Zhuzhou Kenuo Kechuang Board IPO "terminated", committed to the development and industrialization of III-V group chemical element material purification technology.

On October 31, Zhuzhou Keneng New Materials Co., Ltd. (referred to as Zhuzhou Keneng) changed its IPO review status on the Shanghai Stock Exchange's Sci-Tech Innovation Board to "terminated." Zhuzhou Keneng and its sponsor withdrew their application for listing, and in accordance with Article 63 of the Shanghai Stock Exchange Stock Issuance and Listing Review Rules, the IPO review was terminated. According to the prospectus, the company has long been committed to the development and industrialization of purification technology for Group III-V chemical element materials, mainly engaged in the research, production, and sales of 4N and above gallium, indium, bismuth, tellurium, and other rare metal elements and their oxides. The products mainly include high-purity gallium, high-purity indium, refined indium (4N5-5N), indium oxide, gallium oxide, industrial gallium, bismuth and bismuth oxide, etc., which are mainly used in the production of compounds such as indium phosphide, gallium arsenide, CECEP Solar Energy cell p-type silicon wafers, ITO and other target materials synthesis, as well as in the manufacture of high-end products in the pharmaceutical and chemical industries. The company's high-purity gallium, indium, and other rare metals are key foundational materials for compound semiconductors and ITO targets, and their quality significantly impacts the synthesis of compound semiconductors and targets. Due to the presence of well-known companies in the compound semiconductor and target industries mostly in developed countries abroad, the high-purity rare metal industry in which the company operates exhibits an international competitive landscape, with market share mainly held by overseas renowned manufacturers like Indium Corporation, Dowa, Rasa, and 5NPlus, as well as a few domestic companies like Guangdong Xindao and Zhuzhou Keneng. The aforementioned foreign companies have early entry into the industry, with many well-known downstream industry customers, giving them significant advantages in terms of technology, research capabilities, and production capacity compared to domestic manufacturers. Although China started relatively late in the field of high-purity rare metal materials, leveraging the advantage of being the world's largest native rare metal production area as well as the rapid rise of downstream companies in the compound semiconductor and target markets, in recent years, a few domestic enterprises like Guangdong Xindao and the company have continuously increased their research and development investment to drive production equipment, technology processes upgrading, and product performance enhancement. As a specialized manufacturer in rare metal purification, the company has successfully provided support to numerous well-known customers of compound semiconductors and ITO targets domestically and internationally, with some products occupying leading positions in the global market and gradually highlighting their market competitive position. According to statistics from the Rare Metals Branch of the China Nonferrous Metals Industry Association, as of 2024, the company's high-purity indium products hold a domestic market share of 49%, ranking first in production scale, output, and value nationwide; the company's high-purity gallium products hold a domestic market share of 23%, ranking first domestically in market share, with high market recognition. The company has become one of the main providers of high-purity gallium and high-purity indium materials globally, with overall technical performance at a leading level domestically, and is the main or sole supplier of high-purity gallium or high-purity indium in China for global leading compound semiconductor manufacturers like Freiberger, Sumitomo Electric, Wafer, 5NPlus, and Rasa. The company's high-purity gallium and high-purity indium have been essentially covered by major domestic compound semiconductor manufacturers such as Sanan Optoelectronics, Suzhou Navo, Yunnan Xinyao, Zhejiang Kangpeng, as well as research institutes like the Chinese Academy of Sciences Semiconductor Institute, and leading domestic CECEP Solar Energy cell p-type silicon wafer production companies like LONGi Green Energy Technology. The company is a leading provider of ITO, IGZO and refined indium domestically, occupying a dominant position in the domestic market, essentially covering major ITO, IGZO target material manufacturers globally, with core customers including Mitsui Metals, ANP, Ooyang Technology, Longhua Technology Group, Fujian Acetron New Materials, Yenex Technology, Hebei Hengbo, and other major downstream industry renowned manufacturers domestically and internationally, serving as the sole supplier of refined indium in China for global leading ITO target material enterprise Mitsui Metals. The high-quality bismuth and its oxides produced by the company are important raw materials for alloy, solder, electronic materials, high-end pigments, and pharmaceutical intermediates, mainly supporting international renowned companies like VIBRANTZ, SHINTO, KCC, SUNCHEMICAL, with production and sales scale and technical level ranking at the forefront domestically. In terms of finances, in the years 2022, 2023, and 2024, the company achieved operating income of approximately 679 million yuan, 609 million yuan, and 787 million yuan respectively; with net profits of 50.82 million yuan, 43.04 million yuan, and 72.07 million yuan respectively.