A new stock subscription and a new stock listing will take place on January 16th. The stock available for subscription is Hengyunchang (688785.SH) on the STAR Market, while the stock set to list is Kema Materials (920086.BJ) on the Beijing Stock Exchange. Hengyunchang is a leading domestic supplier of core components for semiconductor equipment, primarily engaged in the R&D, production, sales, and technical services of plasma radio frequency power supply systems, plasma excitation devices, plasma DC power supplies, and various accessories. According to Frost & Sullivan statistics, Hengyunchang ranked first in market share among domestic plasma RF power supply system manufacturers in the Chinese mainland semiconductor industry in 2024.
Technically, according to its prospectus, Hengyunchang possesses 108 granted invention patents and has 133 invention patent applications pending. The company is recognized as a National High-Tech Enterprise, a council member of the China Integrated Circuit Components Innovation Alliance, a National Key "Little Giant" specializing in niche sectors, a National "Little Giant" specializing in niche sectors, an innovation base for RF switch-mode power supplies under the "Science and Technology Innovation China" initiative, the 2024 Manufacturing Champion in Guangdong Province, and the Guangdong Provincial RF Switch-Mode Power Supply Engineering Technology Research Center. Its products have been mass-produced and delivered to leading domestic semiconductor equipment manufacturers such as Piotech, AMEC, NAURA, Leadmicro, and ACM Research (Shanghai), establishing itself as a strategic supplier for top domestic equipment makers in thin-film deposition and etching processes. As of June 30, 2025, the company had 38 self-developed products generating million-level revenue and 24 self-developed products generating ten-million-level revenue with the aforementioned customers.
Regarding its client base, Hengyunchang's major customers include Piotech, Hongda Vacuum, NAURA, AMEC, and Leadmicro. From 2022 to the first half of 2025, the combined revenue from the top five customers accounted for 73.54%, 80.39%, 90.62%, and 89.37% of the period's total revenue, respectively, indicating a high degree of customer concentration. Specifically, sales revenue from Piotech was 72 million yuan, 189 million yuan, 341 million yuan, and 189 million yuan, accounting for 45.23%, 58.16%, 63.13%, and 62.06% of the operating revenue, respectively. The prospectus states that while sales to the largest customer, Piotech, exceed 50%, this situation is reasonable. Furthermore, cooperation progress and order backlog with other customers are favorable, and the company's core competitiveness and sustainable operational capacity remain strong; thus, the current high customer concentration does not pose a significant adverse impact on its ongoing operations.
It is noteworthy that Hengyunchang currently operates primarily from leased premises, presenting a risk related to leased properties and potential property rights imperfections. According to the prospectus, all of Hengyunchang's main operational sites are obtained through leasing. The company cautions that if it cannot renew leases normally upon expiration or if lessors default during the lease term, it could face potential risks associated with relocation, which might adversely affect business operations. Significant rent increases could also negatively impact the company's overall operational performance.
Kema Materials, founded in 2002, is primarily engaged in the R&D, production, and sales of dry clutch friction plates and wet paper-based friction plates, and is committed to the development and application of new friction materials. The company's main products are dry clutch friction plates and wet paper-based friction plates.
The prospectus indicates that Kema Materials is one of the leading drafters of industry standards for domestic dry friction plates, having participated in the drafting of multiple national, industry, and association standards. The company possesses a provincial-level enterprise technology center and a Zhejiang Provincial Postdoctoral Workstation, and is recognized as a High-Tech Enterprise, an MIIT "Little Giant" specializing in niche sectors, and a Zhejiang Provincial "Hidden Champion" enterprise.
In terms of customer resources, the company's main clients include major domestic clutch manufacturers such as ZF (Jiaxing), Fast Eaton, Fuda股份, Zhejiang Qidie, Changchun Yidong, Tieliu股份, Hubei Sanhuan, Hongxie股份, Huayu Power, and Aodehua. Its products are used in numerous well-known brand enterprises, including Sinotruk, FAW Jiefang, Dongfeng Motor, Beiqi Foton, Weichai Group, Shaanxi Automobile Group, Sany Group, Yuchai Group, Volvo, Peugeot, Renault, Nissan, SAIC-GM-Wuling, and AITO.
However, Kema Materials cautions in its prospectus about the risk of being unable to further increase its product market share. The company points out that the main competitors in the domestic dry friction plate market are itself, Schaeffler, and PHC Valeo. The challenge in increasing its domestic market share lies in competing directly with Schaeffler and PHC Valeo, leveraging its advantages in technology, product, and cost to encourage customers to increase their procurement share from Kema Materials, reduce procurement of foreign brands, and advance the localization process for dry friction plate production.
Kema Materials states that it is actively exploring the international market, participating in global competition, and expanding its base of overseas customers for dry friction plates. Nevertheless, if the company fails to make continuous favorable progress in competing with foreign brands, if the localization process for dry friction plates is hindered, or if its international market expansion falls short of expectations, there is a risk that its product market share may not be further increased.
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