Group 1 - Greeenmei plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global development and brand image [1] - The move aims to leverage international capital markets for diversified financing and sustainable development [1] - This initiative indicates Greeenmei's focus on the international market and its intent to strengthen its capabilities [1] Group 2 - Trina Solar reported a net loss of 2.918 billion yuan in the first half of the year, with revenue of 31.056 billion yuan, a year-on-year decrease of 27.72% [2] - Despite a growth in photovoltaic module sales, the company faced losses due to supply-demand imbalance and low market prices [2] - The challenges in the photovoltaic industry, particularly regarding market supply and price fluctuations, are highlighted by Trina Solar's performance [2] Group 3 - TCL Zhonghuan announced a net loss of 4.242 billion yuan in the first half of the year, with revenue of 13.398 billion yuan, a year-on-year decline of 17.36% [3] - The company's losses were attributed to declining product prices affecting its photovoltaic materials business [3] - The long-term outlook for the photovoltaic industry remains optimistic despite current challenges, emphasizing TCL Zhonghuan's role as a key player [3]

Group 1 - Greeenme plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global development and brand image [1] - The move aims to leverage international capital markets for sustainable development and improved management [1] - This initiative indicates Greeenme's focus on international markets and its intent to strengthen its capabilities through capital markets [1] Group 2 - Trina Solar reported a net loss of 2.918 billion yuan in the first half of the year, with revenue of 31.056 billion yuan, a decrease of 27.72% year-on-year [2] - Despite an increase in photovoltaic module sales, the company faced losses due to supply-demand imbalance and low market prices [2] - The challenges in the photovoltaic industry, particularly regarding market supply and price fluctuations, are reflected in Trina Solar's performance [2] Group 3 - TCL Zhonghuan announced a net loss of 4.242 billion yuan in the first half of the year, with revenue of 13.398 billion yuan, down 17.36% year-on-year [3] - The company's losses were attributed to declining product prices affecting its photovoltaic materials business [3] - The current challenges in the photovoltaic industry, especially price volatility, significantly impact company performance [3]

Core Viewpoint - A-share companies are actively planning to list in Hong Kong, driven by new IPO regulations and the need for international expansion and financing opportunities [1][4][10]. Group 1: Companies Planning to List - As of August, nearly 20 A-share companies have announced plans to list in Hong Kong, including notable firms like Lixun Precision and Shenghong Technology, both of which have market capitalizations exceeding 100 billion yuan [1][2][7]. - Specific companies that have made announcements include Greenme, Huajin Technology, Kexing Pharmaceutical, and Wancheng Group, all of which are preparing to issue H-shares [2][4]. Group 2: Industry Distribution - The companies planning to list cover various industries, including electronics, machinery, biomedicine, food and beverage, chemicals, and media, with the electronics sector being particularly prominent [4][5]. - Notable electronic companies include Huajin Technology, Chipsea Technologies, and Luxshare Precision, which are seeking to expand their international customer base through Hong Kong listings [5][6]. Group 3: Motivations for Listing - Companies emphasize the need to enhance international strategies, optimize overseas business layouts, improve brand recognition, and increase financing capabilities as key motivations for their Hong Kong listings [4][6]. - For instance, Kexing Pharmaceutical aims to deepen its "innovation + internationalization" strategy and expand its overseas business through the listing [6][9]. Group 4: Financial and Strategic Implications - The IPOs are seen as a means to broaden financing channels and support internationalization, with companies like Lixun Precision planning to use raised funds for capacity expansion and technological upgrades [9][10]. - Shenghong Technology intends to enhance its global manufacturing capabilities and supply chain resilience through the funds raised from its Hong Kong listing [10]. Group 5: Market Trends and Future Outlook - The trend of A-share companies listing in Hong Kong is viewed as a long-term strategy reflecting the pursuit of internationalization and high-quality development in the new economic phase [10]. - Analysts predict that if the Hang Seng Index remains stable, more A-share companies with global expansion needs will accelerate their plans to list in Hong Kong [10].

Macro News - The State Council, led by Premier Li Qiang, discussed the implementation of large-scale equipment updates and the old-for-new policy for consumer goods, emphasizing the need for effective subsidy use and coordination to boost domestic demand [5] - The State Council also addressed the potential of sports consumption and the development of the sports industry, focusing on increasing supply, enhancing service levels, and fostering growth points in the sector [5] Industry News - Goldman Sachs reported that hedge funds have net bought Chinese stocks at the fastest pace in seven weeks, indicating a strong interest in the Chinese market [8] - The National Development and Reform Commission released a draft on internet platform pricing behavior, requiring platforms to adhere to transparent pricing rules and publicize subsidy activities [8] - Several express delivery companies in Guangdong and Zhejiang have raised prices for e-commerce clients, with price adjustments ranging from 0.3 to 0.7 yuan per item [8] - The China Photovoltaic Industry Association called for enhanced industry self-discipline to maintain fair competition and avoid harmful practices [10] - The Ministry of Industry and Information Technology published interim measures for the total control of rare earth mining and smelting, requiring companies to maintain records of product flows [10] - The insurance asset management industry showed a preference for stocks as the top investment asset for the second half of 2025, followed by bonds and securities investment funds [10] - The electronic sector's A-share market capitalization reached 11.54 trillion yuan, marking a historical high, with major companies like Industrial Fulian leading the market [11] - The Ministry of Industry and Information Technology emphasized the need for orderly development of computing power facilities to enhance resource supply quality [11] Company News - Changjiang Electric Power announced plans for its controlling shareholder to increase holdings by 4 to 8 billion yuan [14] - Vanke A reported a net loss of 11.947 billion yuan for the first half of the year [14] - TCL Zhonghuan disclosed a net loss of 4.242 billion yuan for the first half of the year [16] - Jiangsu Guotai announced plans to use up to 12 billion yuan of idle funds for entrusted wealth management [18] - Jiu Gui Jiu reported a 92.6% decline in net profit for the first half of the year [18]

Group 1 - The company held its seventh board meeting on August 21, 2025, with all six directors present, and the meeting was deemed valid [2] - The board approved the proposal to amend the company's articles of association and related rules, eliminating the supervisory board and transferring its responsibilities to the audit committee [3][4] - The board agreed to issue H-shares and list them on the Hong Kong Stock Exchange to enhance the company's global strategy and brand image [6][8] Group 2 - The H-share issuance will involve ordinary shares with a par value of RMB 1.00, and the issuance will be conducted within 24 months following shareholder approval [9][10] - The maximum number of H-shares to be issued will not exceed 15% of the total share capital post-issuance, with an option for an additional 15% for over-allotment [12] - The pricing of the shares will be determined based on market conditions and investor demand, following international practices [13] Group 3 - The funds raised from the H-share issuance will be used for capacity building in key metal resources, overseas R&D, global marketing center construction, and working capital [18] - The board will have the authority to adjust the use of raised funds based on regulatory feedback and operational needs [28] - The board approved the establishment of a profit distribution plan for retained earnings prior to the H-share issuance [31] Group 4 - The board confirmed the roles and functions of directors post-issuance, with specific roles assigned to executive and independent non-executive directors [40][41] - The audit committee's composition was adjusted to enhance governance following the H-share issuance [43] - The company plans to purchase directors and officers liability insurance to mitigate management risks associated with the H-share issuance [45][46] Group 5 - The company will appoint an auditing firm for the H-share issuance, specifically Crowe (Hong Kong) CPA Limited, to provide necessary reports and opinions [47] - A report on the use of previously raised funds was prepared and verified by the auditing firm, detailing the status as of December 31, 2024 [48]

Group 1 - The company establishes an Information Disclosure Committee to enhance internal control over information disclosure and improve the quality of information released [1][2] - The committee consists of at least 5 members, including the chairman, independent directors, general manager, and other key personnel [2] - The main responsibilities of the committee include ensuring the accuracy and completeness of information disclosure, improving internal control mechanisms, and reviewing materials for investor meetings [2][3] Group 2 - The committee holds regular meetings every six months and can convene temporary meetings as needed [3] - Decisions made in committee meetings require a majority vote from the members present [3][4] - The daily affairs of the committee are managed by the company's securities department [4]

格林美股份有限公司 内幕信息知情人登记备案制度（草案） （H股发行并上市后适用） 第一章 总则 第一条 为规范格林美股份有限公司(以下简称"公司")的内幕信息管理，加强 内幕信息保密工作，有效防范和打击内幕交易等证券违法违规行为，维护信息披 露的公平原则，保护投资者的合法权益，根据《中华人民共和国公司法》、《中 华人民共和国证券法》、《上市公司信息披露管理办法》、《深圳证券交易所上 市公司自律监管指引第1号——主板上市公司规范运作》、《深圳证券交易所股 票上市规则》、《上市公司监管指引第5号——上市公司内幕信息知情人登记管 理制度》、《证券及期货条例》（香港法例第 571 章）（以下简称"《证券及期 货条例》"）《香港联合交易所有限公司证券上市规则》等有关法律、法规，并 依据《公司章程》、《公司信息披露管理办法》的有关规定，制定本制度。 第二条 公司董事会应当按照《上市公司监管指引第5号——上市公司内幕信 息知情人登记管理制度》以及证券交易所相关规则要求及时登记和报送内幕信息 知情人档案，并保证内幕信息知情人档案真实、准确和完整，董事长为主要责任 人。董事会秘书负责办理上市公司内幕信息知情人的登记入档和报送事 ...

Core Viewpoint - The company has appointed Grant Thornton Hong Kong Limited as the auditing firm for its H-share issuance and listing on the Hong Kong Stock Exchange, pending approval from the upcoming extraordinary general meeting [1][3]. Group 1: Appointment of Auditing Firm - The company has initiated the process for H-share issuance and has chosen Grant Thornton Hong Kong Limited due to its extensive experience in financial auditing for overseas listings [1][2]. - The board of directors has authorized the chairman or designated personnel to negotiate the appointment details, including audit fees [1]. - The proposal to appoint the auditing firm will be submitted for approval at the company's fourth extraordinary general meeting of 2025 [3]. Group 2: Information about Grant Thornton Hong Kong - Grant Thornton Hong Kong Limited was established on February 7, 2012, and operates as a limited liability company [2]. - The firm has approximately 320 employees, including 22 partners and 115 certified public accountants, and serves various industries such as automotive manufacturing and battery products [2]. - The firm has not faced any criminal or administrative penalties in the past three years, indicating a strong compliance and integrity record [2].

General Principles - The management system for the resignation of directors and senior management of the company is established to regulate the resignation process according to relevant laws and regulations [1][2] - This system applies to the resignation, expiration of term, and dismissal of directors and senior management [1] Resignation Circumstances and Procedures - Directors and senior management can resign before their term ends by submitting a written report, with the resignation effective upon receipt by the board [3][4] - The company must disclose the resignation within two trading days after receiving the resignation report [3] Responsibilities During Transition - Directors and senior management must complete a handover process with designated personnel to ensure business continuity, including transferring unfinished work and relevant documents [4][5] - If there are significant matters such as major investments or financial decisions, the audit committee may initiate a departure audit [5] Post-Resignation Responsibilities and Obligations - Former directors and senior management are prohibited from using their previous positions to interfere with the company's operations or harm the interests of the company and its shareholders [6] - They must continue to fulfill their confidentiality obligations regarding the company's trade secrets until such information becomes public [6] Legal and Compliance Obligations - The company has the right to seek compensation from former directors and senior management for any losses caused by violations of laws or unfulfilled commitments [6] - This management system will take effect upon the company's H-shares listing on the Hong Kong Stock Exchange [6]

Core Points - The company establishes an internal audit system to enhance internal audit work based on relevant laws and regulations [1][2] - The internal audit department is responsible for supervising financial and business activities across all departments and subsidiaries [1][2] - The internal audit department must maintain independence and not be under the leadership of the finance department [2] Internal Audit Structure - The company has an audit department that reports directly to the board of directors and the audit committee [4] - The audit department must have at least three dedicated personnel with relevant professional knowledge [5] - The head of the internal audit department is appointed by the board of directors based on the audit committee's nomination [5] Responsibilities and Authority - The audit committee oversees the internal audit department's work, including reviewing annual audit plans and reporting significant issues to the board [9][10] - The internal audit department is responsible for evaluating the effectiveness of internal controls and compliance with laws and regulations [10][11] - The internal audit department must report quarterly to the board or audit committee on audit plans and findings [4][10] Audit Implementation Measures - The internal audit department conducts audits on significant external investments, asset purchases, and guarantees, focusing on compliance with approval procedures [21][22][23] - The department must also audit the use of raised funds, ensuring they are managed according to regulations and not misappropriated [25] - Audits of financial reports and information disclosures are required to ensure compliance with accounting standards and internal controls [26][27] Internal Control Evaluation - The internal audit department is responsible for evaluating the effectiveness of internal controls related to financial reporting and information disclosure [28][29] - The company must disclose internal control evaluation reports alongside annual reports, ensuring transparency [30][31] - Any significant deficiencies or risks identified must be reported to the audit committee and disclosed to the stock exchange [7][30] Supervision and Management - The company establishes a mechanism for evaluating the performance of internal audit personnel, rewarding those who perform well and penalizing misconduct [32][33] - Violations of internal audit regulations may result in corrective actions or penalties [34] - The internal audit system is subject to revisions based on changes in laws or company regulations [35][36]