Fengshi Corporation's IPO on the Shanghai Stock Exchange was approved. The company is a professional manufacturer of materials for wind turbine blades.

On November 18th, Zhejiang Zhenshi New Material Co., Ltd. (Zhenshi Co., Ltd.) passed the listing committee meeting of the Shanghai Stock Exchange main board IPO. The sponsor institution is China International Finance Co., Ltd., with plans to raise 3.981 billion yuan. The prospectus mentioned that Zhenshi Co., Ltd. has become a global leading manufacturer of materials for wind turbine blades. According to the prospectus, Zhenshi Co., Ltd. is a national high-tech enterprise mainly engaged in the research, production, and sales of fiber-reinforced materials in the clean energy field. Since its establishment, the company has continuously provided high-quality and innovative solutions for downstream applications in the clean energy field, covering industries such as wind power generation, photovoltaic power generation, new energy vehicles, construction materials, transportation, electronics, electrical, and chemical environmental protection. According to statistics from the CHINA GLASS Fiber Industry Association, by 2024, the company's global market share of wind power fiberglass fabrics will exceed 35%, with a globally leading production and sales scale. The company was the first in China to mass-produce high-stiffness fiberglass pultruded profiles and carbon-glass hybrid pultruded profiles for wind turbine blade main beams, providing a series of solutions for industrial progress and industry development, promoting the large-scale and lightweight upgrade of wind turbine blades and the development of offshore wind turbine blades. In the field of photovoltaic power generation, the company's independently developed photovoltaic frames have obtained the world's first certificate from TV Rheinland testing agency and passed the TV Rheinland 2PfG2923 standard certification, showing excellent performance in aging resistance testing, flame resistance, mechanical properties, etc. The company mainly conducts market research, customer development, product promotion, and after-sales maintenance through a direct sales model. The company has set up marketing service points in multiple regions globally and domestically to provide products and services to customers worldwide. The company has established stable cooperative relationships with well-known global customers and has become a major supplier to leading enterprises, with domestic customers including Ming Yang Smart Energy, Far East Horizon Energy, Sinoma Science & Technology, Zhuzhou Times New Material Technology, Ailang Technology, Sany Renewable Energy, and international customers including Vestas, Siemens Gamesa, TPI, Nordex, etc. The funds raised this time by the company are planned to be invested in the following projects: Financially, in the fiscal years 2022, 2023, 2024, and January to June 2025, Zhenshi Co., Ltd. achieved operating revenues of approximately 5.267 billion yuan, 5.124 billion yuan, 4.439 billion yuan, and 3.275 billion yuan respectively; during the same period, the company achieved net profits of approximately 781 million yuan, 793 million yuan, 607 million yuan, and 404 million yuan respectively.