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 - 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 - Tianli Lithium Energy has recently obtained a patent for a method of lithium extraction and recycling from waste electrolytes, which enhances its technological capabilities in the lithium-ion battery recycling sector [1] Group 1: Patent Acquisition - The company and its wholly-owned subsidiary, Henan Xintianli Circular Technology Co., Ltd., received an invention patent certificate from the National Intellectual Property Administration [1] - The patent is titled "A Method for Extracting Lithium and Recycling from Waste Electrolytes" and is a result of joint research and development [1] Group 2: Technological Advancements - The patented method optimizes resin adsorption processes, significantly improving the resin's ability and selectivity for lithium ion adsorption [1] - This technology is applicable in the recovery of lithium from cathode materials of lithium-ion batteries, achieving high purity lithium and a high recovery rate [1] - The process also reduces energy consumption and costs during recycling, providing technical support for the circular utilization of lithium-ion batteries [1] Group 3: Strategic Implications - The acquisition of this patent reflects the company's core technological capabilities and is expected to enhance its intellectual property protection system [1] - While the immediate impact on production and operations is not significant, it is anticipated to promote continuous innovation and enhance the company's core competitiveness [1]

Core Insights - A new efficient and environmentally friendly lithium-ion battery recycling method has been developed by a research team at Worcester Polytechnic Institute, published in the latest issue of "Energy Storage Materials" [1] Group 1: Recycling Technology - The traditional recycling methods for used lithium-ion batteries have low efficiency in processing nickel-poor cathode mixed materials and rely on high-energy consumption processes, resulting in limited material value [1] - The new technology can recover over 92% of key metals such as nickel, cobalt, and manganese, and convert them into high-performance cathode powder [1] Group 2: Performance of Recycled Materials - Batteries made from this recycled material demonstrate excellent performance, maintaining 88% capacity after 500 charge-discharge cycles and over 85% capacity retention after 900 cycles in commercial pouch battery tests [1]