New Stock News | Po Gai New Materials submits application to Hong Kong Stock Exchange's GEM, ranking first in the industry of China's cable trench covers and GFRP cable trench covers.

According to the disclosure by the Hong Kong Stock Exchange on September 24th, Shandong Baogai New Material Technology Co., Ltd. ("Baogai New Material") has submitted its listing application to the GEM of the Hong Kong Stock Exchange, with Zhongtai International as the exclusive sponsor. According to the prospectus, Baogai New Material was established in 2009 and has become a market and technology leader in the GFRP ditch cover industry in China, specializing in the production of GFRP ditch cover products mainly used to meet the engineering and infrastructure needs. The company's comprehensive product portfolio mainly includes cable ditch covers, drainage ditch covers, and manhole covers, providing services to important sectors in China such as electricity, transportation, urban public facilities, water conservancy projects, and petrochemical engineering. Baogai New Material's revenue comes from the sales of cable ditch covers, manhole covers, drainage ditch covers, and others. Baogai New Material is committed to product quality and R&D innovation. According to Frost & Sullivan data, the company has achieved the following milestones in terms of market share based on revenue: Ranked first among participants in the Chinese cable ditch cover industry. In 2024, Baogai New Material had the leading market share in the Chinese cable ditch cover industry. In 2024, the market share in the cable ditch cover industry was approximately 2.36%, double that of the second-largest enterprise. Ranked first among participants in the Chinese GFRP cable ditch cover industry. In 2024, the company had the leading market share in the Chinese GFRP cable ditch cover industry. In 2024, the market share in the GFRP cable ditch cover industry was approximately 8.94%, double that of the second-largest enterprise. Ranked third among participants in the Chinese ditch cover industry. In 2024, Baogai New Material held the third position in the Chinese ditch cover industry with a market share of approximately 1.35%. Baogai New Material operates three production plants in Shandong Province and Shaanxi Province, with a total land area of approximately 42,769 square meters and a building area of approximately 23,400 square meters. These plants are equipped with machinery including molding machines, kneading machines, oil temperature machines, mesh drawing machines, and rebar processing equipment, with an operating rate ranging from 55.1% to 72.8% during the historical period. Financially, the company achieved revenues of approximately RMB 137 million, RMB 131 million, and RMB 46 million in the fiscal year 2023, 2024, and the first six months of 2025 respectively; during the same period, the company's net profit attributable to equity shareholders was approximately RMB 25.22 million, RMB 21.62 million, and RMB 5.127 million respectively. According to the risk factors section in Baogai New Material's prospectus, changes in market demand for the company's products, or the failure of the composite material ditch cover market to achieve expected growth or lack of growth momentum, could have a significant adverse impact on the company's sales and profitability.