Guoen Technology (02768) is scheduled to accept stock subscriptions from January 27 to January 30, with an expected listing date of February 4th.

Guoen Technology (02768) launched its IPO from January 27 to January 30, 2026, intending to globally sell 30 million shares, with 10% of the sale in Hong Kong and 90% internationally, and an additional 15% in over-allotment shares. The offering price is between HK$34.00-42.00 per share, with a board lot of 200 shares. The expected trading of shares on the Hong Kong Stock Exchange is scheduled to start on February 4, 2026. The company is a Chinese supplier specializing in chemicals, new materials, gelatin, and collagen upstream and downstream products. It serves the chemical and healthcare industries, primarily engaged in the research, development, production, and sales of industrial and commercial use products. In the chemical industry segment, the company's customers include downstream industries such as automotive, new energy, and household appliances manufacturers and supply chain solution providers. In the healthcare industry segment, the company's customers mainly consist of medical and pharmaceutical manufacturers who use the company's products as raw materials for producing supplements and pharmaceuticals. In the chemical industry segment, the company focuses on the chemical new materials industry chain, covering the upstream (company's green petrochemical materials such as aromatic hydrocarbons, styrene, polystyrene) and midstream (organic polymer modified materials and organic polymer composite materials) of the industry value chain. Meanwhile, the downstream customers use the company's products as raw materials for manufacturing and performance optimization of their products. The company's organic polymer material modification business serves as the foundation, extending upstream to the research and production of green petrochemical new materials such as styrene, polystyrene (PS), expandable polystyrene (EPS), and polypropylene (PP). Simultaneously, the company continues to deepen its downstream industrial layout, tapping into diversified application demands in downstream industries such as electronics, automotive, new energy, and energy storage. According to Frost & Sullivan data, in 2024, the company was the second largest organic polymer modified material and organic polymer composite material enterprise in China by sales revenue, with a market share of 2.5%. Additionally, in 2024, the company was ranked the largest polystyrene enterprise in China by capacity. In the healthcare industry segment, the company focuses on the natural collagen industry, vertically expanding the industry chain. Its main subsidiary, Baotou Dongbao Bio-tech, with decades of history, has successfully established a product layout covering collagen peptide/derivative raw materials to end products based on the collagen-to-"collagen+" integrated development strategy, gradually developing into a comprehensive group in the subdivision field of the healthcare industry and achieving economies of scale. According to Frost & Sullivan data, based on the 2024 Chinese bone collagen industry output, the company ranked second in the Chinese market output and first among domestic brands in bone collagen production; based on the 2024 Chinese hollow capsule industry related output, the company ranked as the second largest domestic brand in hollow capsule production output. The company has entered into cornerstone investment agreements, under which cornerstone investors have agreed to subscribe or induce their designated entities to subscribe for a certain number of the offering shares at the offer price subject to certain conditions, totaling approximately HK$320 million. Assuming an offer price of HK$42.00 (the highest offer price as stated in the prospectus), cornerstone investors' total subscribed shares will be 7.602 million shares. Cornerstone investors include Ligun Investment Limited ("Ligun"), SLD International Enterprises Limited ("SLD International"), Cheng An International Limited ("Cheng An International"), Shenwan Hongyuan Group, First Seafront Fund Series SPC, Xinjia Wealth Securities Limited ("Xinjia Wealth"), Luminous Horizon Limited("Luminous Horizon"), and Franklin Templeton (a wholly-owned subsidiary of Franklin Templeton Funds). The net proceeds the company will receive will be approximately HK$1.058 billion, assuming an offer price of HK$38.00 per H share (the median of the indicative offer price range). Approximately 50.0% will be allocated to expand the production capacity of the new plant in Thailand. Approximately 35.0% will be allocated to expand the production capacity of the new plant in China. Approximately 10.0% will be allocated to the company's investments in Hong Kong, including setting up regional headquarters and upgrading production facilities. Approximately 5.0% of the net proceeds will be used for operating capital and general corporate purposes.