ongoing construction and proposed fundraising projects fall under high energy-consuming and high-emission projects, and whether such projects involve overcapacity regulated by NDRC, MIIT and other authorities, together with relevant supporting documents. Secondly, combined with debt servicing capacity, the Company shall elaborate whether share pledges, borrowings and guarantees before and after the proposed offering may trigger material ownership disputes or lead to a change in controlling shareholder.

Thirdly, detailed information of overseas fundraising projects and progress of outbound investment approval, verification or filing procedures shall be supplemented with supporting evidence. Fourthly, full particulars of all pending litigations and arbitrations shall be provided. An assessment shall be conducted to evaluate whether such matters may bring material adverse impacts on future operations or constitute substantive obstacles to the offering, and confirm adequate disclosure of relevant matters.

Fifthly, specific information concerning work safety incidents shall be supplemented. The Company shall assess whether such incidents constitute material violations of laws and regulations and substantive obstacles to the proposed offering and listing, and provide incident identification and penalty documents issued by local work safety authorities. Legal counsel shall implement verification procedures and issue clear legal opinions covering all the above matters.