Zhongke Chemical's application for an IPO on the Sci-Tech Innovation Board has been queried. Its business scale in the epoxy plastic sealing material industry has risen to second place among domestic manufacturers.

On December 24, Jiangsu Zhongke Kehua New Materials Co., Ltd. (referred to as Zhongke Kehua) applied for a change in the status of its listing on the Shanghai Stock Exchange Science and Technology Innovation Board to "under inquiry". CMSC is its sponsoring institution, and it plans to raise 598 million yuan. According to the prospectus, the company focuses on the research, development, production, and sales of semiconductor packaging materials, with its main product being epoxy encapsulant. The epoxy encapsulant is a key material in the semiconductor packaging process and is widely used in consumer electronics, automotive electronics, industrial control, communication, computer, and other terminal applications. The company focuses on the mid-to-high-end market, with sales revenue of mid-to-high-end epoxy encapsulants growing rapidly during the reporting period and its proportion continuously increasing. During the reporting period, the company adopted a sales model mainly based on direct sales and supplemented by trade. The company has continuously broken through the technological bottlenecks in the epoxy encapsulant field, gained recognition from downstream customers, and steadily increased its market share. As of the date of the prospectus, the company has established long-term and stable cooperation relationships with downstream well-known manufacturers such as China Resources Microelectronics, Foshan Blue Rocket Electronics, Jiangsu Jiejie Microelectronics, Changzhou Galaxy Century Microelectronics Co., Ltd., TongFu Microelectronics, Tianshui Huatian Technology, Fine Made Microelectronics Group, China Chippacking Technology Co., Ltd., Ruiyue Group, and KEC Group, and has won honors such as "Outstanding Supplier of 2023" and "Best Collaborative Supplier of 2024" from China Resources Microelectronics. The main raw materials required for the company's production include fillers (such as silicon powder), resins (epoxy resins, phenolic resins, etc.), and additives (coupling agents, accelerators, modifiers, flame retardants, etc.). The main suppliers of raw materials during the reporting period include Novoray Corporation, Jinan Shengquan Group Share Holding, Hengfeng New Materials, Banglu Tongshang, Zhongheng New Materials, and Yubu Industrial. Currently, the localization rate of semiconductor packaging materials in China is still relatively low, and the company is one of the few domestic manufacturers with independent research and development capabilities and scale production capacity for mid-to-high-end epoxy encapsulant products. During the reporting period, the company's epoxy encapsulant business scale steadily rose to second among domestic manufacturers, and some mid-to-high-end products have replaced Japanese competitors. After being approved by the company's board of directors and shareholders' meeting, the net proceeds from this issuance, after deducting issuance expenses, will be used for investment projects related to the company's main business, as follows: Financially, in 2022, 2023, 2024, and January to June 2025, the company achieved operating incomes of approximately 200 million yuan, 250 million yuan, 331 million yuan, and 159 million yuan, respectively; during the same period, the net profits attributable to the owners of the parent company were 4.7437 million yuan, 10.0283 million yuan, 33.8985 million yuan, and 15.5316 million yuan, respectively.