Jiangxi Tongbo Technology Co., Ltd. has once again submitted its listing application to the Hong Kong Stock Exchange main board, with the filing dated August 31, according to exchange disclosures. Guosen Securities (Hong Kong) serves as the sole sponsor for this IPO attempt.
The company operates as a comprehensive electrolytic copper foil solutions provider in China, concentrating on the design, research, development, manufacturing, and commercialization of high-performance electrolytic copper foil products. During the track record period, the group's revenue stream has been primarily generated through sales of lithium battery copper foil and electronic circuit copper foil products. In response to rising demand from downstream sectors including artificial intelligence and high-performance computing, the company is strategically pivoting toward electronic circuit copper foil offerings, particularly reverse-treated foil (RTF) and ultra-low profile copper foil (HVLP) products, which management expects to become the primary growth engine for future business expansion.
According to data from Frost & Sullivan, the company ranked as the world's tenth-largest electrolytic copper foil producer by sales volume in 2025, commanding approximately 2.3% of the global market share. Leveraging its technical foundation and industry expertise, the firm delivers customized solutions and tailored products designed to meet the evolving requirements of diverse downstream clients across a broad spectrum of applications and industrial sectors.
The company's technological capabilities enable it to supply critical core materials essential for supporting the growth of new energy and electronic information industries. Its product portfolio includes lithium battery copper foil, a vital component used in various lithium batteries powering new energy vehicles (NEVs), energy storage systems (ESS), and consumer electronics, alongside advanced electronic circuit copper foil, which plays an essential role in manufacturing printed circuit boards (PCBs) and copper clad laminates (CCL) utilized across AI and high-performance computing, 5G/6G communications, consumer and automotive electronics, and commercial aerospace markets.
Additionally, the company supplies RTF and HVLP products to multiple leading domestic PCB and CCL manufacturers, specifically targeting the AI and high-performance computing sector, and has dispatched samples of novel anode current collector materials designed for solid-state and semi-solid batteries to globally prominent battery manufacturers.
Committed to creating value for customers, the company focuses on strengthening its competitive edge through research and development, product quality enhancement, improved service responsiveness, and cost efficiency optimization. This comprehensive approach enables the company to transcend conventional supplier relationships and evolve into a collaborative partner. By engaging early in customer development cycles and understanding their technology roadmaps, the company participates in co-development initiatives to deliver customized, high-value products. These collaborations have fostered long-term relationships with industry-leading customers, enhancing demand visibility, supporting joint product development, and consolidating the company's competitive market position.
As of the latest practicable date (August 25, 2026), the company has established long-term partnerships with seven of the world's top ten lithium battery manufacturers, comprising four Chinese companies and three Korean companies.
Financial Performance
For the fiscal years 2023, 2024, 2025, and the six-month period ended June 30, 2026, the company generated revenues of approximately RMB 3.163 billion, RMB 3.212 billion, RMB 4.212 billion, and RMB 3.403 billion, respectively.
In terms of profitability, the company recorded annual/period profits and total comprehensive income of approximately RMB 63.057 million, RMB 20.58 million, RMB 93.834 million, and RMB 165 million for the corresponding periods.
Industry Overview
Electrolytic copper foil is a metal foil material produced by electrodepositing copper ions onto a cathode from a copper sulfate solution. The raw foil undergoes a series of surface treatments based on its intended application to enhance performance before being slit into final products. It serves as an indispensable critical base material in industries such as new energy lithium batteries and electronic information.
Based on core performance requirements of downstream applications, electrolytic copper foil is primarily categorized into two main types: lithium battery (LIB) copper foil and electronic circuit copper foil. Lithium battery copper foil can be further classified by thickness into ultra-thin foil (less than 6μm) and super-thin foil (6-10μm). Additionally, tensile strength and elongation are key physical indicators for lithium battery copper foil, reflecting its resistance to fracture and deformability capabilities, with high strength and good elongation ensuring downstream products do not easily break during manufacturing and use.
Electronic circuit copper foil is classified into thin foil (10-18μm), conventional foil (>18-70μm), and thick foil (>70μm). Lower surface roughness in electronic circuit copper foil allows signal currents to flow more smoothly across the copper surface, reducing scattering and reflection, thereby minimizing signal transmission losses.
The global electrolytic copper foil market expanded from RMB 70.2 billion in 2021 to RMB 179.9 billion in 2025, representing a compound annual growth rate (CAGR) of 26.5%. The market is projected to further grow to RMB 449.2 billion by 2030, maintaining a CAGR of 18.7% from 2026 to 2030. In 2025, the global lithium battery copper foil market reached RMB 128.4 billion, with expectations to hit RMB 364.4 billion by 2030, reflecting a 21.1% CAGR from 2026 to 2030. The PCB-grade copper foil market is anticipated to expand from RMB 51.5 billion in 2025 to RMB 84.8 billion by 2030, at a 10.5% CAGR from 2026 to 2030.
Concurrent high-speed growth in end-application sectors including AI and high-performance computing, drones, eVTOL, embodied AI robots, electric construction machinery, electric agricultural machinery and electric vessels, as well as NEVs, ESS, and 5G/6G communications, combined with continuous technological upgrades, is driving steady expansion of the global electrolytic copper foil market. Lithium battery copper foil benefits from the flourishing NEV and energy storage industries, while electronic circuit copper foil gains from technological advances in AI and high-performance computing, 5G/6G communications, and embodied robotics.
China's electrolytic copper foil market grew from RMB 42.2 billion in 2021 to RMB 124.2 billion in 2025, representing a CAGR of 30.9%. It is expected to reach RMB 292.8 billion by 2030, with an 18.5% CAGR from 2026 to 2030. In 2025, China's lithium battery copper foil market was valued at RMB 89.3 billion, projected to grow to RMB 230.4 billion by 2030, representing a 20.7% CAGR from 2026 to 2030. Furthermore, China's PCB-grade copper foil market is expected to grow from RMB 34.9 billion in 2025 to RMB 62.4 billion by 2030, at a 12.1% CAGR from 2026 to 2030.
Board Composition
The company's board comprises nine directors, including four executive directors, one non-executive director, and four independent non-executive directors. The board holds responsibility for and maintains general authority over the management and operation of the business.
Shareholding Structure
As of the latest practicable date, pursuant to the concert party agreement, Mr. Li Xianyang and Mr. Li Siyang collectively hold rights to exercise approximately 64.0% of the voting power of the company's total issued share capital. Specifically, Mr. Li Xianyang has the right to exercise approximately 39.3% of related voting rights through his direct ownership interest in 91,545,000 shares, while Mr. Li Siyang has the right to exercise approximately 24.7% of related voting rights through his direct ownership interest in 57,375,209 shares.
Furthermore, Mr. Li Siyang also serves as the executive partner of Zhuhai Xinyan, a limited liability partnership that holds approximately 7.1% of the company's total issued share capital as of the latest practicable date. Given the foregoing, Mr. Li Xianyang, Mr. Li Siyang, and Zhuhai Xinyan collectively possess the right to exercise approximately 71.1% of the voting power of the company's total issued share capital as of the latest practicable date and are deemed a group of controlling shareholders.
Advisory Team
The sole sponsor is Guosen Securities (Hong Kong) Limited. Legal advisors include Chow, Kwan & Lo in association with Beijing Commerce & Tongshang Law Firm and Beijing Deheng Law Offices. The sole sponsor's legal counsel comprises Sullivan & Cromwell (Hong Kong) LLP and Shanghai Fangda (Shenzhen) Law Firm. The auditor and reporting accountant is Ernst & Young. The industry consultant is Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.
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