Fuen Corporation has submitted an application for registration at the Shenzhen Stock Exchange and has become the leading domestic company in the use of recycled fabrics for clothing.

On December 29th, Hangzhou Fuen Co., Ltd. (referred to as Fuen Co.) applied for a change in the IPO review status on the Shenzhen Stock Exchange main board to "submit registration." CITIC SEC is its sponsoring institution, planning to raise 1.25 billion yuan. The prospectus shows that Fuen Co. was established in January 1997 and is a global ecological and environmentally friendly fabric supplier with sustainable development as its core. Its main business is research, production, and sales of ecological and environmentally friendly fabrics. It has become a large enterprise integrating fabric design, research, spinning, weaving, printing and dyeing, finishing, and sales. The main products of Fuen Co. are ecological and environmentally friendly fabrics, mainly using recycled fabrics, and has become the leading enterprise in the domestic recycled fabric for clothing industry. The company mainly focuses on in-house production, with outsourcing as a supplement. Its production model is mainly "order-based production." Due to the large differences in customer requirements for product quality standards, colors, sizes, and appearances, order-based production can effectively meet customers' differentiated needs and flexibly organize production according to market and customer demands. The company has production bases in Hangzhou, Zhejiang, Nantong, Jiangsu, and Vietnam, with a vertical production system of spinning, weaving, and dyeing and finishing, effectively integrating resources, achieving efficient collaboration, and achieving timely production and rapid delivery of orders. The main customers of Fuen Co. are large well-known clothing brands both domestically and internationally, including H&M, Uniqlo, GU, ZARA, Ningbo Peacebird Fashion, and Lirong, among others. The company has deep cooperation relationships with major clothing brands and holds an important position in their supply chains. Fuen Co. is the largest supplier of recycled polyester-viscose blended fabrics for H&M and has been awarded the Gold Medal Fabric Supplier; it is also the largest supplier of recycled polyester-viscose blended fabrics for Uniqlo and the largest supplier of recycled fabrics for GU, earning the titles of trusted business partner from Uniqlo and GU. The company is also a strategic partner of the domestic FMCG brand UR and has been awarded the Excellent Cooperation Award by Ningbo Peacebird Fashion, among others. Adhering to the strategic mission of "sustainable fashion, creating new value in textiles," Fuen Co. brings diverse experiences of environmentally friendly fabrics to global consumers through innovative research and application of sustainable raw materials and production processes, representing a typical new productive force in the textile industry. The funds raised in this issuance plan will be invested in the following projects: Financially, Fuen Co. has maintained stable operating performance, with operating revenues of 1.764 billion yuan, 1.517 billion yuan, 1.813 billion yuan, and 938 million yuan in 2022, 2023, 2024, and January to June 2025, respectively; and net profits of 277 million yuan, 229 million yuan, 275 million yuan, and 105 million yuan during the same period.