Tinci Materials' Hong Kong IPO Likely To Raise Over $1B

Benzinga_recent_news03-30

A listing by the world's leading maker of electrolyte materials used in lithium batteries is likely to raise more than $1 billion image credit: Bamboo Works Tinci isn't sitting idly by while all that ...

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All that said, Tinci looks pretty well positioned, at least for now. Unlike many others in the new energy sector, the company has managed to remain comfortably profitable over the last three years, though its profit fell sharply in 2024 at the height of a price war caused by oversupply. It began to recover last year, with its profits bouncing back.As prices stabilized, Tinci returned to revenue growth, as the figure rose 33% to 16.6 billion yuan last year. The big majority of its revenue, 96.2%, came from customers in China last year. Tinci is aiming to expand its geographical footprint beyond its home market, and last year signed separate agreements to set up two new production bases, one in Moro","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"300037":"新宙邦","BK0028":"国家队","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","LU1861214812.USD":"Blackrock Future of Transport A2 USD","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","BK0132":"高送转概念","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU1997245177.USD":"安联神洲A股基金","BK0076":"特斯拉","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU1861219969.SGD":"Blackrock Future of Transport A2 SGD-H","LU2580892789.USD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (USD) ACC","BK0155":"锂电池","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","LU2360107325.USD":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","IE0005HP3H50.USD":"GUINNESS CHINA \"C\" (USD) ACC","BK0014":"新能源汽车","BK0070":"员工持股","BK0169":"共享汽车","BK0196":"行业龙头","002594":"比亚迪","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","LU2580892862.HKD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (HKD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","BK0003":"超级电容","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","LU1146622755.USD":"安本中国A股股票基金A Acc","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","BK0264":"汽车制造","LU2663582299.SGD":"BSF BLACKROCK SYSTEMATIC ASIA PACIFIC EQUITY ABSOL \"A2\" (SGDHDG) ACC","BK0229":"化学制品","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU1508157978.USD":"BSF BLACKROCK SYSTEMATIC ASIA PACIFIC EQUITY ABSOLUTE RETURN \"A\" (USD) ACC","BK0183":"MSCI概念","BK0188":"融资融券","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK0072":"苹果","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC"},"translate_title":"天赐材料香港IPO可能筹集超过10亿美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300037":1,"EVS.SI":0.6,"002594":1},"content_text":"A listing by the world's leading maker of electrolyte materials used in lithium batteries is likely to raise more than $1 billion\nimage credit: Bamboo Works\nTinci isn't sitting idly by while all that is happening, and is developing products for emerging new areas. Still, the rapid pace of change shows that it could easily be overtaken by other companies that develop better products, especially in the current climate where Western governments are trying to seize back some of the momentum from Chinese companies that have come to dominate the new energy sector.\nAll that said, Tinci looks pretty well positioned, at least for now. Unlike many others in the new energy sector, the company has managed to remain comfortably profitable over the last three years, though its profit fell sharply in 2024 at the height of a price war caused by oversupply. It began to recover last year, with its profits bouncing back.\nThe company is also trying to build up businesses in new areas, including manufacturing of chemicals used in daily products like shampoo and laundry detergent. But those businesses remain small, at least for now, and capacity utilization rates at related manufacturing facilities remain quite low – around 40% – as the company ramps up production of those products and looks for new customers.\nThe company is the world's top maker of electrolyte material used in lithium-ion batteries with 35.7% of the market, ahead of electric vehicle (EV) giant BYD (1211.HK; 002594.SZ) with 15.6% of the market. Number three is Shenzhen Capchem (300037.SZ), which has 13.8% of the market and in January also applied to list in Hong Kong to complement its current Shenzhen listing.\nThis particular IPO looks like it should be relatively large, almost certain to raise more than $1 billion. The first big hints come from its list of underwriters, which include global giant JPMorgan and Chinese leader Citic Securities, indicating the share sale is likely to attract big institutional investors from both China and globally.\nNext, we'll take a closer look at Tinci's financials, which show the big hit it took in 2024 and some of the steps it's taking to try to diversify beyond selling lithium battery electrolyte materials to Chinese customers.\nThe company's revenue fell 19% in 2024 to 12.5 billion yuan, as its average selling price for lithium battery electrolyte tumbled 45% that year from 2023 levels. Average electrolyte prices continued to fall another 5.6% last year, though increases in some other areas helped the company record an increase of 4.3% in average selling price for its overall lithium ion battery materials that year.\nAs prices stabilized, Tinci returned to revenue growth, as the figure rose 33% to 16.6 billion yuan last year. The big majority of its revenue, 96.2%, came from customers in China last year. Tinci is aiming to expand its geographical footprint beyond its home market, and last year signed separate agreements to set up two new production bases, one in Morocco working with the government, and the other in the U.S. working with a local joint venture partner.\nOn its bottom line, Tinci's profit fell by more than two-thirds in 2024 to 478 million yuan as electrolyte prices plunged. But it bounced back to 1.34 billion yuan last year as prices stabilized.\nOverall, things look relatively positive for the company's IPO. Its market-leading position and early steps to diversify geographically and into new emerging areas like sodium-ion batteries should help it command a valuation premium over its peers. At the same time, its stabilizing business should ease investor concerns about future price pressures.\nTo subscribe to Bamboo Works free weekly newsletter, click here\nBenzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2623318742","isCrawlerRequest":true}