On September 22, 2025, Guangzhou Tinci Materials Technology Co., Ltd. ("Tinci Materials"), headquartered in Huangpu District, Guangzhou, Guangdong Province, filed its prospectus with the Hong Kong Stock Exchange for a proposed listing on the Main Board.
Tinci Materials has been publicly traded on the Shenzhen Stock Exchange since January 23, 2014, under stock code 002709.SZ, with a total market capitalization of approximately RMB 57.8 billion as of September 22nd market close.
**Core Business Operations**
Founded in 2000, Tinci Materials operates as a technology-driven global leader in new energy and advanced materials, primarily focusing on providing comprehensive solutions for lithium-ion battery materials, daily chemical materials, and specialty chemicals to enterprise customers worldwide.
**Lithium-Ion Battery Materials Segment**
Tinci Materials stands as a global leader in the electrolyte sector, distinguishing itself through vertical integration capabilities and innovative technologies. The company has integrated the complete value chain production of key electrolyte raw materials, including LiPF6, LiFSI, additives, and lithium carbonate. Notably, Tinci Materials is the world's first and currently the only company to achieve large-scale industrial production of liquid LiPF6. According to CIC consulting data, Tinci Materials has maintained the top global position in electrolyte shipment volume for nine consecutive years since 2016, achieving approximately 35.7% global market share in 2024.
The company has successfully expanded into cathode materials (including iron phosphate and lithium iron phosphate) and lithium battery adhesives (including PACK structural adhesives and binders), forming comprehensive lithium-ion battery material solutions. Tinci Materials has also positioned itself in advanced materials that will be widely applied in emerging fields such as autonomous driving, eVTOL, semiconductors, advanced engineering, and AI thermal management. The company's next-generation products include solid-state electrolytes, automotive electronics and semiconductor-specific adhesives and sealants, high-performance polymers (primarily PEEK and PI), high-efficiency coolants, and flame retardant materials.
Tinci Materials has established strategic cooperation agreements with leading global battery manufacturers and automotive companies. In 2024, eight of the world's top ten power battery manufacturers, all of the top ten energy storage battery manufacturers globally, and eight of the top ten consumer battery manufacturers worldwide were customers or utilized the company's products in their supply chains.
**Daily Chemical Materials and Specialty Chemicals Segment**
This segment primarily encompasses daily chemical materials such as carbomer, surfactants (including amino acid and amphoteric surfactants), silicone oil, and cationic conditioning agents, as well as specialty chemicals including organic silicon, rubber additives, and other advanced materials. Daily chemical materials are widely applied in personal care and household care products such as shampoo, body wash, laundry detergent, and disinfection products. Specialty chemicals are primarily used in various industrial, construction, and agricultural applications. Leveraging its research and development expertise in daily chemical materials, raw material advantages, advanced production processes, and solid customer network, the company has successfully expanded into the fragrance and flavor sector.
Tinci Materials was among the early companies in China's personal care industry to pursue international business expansion. Through over a decade of building international standards in research and development innovation systems, quality assurance frameworks, and EHS systems, the company has achieved stable improvements in relevant capabilities and formed effective international competitiveness. Tinci Materials has been deeply integrated into the supply chains of numerous multinational consumer goods leaders for years, serving nine of the world's top ten personal care manufacturers in 2024.
As of June 30, 2025, Tinci Materials operates 15 production bases in China with one additional facility under construction to strengthen service to major domestic customers. Beyond its China operations, the company engages two contract manufacturing suppliers, one in the United States and one in Germany. The company plans to establish new production bases in Morocco and the United States.
**Shareholding Structure**
According to the prospectus, as of September 15, 2025, Tinci Materials' pre-Hong Kong listing shareholding structure shows Mr. Xu Jinfu holding 36.50% as the controlling shareholder, with other A-share shareholders holding 63.50%.
**Board of Directors and Management**
Tinci Materials' board comprises nine directors, including five executive directors: Xu Jinfu (Chairman and General Manager), Xu Sanshan (Vice Chairman), Gu Bin (Deputy General Manager and CFO), Han Heng (Deputy General Manager, Board Secretary, and Joint Company Secretary), and Zhao Jingwei (Executive Director of the Company's National Engineering Technology Center, responsible for overall management and new materials R&D).
The board also includes four independent non-executive directors: Chen Limei (Deputy Director of Guangzhou Xindongyue Accounting Firm), Zhao Jianqing (Professor at South China University of Technology), Nan Junmin (Professor at South China Normal University), and Li Zhijuan (Partner at Guangdong Guangxin Junda Law Firm).
Additional senior management includes Deputy General Managers Huang Na and Shi Litao.
**Financial Performance**
The prospectus reveals that for 2022, 2023, 2024, and the first six months of 2025, Tinci Materials recorded operating revenues of RMB 22.317 billion, RMB 15.405 billion, RMB 12.518 billion, and RMB 7.029 billion respectively, with corresponding net profits of RMB 5.844 billion, RMB 1.842 billion, RMB 478 million, and RMB 265 million respectively.
**Professional Service Team**
The IPO's professional service team includes JPMorgan Chase, CITIC Securities, and GF Securities as joint sponsors; Grant Thornton as auditor; Guofeng as Chinese legal counsel; Linklaters as Hong Kong and US legal counsel; Jingtian & Gongcheng as underwriter's Chinese legal counsel; Allen & Overy Shearman Sterling as underwriter's Hong Kong and US legal counsel; Somerley Capital as compliance advisor; and CIC as industry advisor.
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