GREEN SUN INC.: CSRC Requests Supplementary Explanations on Shareholder Relationships, Equity Incentives and Use of Proceeds for H Share Listing

NewTimeSpace News: On 21 August 2026, the International Department of the China Securities Regulatory Commission (CSRC) released its Supplementary Filing Requirements for Overseas Listings (17 August to 21 August 2026), requesting Greensun Inc. to provide supplementary explanations on specified matters regarding its filing for the H share listing, with clear legal opinions to be issued by lawyers after verification.

The CSRC asked the Company to clarify whether there are related-party relationships among shareholders holding less than 5% of the shares and whether their shareholdings should be aggregated, with shareholdings exceeding 5% subject to look-through review as shareholders with 5% or more. It also requested details on the composition and positions of equity incentive participants, the fairness of subscription prices, agreement terms, decision-making procedures and operational compliance, whether any participants are related to other shareholders, directors, supervisors or senior management, or are explicitly prohibited from participating in equity incentives, as well as a concluding opinion on legality and compliance and the absence of benefit transfers. The Company was also asked to disclose the full details of special shareholder rights arrangements, the specific terms of termination clauses and the decision-making procedures followed, whether all shareholders have reached consensus, whether any disputes exist, and whether such arrangements constitute a substantive obstacle to the proposed overseas listing.

The CSRC further requested the Company to explain, with reference to the Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Version), whether the businesses and business scopes of the Company and its subsidiaries involve restricted or prohibited foreign investment areas and whether the Company continuously complies with foreign investment access requirements before and after the proposed listing and the full circulation of H shares, to describe its business model in plain language, and to explain the basis for calculating its market share of approximately 9.8% of global revenue stated in the filing materials and its industry position. It also asked whether the issuer has state-owned shareholders and, if so, the status of performing state-owned share marking and other state-owned asset administration procedures, as well as whether shares held by shareholders participating in the full circulation are subject to pledges, freezes or other defects in title.

In addition, the CSRC requested the Company to explain the details of specific projects for which proceeds will be used to expand or acquire production and operation bases, including the countries or regions involved, and whether such investments constitute outbound investment and comply with relevant outbound investment regulations, and to itemise the amounts and proportions of proceeds to be invested in domestic and overseas projects and the status of relevant approvals, verifications or filings.

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