IPO News | Glebe Proposes Hong Kong Stock IPO, China Securities Regulatory Commission Requests Additional Explanation on the Progress of State-owned Shareholders' Implementation of State-owned Assets Management Procedures

Zhitong Finance App learned that on September 4, the China Securities Regulatory Commission issued the “Requirements for Supplementary Materials for Overseas Issuance and Listing Filing (August 31, 2026 to September 4, 2026)”. The International Division of the China Securities Regulatory Commission issued supplementary material requirements for a total of 5 companies. Among them, Glebe was requested to provide additional explanations on matters such as the progress of state-owned shareholders in implementing state-owned assets management procedures such as the state-owned stock logo, and the progress of processing industrial and commercial change procedures on employee shareholding platforms. According to the Hong Kong Stock Exchange disclosure on June 7, Gleber Intelligent Power Technology Co., Ltd. submitted a statement to the Hong Kong Stock Exchange main board, and CICC is its sole sponsor.

The China Securities Regulatory Commission requested Glebe to further explain the following matters, and ask lawyers to conduct inspections and issue clear legal opinions:

1. Please provide additional information: (1) The price and pricing basis for your company's successive capital increases and share transfers; whether there is an abnormal share price; whether there is a transfer of benefits; whether there is actual payment of capital; whether there are situations of failure to fulfill investment obligations, evasion of contributions, or flaws in the funding method; (2) whether there is share escrow in the history of your company; (3) Please issue a concluding opinion on whether the establishment of your company and the successive equity changes are legal and compliance, and the status and effective existence of your company.

2. Please further explain the pricing basis for the share price of new shareholders within 12 months before submitting the overseas issuance and listing filing application, the reasons and rationality of the difference in capital increase pricing with the same period, and the transferor's income tax payment status in connection with the above equity transfer process, and issue a clear conclusion on whether there is a transfer of benefits.

3. Please compare the regulatory guidelines to explain the rationality of the company's determination that there are no controlling shareholders or actual controllers, and provide specific grounds.

4. Please provide additional information on the progress of your company's state-owned shareholders in implementing state-owned assets management procedures such as the state-owned stock logo, as well as the status of approval or internal decision-making procedures relating to the “full circulation” of shares.

5. Please provide additional information on the progress of processing of industrial and commercial change procedures on employee shareholding platforms, processing of share grants voluntarily relinquished by employees, whether shares have been reserved in the employee shareholding plan, whether they are legal and compliant, and whether there is a transfer of benefits.

6. Please provide additional information on the relevant approval, approval or filing procedures carried out by your company for this fund-raising project; if an overseas fund-raising project is involved, explain the implementation of the overseas investment approval, approval or filing procedures.

7. Please provide additional information on whether the shares held by shareholders who intend to participate in the “full circulation” have been pledged, frozen, or have other rights defects.

According to the prospectus, Glebe is a global provider of solutions for intelligent electrified power domain systems and generalized 800V HVDC power supply systems. With high-performance power electronics, motors, software, thermal management and platform-based integration technology as the core, it has achieved competitive integrated software and hardware service solutions through vertical integration and system optimization. It mainly served the field of NEV power domain during the track record period, and expanded into the field of AI computing power infrastructure power supply systems and embedded intelligent power domain electric drive systems, and is committed to promoting the low-carbon and intelligent upgrading of the global energy transition economy.

As of the last practical date, the company has obtained a total of 40 fixed points from 10 OEMs directly or through tier-1 suppliers, and the solution has been adopted by 16 commercially-launched models from 12 car brands. As of the same day, 24 projects were in the customer engagement and solution design phase.