Hengkun New Materials' application for IPO on the Science and Technology Innovation Board has been accepted. It is a leading domestic supplier of semiconductor photoresists.

On December 26, Xiamen Hengkun New Materials Technology Co., Ltd. (Hengkun New Materials) had its IPO application for the Shanghai Stock Exchange Sci-Tech Innovation Board accepted. China Securities Co., Ltd. is its sponsoring institution, with plans to raise 1.2 billion RMB. According to the prospectus, Hengkun New Materials is dedicated to the research and industrial application of key materials in the integrated circuit field. It is one of the few domestic innovative enterprises with the capability to develop and produce key materials for 12-inch integrated circuit wafers, mainly engaged in the research, production, and sales of photolithography materials and precursor materials. The company's core technology focuses on the research and production of key materials, extending to the research and development of raw materials for key materials. During the reporting period, the company's self-produced products mainly include SOC, BARC, KrF photolithography materials, i-Line photolithography materials, and TEOS precursor materials, mainly used in the production of advanced NAND, DRAM memory chips, and logic chips at the 90nm technology node and below. Additionally, amid the increasing demand for domestic integrated circuit industry substitution, the company has introduced and sold photolithography materials, precursor materials, electronic specialty gases, and other wet electronic chemicals as key materials for integrated circuits, taking an innovative development path of "introduction, digestion, absorption, and reinvention." Taking the company's self-produced photolithography materials as an example, according to Frost & Sullivan market research, in the 12-inch integrated circuit field, the domestication rate of i-Line photolithography materials and SOC is around 10%, while for BARC and KrF photolithography materials, it is around 1-2%, and for ArF photolithography materials, it is less than 1%. In the foreseeable future, domestic key materials enterprises will still focus on domestication applications. The company is one of the few in the country to achieve mass production and supply of photolithography materials and precursor materials. According to Frost & Sullivan market research, in 2023, the company's sales volume of SOC and BARC has ranked first among domestic manufacturers in the market. Financially, in the fiscal years 2021, 2022, 2023, and January to June 2024, Hengkun New Materials achieved operating revenues of approximately 141 million RMB, 322 million RMB, 368 million RMB, and 238 million RMB respectively; during the same period, net profits were approximately 26.56 million RMB, 99.72 million RMB, 89.76 million RMB, and 44.09 million RMB respectively.