Core Viewpoint - The report outlines the verification opinion of ShenGang Securities Co., Ltd. regarding the listing and circulation of certain shares of Xinghui Environmental Materials Co., Ltd. prior to its initial public offering (IPO) [1][11]. Group 1: Overview of Shares - Xinghui Environmental Materials Co., Ltd. issued 48,428,100 shares during its IPO, which was approved by the China Securities Regulatory Commission and listed on the Shenzhen Stock Exchange on January 13, 2022 [1]. - As of the date of the verification opinion, the total share capital of the company is 193,712,353 shares, with 68,885,310 shares (35.56%) being freely tradable [1]. Group 2: Details of Restricted Shares - The shares to be released from restriction amount to 124,827,043 shares, representing 64.44% of the total share capital, with the original lock-up period set for 36 months [2]. - Due to the fulfillment of conditions for extending the lock-up period, the release date for these shares is now set for July 14, 2025 [2]. Group 3: Shareholder Commitments - The shareholders applying for the release of restrictions include Guangdong Xinghui Holdings Co., Ltd., Xinghui Composite Materials (Hong Kong) Co., Ltd., and several individuals who are the actual controllers of the company [2]. - These shareholders have made commitments not to transfer or manage the shares directly or indirectly held before the IPO, and to comply with relevant regulations regarding share transfers [4][5]. Group 4: Compliance and Verification - The report confirms that the shareholders have adhered to their commitments regarding the lock-up period and that there are no violations affecting the release of restricted shares [8][11]. - The verification by the sponsor indicates that the application for the release of restricted shares complies with relevant laws and regulations [11].
星辉环材: 申港证券股份有限公司关于星辉环保材料股份有限公司部分首次公开发行前已发行股份上市流通事项的核查意见