New Share Information | Daye Shares to be Listed on Hong Kong Stock Exchange, China Securities Regulatory Commission Requires Supplemental Explanation Regarding Stock Incentive Plan and Others
We have learned from Zhitong Caijing APP that on August 1, the China Securities Regulatory Commission published a notice titled "Requirements for Supplemental Materials (2025.07.25-2025.07.31)" and issued supplemental material requests to nine companies, including Daye Shares.
The notice requires Daye Shares to provide supplementary explanations regarding the rationality of the purchase price of newly added shareholders within the past 12 months, as well as the compliance of its stock incentive plan with relevant regulations.
The China Securities Regulatory Commission has asked Daye Shares to supplement the following information:
One: Please provide explanations on whether the company's and its subsidiaries' business scope involves any areas regulated by the Special Management Measures for International Investment (Negative List) (2024 edition).
Two: Please explain the rationality of the purchase price of newly added shareholders within the past 12 months, including any differences in prices between transactions, and provide a conclusive opinion on whether there is any benefit transfer.
Three: Please provide explanations on the compliance of its implemented stock incentive plan with relevant regulations, including details on the composition of personnel involved, their positions, and relationships with other shareholders, directors, supervisors, and senior management officials. Please also provide opinions on whether the plan is legal, compliant, and free from benefit transfer.
Four: Please explain whether the shares held by participating shareholders in this round are subject to any pledge, freeze, or other defects.
Five: Please provide explanations on the specific situation of the company's A-share listing guidance filing, including whether it plans to continue with the A-share listing and specific arrangements, as well as whether there may be significant impacts on this issue.
Six: Please explain any relevant public opinion information related to your company and controlling shareholder or actual controller, and whether such opinions may have significant impacts on this issue.
The prospectus shows that Daye Shares is a leading manufacturer of conductive silver paste and metalized paste solutions in China's Jiangsu Province, specializing in the production and supply of conductive silver paste for various types of photovoltaic cells, including TOPCon cells, xBC cells, and PERC cells. Based on the report from Cognizance Consulting, the company is a global leader in the supply of conductive silver paste, ranking first among the top five such companies globally in terms of revenue growth from 2022 to 2024, and fourth in terms of revenue and sales volume.
From a financial perspective, during the performance period, the company's revenues and net profits have achieved rapid growth, with combined annual growth rates of 141.3% and 925.6%, respectively, from 2022 to 2024. In 2022, 2023, and 2024, Daye Shares generated revenue of approximately RMB 3.93 billion, RMB 15.94 billion, and RMB 22.85 billion, respectively; and net profits of approximately RMB 87.7 million, RMB 5965.9 million, and RMB 9224.1 million, respectively.