Xinkai Technology has submitted its IPO registration to the Shenzhen Stock Exchange, and its self-built production base for organic pigments is about to start operations.

On January 8th, Zhejiang Xinkai Technology Group Co., Ltd. (referred to as Xinkai Technology) applied for a change in the IPO review status of the Shenzhen Stock Exchange main board to "registration submitted." Guotou Securities is its sponsoring institution, with plans to raise 265 million yuan. The prospectus shows that Xinkai Technology is mainly engaged in the development, sales, and services of products such as organic pigments and colorants. The company's core competitiveness lies in product development, quality management, supply chain integration, and global sales network layout. Its main products include azo pigments, heterocyclic pigments, phthalocyanine pigments, which are mainly used in fields such as ink, coatings, and plastics. According to data from the market research firm Market Research Future, the global organic pigment market size is approximately 35.05 billion yuan, 33.786 billion yuan, and 36.862 billion yuan respectively from 2020 to 2022. The company's organic pigment sales amount to 950 million yuan, 1.147 billion yuan, and 1.145 billion yuan respectively, with the company's market share in the global organic pigment market being approximately 2.71%, 3.39%, and 3.11% respectively. Xinkai Technology is one of the leading suppliers in the global organic pigment market, with a certain level of reputation and influence in the industry. According to the Organic Pigment Professional Committee of the China Dyestuff Industry Association, the company has ranked first in the national organic pigment export industry for multiple consecutive years from 2015 to 2023. In addition, the company's self-built production base in Liaoning will officially start production in 2024 and is currently in the capacity climbing stage. This production base will serve as a supplement and improvement to the existing supply chain resources. The self-built production base is part of the dynamic management of supply chain resources. When the self-built production base reaches full production status, according to the feasibility study report of the project and the company's historical sales data calculation, the proportion of business income from direct external procurement will be approximately 70%, and the company's supply chain will present a structure with external supply as the main source and self-owned capacity as a supplement, without changing the company's overall mature business model. After deducting issuance expenses from the raised funds, Xinkai Technology plans to invest in the following projects: On the financial side, the prospectus shows that in the fiscal year 2021, 2022, 2023, and January-June 2024, Xinkai Technology achieved operating revenues of approximately 1.206 billion yuan, 1.192 billion yuan, 1.069 billion yuan, and 666 million yuan respectively. During the same period, the company achieved net profits of 89.0591 million yuan, 85.3109 million yuan, 84.547 million yuan, and 42.4921 million yuan respectively.