CJS(SH:600176) Sou Hu Cai Jing·2025-11-19 11:16Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange, with China International Capital Corporation as the sponsor [1] Group 1: Company Overview - Zhenstone is primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector, recognized as a national high-tech enterprise [5] - The company has been providing high-quality and innovative solutions for downstream applications in various industries, including wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [5] Group 2: Market Position - After over 20 years of development, Zhenstone has become a specialized manufacturer of materials for wind turbine blades, holding a global market share of over 35% in wind power fiberglass fabric as of 2024, leading in production and sales scale [6] Group 3: Regulatory Requirements - The Shanghai Stock Exchange requires Zhenstone to clarify the fairness of its related transactions with China Jushi, including pricing basis, decision-making processes, and procurement prices from third parties [3] - The company must also address its dependency on China Jushi, including procurement prices, proportions, and customer certification requirements [3] - Additionally, Zhenstone is required to evaluate the impact of rising fiberglass prices from China Jushi and the capacity expansion of major customers on its future performance stability [3]