GLB receives CSRC supplementary information request on overseas listing filing, covering absence of controlling shareholder, SOE procedures and proposed projects

NewTimeSpace News: GLB Intelligent Power Technologies Co., Ltd., in the course of its filing for overseas listing and issuance and the "full circulation" of domestic unlisted shares, has received a supplementary information request from the China Securities Regulatory Commission (CSRC), requiring supplementary explanations on seven matters, with lawyers engaged to conduct verification and issue clear legal opinions.

The matters include: (i) explaining the prices and pricing basis of each historical capital increase and equity transfer, whether there are any abnormal subscription prices or benefit transfer, whether capital contributions have been fully paid, and whether there are any circumstances of failure to perform capital contribution obligations, withdrawal of capital or defects in the method of capital contribution; explaining whether any shareholding entrustment arrangements existed in the Company's history; and issuing a concluding opinion on whether the establishment of the Company and each historical change in equity are lawful and compliant, and on the Company's legal personality and valid existence.

(ii) Explaining the pricing basis of shares subscribed by new shareholders within the 12 months prior to the submission of the overseas listing filing application, the reasons for and reasonableness of any difference from the pricing of capital increases in the same period, and the income tax payment status of the relevant transferors in the equity transfer transactions, with a clear concluding opinion on whether any benefit transfer exists. (iii) Explaining, by reference to the regulatory guidelines, the reasonableness of the Company's determination that it has no controlling shareholder or de facto controller, with specific basis provided. (iv) Explaining the progress of the state-owned shareholders' performance of state-owned share marking and other state-owned assets management procedures, and the approval or internal decision-making procedures performed in respect of the "full circulation" of shares. (v) Explaining the progress of the industrial and commercial change procedures of the employee shareholding platform, the handling of granted shares voluntarily abandoned by employees, and whether the employee shareholding plan holds any reserved shares, and whether it is lawful and compliant and free of benefit transfer.

(vi) Explaining the relevant approval, vetting or filing procedures performed for the proposed use of proceeds projects of this offering; for proposed overseas projects, explaining the performance of overseas investment approval, vetting or filing procedures. (vii) Explaining whether the shares held by shareholders proposed to participate in the "full circulation" are subject to any pledge, freezing or other defects in title.

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