Fuen Co., Ltd. submitted an IPO registration on the Shenzhen Stock Exchange and has become a leading manufacturer of recycled fabrics for clothing in China
The Zhitong Finance App learned that on December 29, Hangzhou Fuen Co., Ltd. (Fuen Co., Ltd.) applied for an IPO review status on the Shenzhen Stock Exchange main board to “submit registration”. CITIC Securities is its sponsor and plans to raise 1.25 billion yuan.
According to the prospectus, Fuen Co., Ltd. was founded in January 1997. It is a global supplier of eco-friendly fabrics with sustainable development as the core. Its main business is R&D, production and sales of eco-friendly fabrics. It has now become a large-scale enterprise integrating fabric design, R&D, spinning, weaving, printing and dyeing, finishing and sales.
The main products of Fuen Co., Ltd. are eco-friendly fabrics, mainly recycled fabrics. Currently, it has become a leading manufacturer of recycled fabrics for clothing in China.
The company mainly uses independent production, supplemented by outside processing. The company's production model is mainly “order-based production”. Since there are large differences in customer requirements in terms of product quality standards, color, size and appearance, order-based production can effectively meet the differentiated needs of customers, and production can be flexibly organized according to market and customer needs. The company has production bases in Hangzhou, Zhejiang, Jiangsu, and Vietnam. It has a vertical production system for spinning, weaving and dyeing, which can effectively integrate resources, achieve efficient collaboration, and achieve timely production and rapid delivery of orders.
The end customers of Fuen Co., Ltd. are mainly large well-known clothing brands at home and abroad, including H&; M, Uniqlo, GU, ZARA, Peace Bird, and Lilang. The company has deep cooperative relationships with major clothing brands and has an important position in its supply chain. The company is the largest supplier of H&; M recycled poly-viscose blended fabrics and was awarded a gold medal fabric supplier; it is Uniqlo's largest supplier of recycled polyester and viscose blended fabrics; it is the largest supplier of GU recycled fabrics, and has been awarded the title of trustworthy business partner by Uniqlo and GU. The company is also a strategic partner of the domestic FMCG brand UR, and has been awarded the Outstanding Cooperation Award by Peacebird, etc.
Adhering to the strategic mission of “sustainable fashion, creating new value in textiles”, the company brings a diversified experience of environmentally friendly fabrics to global consumers through innovative application and research of sustainable raw materials and sustainable production processes, which is a typical example of the new quality of productivity in the textile industry.
The proposed capital raising plan for this offering is to invest in the following projects:
On the financial side, Fuen Co., Ltd.'s operating performance was stable. In 2022, 2023, 2024, and January-June 2025, the company achieved operating income of 1,764 million yuan, 1,517 billion yuan, 1,813 million yuan, and 938 million yuan respectively; in the same period, net profit of 277 million yuan, 229 million yuan, 275 million yuan and 105 million yuan was recorded.
