The China Securities Regulatory Commission has asked Tianhua New Energy to provide additional explanations on whether its related-party transaction pricing with CATL is fair and whether there is any transfer of benefits. The CSRC's international department issued supplementary material requirements to eight companies in total, including six items for Tianhua New Energy. These cover the identification of high energy consumption and high emission projects, the impact of major borrowings and external guarantees on equity stability, compliance of regulatory procedures for overseas subsidiaries, the specifics and pricing fairness of related-party transactions with CATL, the impact of pending litigation and arbitration, and the necessity and reasonableness of the Hong Kong listing. Tianhua New Energy submitted its listing application to the main board of the Hong Kong Stock Exchange on April 2, with Huatai International and CMB International as joint sponsors. CATL currently holds a 13.54% stake in Tianhua New Energy, making it the second-largest shareholder and also its largest customer. In 2025, related-party transactions between the two accounted for approximately 28.1%.
Contemporary Amperex Technology Co Ltd Class ACSRC questions fairness of related-party pricing with CATL, potentially affecting its stake and business relationship.
Suzhou TA&A Ultra Clean Technology Co Ltd
Huatai Securities Co Ltd