IPO News | Xinzhoubang (300037.SZ) once again listed the Hong Kong Stock Exchange as the world's second-largest supplier of battery electrolytes
The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 28, Shenzhen Xinzhoubang Technology Co., Ltd. (abbreviation: Xinzhoubang, 300037.SZ) has once again submitted a listing application to the main board of the Hong Kong Stock Exchange. CITIC Securities and CICC are co-sponsors.
Company profile
According to the prospectus, the company is a provider of electronic chemicals and functional materials headquartered in China. The company is mainly engaged in research and development, manufacturing and sales services for battery chemicals, organic fluorine chemicals and electronic information chemicals. Adhering to a core strategic philosophy centered on customers and driven by technological innovation, the company provides customers with comprehensive solutions covering industries such as new energy vehicles (NEV), energy storage systems (ESS), consumer electronics, AI and digital infrastructure, semiconductor manufacturing, pharmaceuticals, and other advanced industrial applications. The company already has a full chain of concept, design, development, verification, mass production and continuous optimization, and has 13 production sites as of the last practical date (August 20, 2026).
The lithium battery electrolyte market concentration is relatively high. It is dominated by a few large producers with a regional layout, and there is also a long-standing market composed of many small processors. When it comes to battery chemicals, the company's main competitors include electrolyte producers. According to Frost & Sullivan, the five major electrolyte producers together account for about 57% of the electrolyte market share in terms of revenue. In terms of battery electrolyte revenue in 2025, the company is the second-largest supplier of battery electrolytes in the world. Furthermore, from 2020 to 2025, the company achieved the largest global market share in battery electrolyte revenue (excluding China).
The organofluorine chemicals industry has the characteristics of high technical and safety requirements, large capital investment, and long customer certification cycles. The company is involved in various stages of the organofluorochemicals value chain, and its business coverage extends from upstream fluorinated basic materials and intermediates to downstream fluoropolymers and fluorinated fine chemicals. Although the market has always been dominated by overseas material manufacturers, more and more Chinese chemical companies that originally operated in other parts of the fluorochemical industry chain are actively expanding into high value-added fields, such as HFPO and its downstream products. The company is the world's largest manufacturer in 2025 in terms of revenue from global HFPO and its downstream products.
The company's electronic information chemicals division covers capacitor chemicals and semiconductor chemicals, which present a different competitive pattern. In the field of capacitor chemicals, the market concentration is relatively high, mainly dominated by professional suppliers that have established long-term cooperative relationships with capacitor manufacturers. According to Frost & Sullivan, the company's capacitor chemicals ranked first in the world in terms of revenue from 2020 to 2025. According to Frost & Sullivan, the company's semiconductor chemicals business has achieved stable batch supply to major IC manufacturers in the Chinese market. As far as the electronic information chemicals segment is concerned, the company ranked first among companies in China based on the market share of semiconductor coolants in the Chinese market in 2025.
Financial data
revenue
In 2023, 2024, 2025, and 2026 for the six months ended June 30, the company achieved revenue of approximately RMB 7.472 billion, RMB 7.836 billion, RMB 9.628 billion, and RMB 7.455 billion, respectively.
profit
For the six months ended June 30 in 2023, 2024, 2025, and 2026, the company's annual/period profits were approximately RMB 1,014 million, RMB 951 million, RMB 1,097 million, and RMB 999 million, respectively.
Industry Overview
Battery chemicals refer to electrolytes and their raw material components, including solvents, solutions and additives. The global battery chemicals market grew rapidly from RMB 20.6 billion in 2021 to RMB 69.6 billion in 2025, with a CAGR of 35.6%. It is expected to reach RMB 172.3 billion by 2030, and a CAGR of 16.4% from 2026 to 2030. Global battery electrolyte market revenue increased sharply from RMB 13.8 billion in 2021 to RMB 48.7 billion in 2025, with a CAGR of 37.1%. Market revenue is expected to increase further to RMB 125.8 billion by 2030, with a CAGR of 17.4% from 2026 to 2030. Revenue growth was driven by rising battery shipments, upgrading the product structure to high-performance electrolytes, and increasing use of high-voltage and fast-charging battery technology.
China's battery electrolyte market is rapidly expanding along with the growth of the domestic battery industry. Market revenue increased from RMB 8.2 billion in 2021 to RMB 36.9 billion in 2025. The compound annual growth rate during this period was 45.7%, mainly driven by large-scale deployment of electric vehicles and energy storage systems. Looking ahead, the market is expected to maintain steady growth during the forecast period, supported by the continued expansion of battery production capacity, the gradual penetration of high-performance electrolyte products, and the application of new battery technology. Electrolytes for electric vehicle batteries still dominate, and energy storage electrolytes are growing faster than consumer electronics applications.
The growth of the organofluorine chemicals market is due to the continued expansion of demand for high-performance materials in downstream industries, including AI and digital infrastructure, pharmaceuticals, clean energy, rail transit and other applications. Due to their unique characteristics such as chemical stability, heat resistance, corrosion resistance and dielectric properties, the adoption rate of organic fluorine chemicals in high-end applications is constantly increasing. Global organic fluorochemicals market revenue increased significantly from RMB 98.8 billion in 2021 to RMB 182.4 billion in 2025, with a CAGR of 16.6%. Market revenue is expected to rise further to RMB 333.7 billion by 2030, with a CAGR of 12.5% from 2026 to 2030. The global market size of hexafluoroethylene oxide and its downstream products will grow from RMB 2 billion in 2021 to RMB 6.1 billion in 2025, and is expected to reach RMB 12 billion by 2030, of which hexafluoropropane and its downstream products will account for about 3.3% of the organofluorofluorochemicals market in 2025.
The development of the organic fluorochemicals market in China has benefited from the expansion of the downstream manufacturing sector and the upgrading of the industrial structure to high value-added materials. Growing demand from the downstream industry is driving the adoption of organofluorine chemicals in high-end applications. At the same time, the domestic substitution process is accelerating, technological progress and production capacity expansion for high-end and specialty products continue to boost market demand and help the industry develop sustainably. China's organic fluorine chemicals market revenue increased significantly from RMB 42.2 billion in 2021 to RMB 82.4 billion in 2025, with a compound annual growth rate of 18.2%. Market revenue is expected to increase further to RMB 154 billion by 2030, with a CAGR of 12.9% from 2026 to 2030.
Board Information
The Board of Directors of the Company consists of nine directors, including five executive directors, one non-executive director and three independent non-executive directors. The company's directors serve for a term of three years and are eligible for re-election. According to relevant Chinese laws and regulations, independent non-executive directors may not be re-elected for more than six years. The main powers and functions of the board of directors include, but are not limited to, holding shareholders' meetings, submitting reports to shareholders' meetings and implementing resolutions passed at shareholders' meetings, determining the company's operating, financial and investment plans, and exercising other powers and functions granted by the articles of association and authorized by the shareholders' meetings.
Shareholding structure
As of the last practical date, the company's controlling shareholder group (including Mr. Qin, Mr. Zhou, Ms. Zhong, Mr. Zheng, Ms. Zhang and Ms. Deng).
Intermediary team
Co-sponsors: CITIC Securities (Hong Kong) Limited, China International Finance Hong Kong Securities Limited;
Legal Advisors: Zhong Lun Law Firm Limited Liability Partnership, Zhong Lun Law Firm;
Legal advisors to the co-sponsors: Beck McKenzie International Law Firm, Haiwen Law Firm;
Auditors and reporting accountants: Ernst & Young;
Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.