According to disclosures from the Hong Kong Stock Exchange on September 22, Gem Co.,Ltd. (Gem Co.,Ltd.) submitted a listing application to the main board of the Hong Kong Stock Exchange, with JPMorgan Chase, CITIC Securities, and CITIC Construction Investment International serving as joint sponsors. Gem Co.,Ltd. (002340.SZ) is already listed on the Shenzhen Stock Exchange.
The prospectus shows that Gem Co.,Ltd. is a leader in critical metal resource recovery and production as well as lithium-ion battery recycling industry, and is also a leading enterprise in the global new energy materials manufacturing industry. Since its establishment in 2001, the company has formed a comprehensive business operation model around the circular economy of its business, covering the following three core business areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials.
In the critical metal resources field, leveraging its technological advantages, Gem Co.,Ltd. engages in the recovery and utilization of critical metal resources (including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum). According to Frost & Sullivan data, based on recovery volume in 2024, the company ranks first in China for nickel, cobalt, and tungsten resource recovery. The company is one of the industry pioneers in developing nickel, cobalt, and tungsten smelting technologies and applying hydrometallurgical technology to produce MHP and other related intermediates, and has developed the world's largest laterite nickel ore autoclave, with MHP production quality reaching industry-leading levels. The company collaborates with industry partners to lead the development of a production base in Indonesia, with an annual MHP production capacity of 150,000 tons. Based on 2024 MHP equity production, the company ranks among the top three globally.
In the lithium-ion battery and end-of-life vehicle recycling field, Gem Co.,Ltd. on one hand procures retired lithium-ion batteries from third parties, and on the other hand recycles lithium-ion batteries from scrapped electric vehicles (EVs). Some of these batteries are reused through cascade utilization, while the remaining batteries undergo dismantling processing to produce metal intermediate products for battery manufacturing, such as black powder, lithium phosphate, iron phosphate, and lithium carbonate. Additionally, the company recycles and processes end-of-life vehicles (including electric and fuel vehicles), dismantling vehicle bodies and recovering metal resources. Currently, the company has established cooperative relationships with over 1,000 automotive enterprises and battery manufacturers globally, and has established 6 lithium-ion battery recycling subsidiaries in China, all of which have been included in the Ministry of Industry and Information Technology (MIIT) whitelist. According to Frost & Sullivan data, based on 2024 recovery volume, Gem Co.,Ltd. ranks first domestically in third-party retired lithium-ion battery recycling.
In the new energy materials field, relying on its advanced manufacturing technology and stable relationships with leading global new energy materials industry enterprises, Gem Co.,Ltd.'s supplied products mainly include ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt tetroxide for 3C batteries. Currently, Gem Co.,Ltd. has established long-term stable cooperative relationships with nine of the world's top ten lithium-ion battery enterprises. According to Frost & Sullivan data, based on 2024 shipment volume, Gem Co.,Ltd. ranks second globally in ternary precursor and cobalt tetroxide supply.
Furthermore, leveraging the refined intermediate production capacity formed by the capabilities of three major businesses - mixed hydroxide precipitate (MHP) production, critical metal resource recovery, and lithium-ion battery recycling - the company has the ability to achieve self-sufficiency in some critical raw materials required for new energy materials production.
Financially, for the years 2022, 2023, 2024, and the six months ended June 30, 2025, the company achieved revenues of RMB 29.392 billion, RMB 30.529 billion, RMB 33.2 billion, and RMB 17.561 billion respectively. During the same periods, annual/period profits were approximately RMB 1.332 billion, RMB 1.162 billion, RMB 1.328 billion, and RMB 843 million respectively.
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