Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional information from Greeenmei regarding its listing application on the Hong Kong Stock Exchange, focusing on its classification as a "high energy consumption" and "high emission" industry, among other regulatory compliance matters [1][2]. Group 1: Regulatory Requirements - The CSRC has asked Greeenmei to clarify whether it falls under the "high energy consumption" and "high emission" categories, and to verify the status of its existing, under-construction, and planned projects [2]. - Greeenmei is required to provide updates on several corporate actions, including the repurchase and cancellation of 8.75045 million restricted shares, changes in registered capital, and the progress of its subsidiaries' operations and investment changes [2]. - The company must also disclose information about all its subsidiaries and branches, as the current submission only includes major subsidiaries [2]. Group 2: Company Overview - Greeenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing sector [2]. - Since its establishment in 2001, Greeenmei has developed a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [2]. Group 3: Financial Performance - For the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, Greeenmei reported revenues of 29.392 billion yuan, 30.529 billion yuan, 33.2 billion yuan, and 17.561 billion yuan respectively [3]. - The corresponding profits for the same periods were approximately 1.332 billion yuan, 1.162 billion yuan, 1.328 billion yuan, and 843 million yuan [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional information from Greeenmei regarding its listing application, focusing on its classification as a "high energy consumption" and "high emission" industry, as well as various operational updates [1][2]. Group 1: Regulatory Requirements - The CSRC has asked Greeenmei to clarify whether it falls under the "high energy consumption" and "high emission" categories, and to verify the status of its existing, under-construction, and planned projects [2]. - Greeenmei is required to provide updates on several operational aspects, including the progress of repurchasing and canceling 8.75045 million restricted shares, changes in registered capital, and the status of its subsidiaries' operations in resource recycling [2]. - The company must also disclose information about all its subsidiaries and branches, beyond just the major ones currently reported [2]. Group 2: Company Overview - Greeenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing sector [2]. - Since its establishment in 2001, Greeenmei has developed a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and scrap vehicle recycling, and new energy materials [2]. Group 3: Financial Performance - For the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, Greeenmei reported revenues of 29.392 billion yuan, 30.529 billion yuan, 33.2 billion yuan, and 17.561 billion yuan respectively [3]. - The corresponding profits for the same periods were approximately 1.332 billion yuan, 1.162 billion yuan, 1.328 billion yuan, and 843 million yuan [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional information from Greeenmei regarding its listing application, focusing on its classification as a "high energy consumption" and "high emission" industry, as well as various operational updates [1][2]. Group 1: Regulatory Requirements - The CSRC has asked Greenmei to clarify whether it belongs to a "high energy consumption" or "high emission" industry and to verify the status of its existing, under-construction, and planned projects [2]. - The CSRC requires Greenmei to provide updates on several specific matters, including the progress of repurchasing and canceling 8.75045 million restricted shares, changes in registered capital, and the status of its subsidiaries' operations and investment changes [2]. Group 2: Company Overview - Greenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing sector [2]. - Since its establishment in 2001, Greenmei has developed a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and scrap vehicle recycling, and new energy materials [2]. Group 3: Financial Performance - For the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, Greenmei reported revenues of 29.392 billion yuan, 30.529 billion yuan, 33.2 billion yuan, and 17.561 billion yuan respectively [3]. - The corresponding profits for the same periods were approximately 1.332 billion yuan, 1.162 billion yuan, 1.328 billion yuan, and 843 million yuan [3].

Core Viewpoint - Jiangsu Longwei New Energy Materials Co., Ltd. is leveraging support from Xuzhou Rural Commercial Bank to enhance its smart manufacturing capabilities, showcasing a modern production line that significantly increases efficiency and reduces labor costs [1] Group 1: Company Overview - Jiangsu Longwei started in the cardboard packaging sector and has steadily developed since introducing a 2.2-meter production line in 2014 [1] - The company plans to relocate to a new site in March 2024 to build a smart production base, although it faces funding challenges for construction and equipment upgrades [1] Group 2: Financial Support - Xuzhou Rural Commercial Bank's Hubushan Branch formed a dedicated service team to understand the company's project progress and funding needs [1] - The bank provided an initial loan of 10 million yuan specifically for the investment in the smart production line and related equipment [1] Group 3: Production Efficiency - The new 3.1-meter wide intelligent production line operates with only 10 workers, achieving a daily output of 400,000 square meters [1] - Compared to the previous production line, which required 17-18 workers and produced over 100,000 square meters per shift, the new line doubles the capacity while maintaining the same labor force [1]

Core Viewpoint - Greeenme (002340.SZ) is a key player in China's new energy industry, transitioning from electronic waste processing to becoming a global leader in new energy materials manufacturing and critical metal resource recovery [1][2]. Group 1: Business Model and Market Position - Greenme's unique business model integrates "resource recovery" and "material remanufacturing," aligning with the themes of "carbon neutrality" and "resource security" [2]. - The company is a leader in the recovery of nickel, cobalt, and tungsten resources in China, with its lithium-ion battery and scrapped vehicle recovery business being particularly prominent [2]. - Greenme holds a top position in the domestic third-party retired lithium-ion battery recovery sector, accounting for over 10% of China's total recovery volume [2]. Group 2: Financial Performance and Growth - The company's total revenue is projected to grow from 29.392 billion in 2022 to 33.199 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 6.3% [4]. - The revenue structure is shifting, with the share of revenue from new energy materials decreasing from 74.2% in 2022 to 60.0% in 2024, while the share from critical metal resources, particularly nickel products, is increasing from 16.9% to 30.4% [4]. Group 3: Capital Expenditure and Financing Strategy - Greenme's ongoing global expansion, particularly in nickel resource and ternary material base construction in Indonesia, has led to significant capital expenditures, resulting in consistently negative cash flow from investment activities [3][6]. - The new H-share financing channel aims to alleviate capital pressure and improve the company's balance sheet structure, while also attracting international long-term capital focused on green economy and ESG investments [3]. Group 4: Market Trends and Future Outlook - The upcoming "retirement wave" of power batteries is expected to create a significant market opportunity, with a projected CAGR of 52.1% for retired electric vehicle batteries from 2024 to 2030 [7]. - The demand for long-range electric vehicles is driving the penetration of high-nickel ternary precursors, expected to rise from 35.2% in 2024 to 70.0% by 2030, positioning Greenme favorably in this high-value growth trend [7]. Group 5: Strategic Challenges - Despite steady revenue growth, the company's net profit shows significant volatility, primarily due to its reliance on the prices of bulk commodities like nickel and cobalt, which are subject to global supply and demand fluctuations [5]. - The high capital expenditure strategy has resulted in a cash flow model typical of growth companies, heavily reliant on external financing to meet investment needs, raising concerns about sustainability if market demand falls short [6]. - The company's high growth and investment strategy, coupled with a high debt structure and potential liquidity risks, pose significant financial challenges in the short to medium term [8].

Core Viewpoint - GEM Co., Ltd. (格林美) has submitted its prospectus for an initial public offering (IPO) on the Hong Kong Stock Exchange, aiming to list on the main board [2][3]. Group 1: Company Overview - GEM was established in 2001 and is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry [3][5]. - The company operates under a business model that focuses on "eliminating pollution and recreating resources" through urban mining [3]. Group 2: Market Position - In the critical metal resource sector, GEM ranks first in China for the recovery of nickel, cobalt, and tungsten, and is among the top three globally for MHP (Nickel Cobalt Hydroxide) production [5]. - GEM is the largest in China for lithium-ion battery recycling and has established partnerships with over 1,000 automotive and battery manufacturers globally [5]. Group 3: Financial Performance - GEM's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 29.39 billion, RMB 30.53 billion, RMB 33.20 billion, and RMB 17.56 billion respectively [11][12]. - The net profit for the same periods was RMB 1.33 billion, RMB 1.16 billion, RMB 1.33 billion, and RMB 842.77 million respectively [11][12]. Group 4: Shareholder Structure - As of September 16, 2025, the shareholder structure before the Hong Kong listing shows that the founders, Xu Kaihua and Wang Min, hold a combined 9.02% of the shares, while other A-shareholders hold 90.98% [7]. Group 5: Management Team - The board of directors consists of seven members, including four executive directors and three independent non-executive directors [9]. - Key executives include Xu Kaihua (Chairman and General Manager) and Wang Min (Executive Director) [9][10].

Core Viewpoint - Greeenmei has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being JPMorgan, CITIC Securities, and CITIC Securities International [1] Group 1: Company Overview - Greeenmei is a leader in the critical metal resource recycling and lithium-ion battery recycling industry, as well as a leading enterprise in the global new energy materials manufacturing sector [1] - The company's business encompasses critical metal resources (nickel, cobalt, tungsten, lithium, etc.), lithium-ion battery and end-of-life vehicle recycling, and the new energy materials field [1] Group 2: Key Achievements - In the critical metal resource recycling sector, Greeenmei ranks first in China for the recovery of nickel, cobalt, and tungsten, and is a pioneer in global nickel-cobalt-manganese (MHP) production, with an annual production capacity of 150,000 tons, ranking among the top three globally in terms of equity output [1] - In the lithium-ion battery and end-of-life vehicle recycling field, the company ranks first in the domestic third-party retired lithium-ion battery recycling market [1] Group 3: New Energy Materials - Greeenmei produces ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt tetroxide for 3C batteries, ranking second globally in the supply of ternary precursors and cobalt tetroxide [1] - The company has established long-term partnerships with nine of the top ten lithium-ion battery companies worldwide, demonstrating its capability to achieve self-sufficiency in some key raw materials required for new energy materials production [1]

Core Viewpoint - Greeenme (002340) has submitted an application for listing on the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Jianye International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greeenme is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry [4]. - The company operates a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. Group 2: Critical Metal Resources - Greeenme recycles critical metal resources including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum, ranking first in China for the recovery of nickel, cobalt, and tungsten based on 2024 recovery volume [4]. - The company is a pioneer in developing smelting technologies for nickel, cobalt, and tungsten, and has built the world's largest high-pressure autoclave for red mud nickel ore, producing MHP of industry-leading quality [4]. - Greeenme has established a production base in Indonesia with an annual MHP production capacity of 150,000 tons, ranking among the top three globally based on 2024 MHP equity output [4]. Group 3: Lithium-Ion Battery and End-of-Life Vehicle Recycling - Greeenme procures retired lithium-ion batteries from third parties and recycles batteries from end-of-life electric vehicles (EVs), utilizing some batteries for secondary use while others are processed to produce metal intermediates for battery manufacturing [5]. - The company has partnerships with over 1,000 automotive and battery manufacturers globally and has established six lithium-ion battery recycling subsidiaries in China, all included in the MIIT whitelist. It ranks first in the domestic market for third-party retired lithium-ion battery recycling based on 2024 recovery volume [5]. Group 4: New Energy Materials - Greeenme supplies products such as ternary precursors and cathode materials for lithium-ion batteries, and cobalt oxide for 3C batteries, having established stable long-term relationships with nine of the top ten lithium-ion battery companies globally [6]. - Based on 2024 shipment volume, Greeenme ranks second globally in the supply of ternary precursors and cobalt oxide, and has the capability to achieve self-sufficiency in key raw materials needed for new energy materials production [6]. Group 5: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, Greeenme reported revenues of 29.39 billion RMB, 30.53 billion RMB, 33.20 billion RMB, and 17.56 billion RMB for 2022, 2023, 2024, and the first half of 2025, respectively [6][7]. - The company's profits for the same periods were approximately 1.33 billion RMB, 1.16 billion RMB, 1.33 billion RMB, and 842.77 million RMB [6][7].

Core Viewpoint - Greenmei Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Construction Investment International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry [4]. - Since its establishment in 2001, the company has developed a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. Group 2: Critical Metal Resources - The company recycles critical metal resources, including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum, leveraging its technological advantages [4]. - According to Frost & Sullivan, by 2024, Greenmei ranks first in China for the recycling volume of nickel, cobalt, and tungsten [4]. - The company is a pioneer in developing smelting technologies for nickel, cobalt, and tungsten, and has created the world's largest high-pressure autoclave for nickel laterite ore, producing MHP of industry-leading quality [4]. - Greenmei has established a production base in Indonesia with an annual MHP production capacity of 150,000 tons, ranking among the top three globally in terms of MHP equity output by 2024 [4]. Group 3: Lithium-Ion Battery and End-of-Life Vehicle Recycling - Greenmei procures retired lithium-ion batteries from third parties and recycles batteries from end-of-life electric vehicles (EVs), utilizing a tiered reuse approach for some batteries [5]. - The company has established partnerships with over 1,000 automotive companies and battery manufacturers globally and has set up six lithium-ion battery recycling subsidiaries in China, all included in the MIIT whitelist [5]. - By 2024, Greenmei ranks first in the domestic market for third-party retired lithium-ion battery recycling [5]. Group 4: New Energy Materials - Greenmei supplies products such as ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt oxide for 3C batteries, leveraging its advanced manufacturing technology and stable relationships with leading companies in the new energy materials sector [6]. - By 2024, Greenmei ranks second globally in terms of supply volume for ternary precursors and cobalt oxide [6]. - The company has the capability to achieve self-sufficiency in some key raw materials required for new energy materials production, thanks to its integrated capabilities in MHP production, critical metal resource recycling, and lithium-ion battery recycling [6]. Group 5: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of CNY 29.39 billion, CNY 30.53 billion, CNY 33.20 billion, and CNY 17.56 billion respectively [6][7]. - The corresponding profits for the same periods were approximately CNY 1.33 billion, CNY 1.16 billion, CNY 1.33 billion, and CNY 842.77 million [6][7].

Core Viewpoint - Greenmei Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Construction Investment International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry. The company operates a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. - The company has established itself as a pioneer in the recovery of critical metal resources, including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum. According to Frost & Sullivan, Greenmei ranks first in China for the recovery of nickel, cobalt, and tungsten resources based on projected recovery volumes for 2024 [4]. Group 2: Business Segments - In the lithium-ion battery and end-of-life vehicle recycling sector, Greenmei procures retired lithium-ion batteries from third parties and recycles batteries from scrapped electric vehicles (EVs). The company has established partnerships with over 1,000 automotive and battery manufacturers globally and has set up six lithium-ion battery recycling subsidiaries in China, all of which are included in the Ministry of Industry and Information Technology's whitelist. Greenmei ranks first in the domestic market for third-party retired lithium-ion battery recycling based on projected recovery volumes for 2024 [5]. - In the new energy materials sector, Greenmei supplies products such as ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt oxide for 3C batteries. The company has established long-term stable partnerships with nine of the top ten lithium-ion battery manufacturers globally. Based on projected shipment volumes for 2024, Greenmei ranks second in the global supply of ternary precursors and cobalt oxide [6]. Group 3: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of 29.39 billion RMB, 30.53 billion RMB, 33.20 billion RMB, and 17.56 billion RMB for 2022, 2023, 2024, and the first half of 2025, respectively. The corresponding profits were approximately 1.33 billion RMB, 1.16 billion RMB, 1.33 billion RMB, and 842.77 million RMB [6][7].