On January 14th, Jiangsu Qingquan Chemical Co., Ltd. (Qingquan Co., Ltd.) saw the status of its application for listing on the Shenzhen Stock Exchange's Growth Enterprise Market (GEM) change to "Under Inquiry." Guosen Securities Co.,Ltd. is acting as its sponsor, and the company aims to raise 492.3 million yuan.
According to the prospectus, Qingquan Co., Ltd. is a national-level "Little Giant" enterprise specializing in the research, development, production, and sales of specialty fine chemicals and specialty polymer new materials. It focuses on the preparation of polymer new materials and monomers with properties such as high transparency, high weather resistance, and high-temperature resistance, as well as the comprehensive utilization and development of non-grain biomass-based material furfural.
The company has established four major product systems covering new material monomers, green solvents, pharmaceutical and pesticide intermediates, and specialty polymer new materials. These products are widely used in end markets including aerospace, wind power, automotive, electronics and electrical, medical devices, chemicals, pharmaceuticals, and pesticides.
Using furfural as a starting raw material and extending downstream through the industrial application of its core technologies, the company has formed a unique non-grain biomass-based product portfolio. During the reporting period, the revenue contribution from its non-grain biomass-based product series to its main business revenue was 44.77%, 39.65%, 38.64%, and 37.13%, respectively.
Testing by third-party institutions indicates that the company's core products—the new material monomer MACM and the green solvent 2-MeTHF—along with key promoted products like the polyimide OPI series and the new material monomer CHDM, have reached high industry standards and are comparable to those of major competitors.
The company's core products hold significant market competitiveness and a strong industry position within their specific segments. Based on reports from Yiou Consulting and the company's sales data, it is estimated that in 2024, Qingquan Co., Ltd.'s global market share for MACM was approximately 28%, and for 2-MeTHF, it was approximately 19%.
On the customer front, the company actively promotes the industrial application of its core technologies, with its products competing directly in the global market. It has gained recognition from renowned domestic and international clients such as Zhangye Dagong, Geruida Group, Feiyang Junyan, IMCD Group, Huayi Group, Kyowa Group, Zhongninghua Group, Asymchem, and Sinopec.
After deducting issuance expenses, the net proceeds from this offering will be invested in projects related to the company's main business.
Financially, for the years 2022, 2023, 2024, and the first half of 2025, Qingquan Co., Ltd. reported operating revenues of approximately 687 million yuan, 713 million yuan, 797 million yuan, and 396 million yuan, respectively. Net profits for the same periods were 52.8297 million yuan, 81.8236 million yuan, 98.6632 million yuan, and 57.9112 million yuan, respectively.
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