New stock news | Canmax Technologies (300390.SZ) submitted to the Hong Kong Stock Exchange, mainly engaged in the research, development, production, and sales of new energy lithium battery materials.

According to the disclosure of the Hong Kong Stock Exchange on April 2nd, Suzhou Canmax Technologies Source Technology Co., Ltd. (300390.SZ) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International and CICC as its joint sponsors. Company Profile According to the prospectus, Canmax Technologies is a new energy technology company mainly engaged in the research, development, production, and sales of new energy lithium battery materials. The company's business is divided into three main segments: new energy lithium battery materials, anti-static ultra-clean technology products, and medical devices. According to Frost & Sullivan data, based on sales volume and revenue projections for 2025, Canmax Technologies is the largest lithium hydroxide producer for battery-grade material in China and the third-largest in the world. In the same year, Canmax Technologies was the fourth-largest producer of battery-grade lithium compounds in China and globally. New energy lithium battery materials are the company's main source of revenue. As of December 31, 2025, the company has established three production bases in China, with a total annual production capacity of lithium compounds reaching 165,000 tons. The company's core products, battery-grade lithium hydroxide and battery-grade lithium carbonate, are essential raw materials for manufacturing lithium batteries and are widely used in various fields of new energy technology, such as electric vehicle power batteries, energy storage systems, drones, and consumer electronics. During the historical period, the company's purchases from its top five suppliers represented 71.8%, 39.4%, and 36.8% of the total purchases for the years ending on December 31, 2023, 2024, and 2025, respectively. The company's major suppliers include raw material suppliers related to the new energy lithium battery business (e.g., mining and trading companies). The company's dependence on major customers has gradually decreased. The customers mainly include leading lithium battery manufacturers, cathode material manufacturers, and new energy vehicle OEMs. Revenue from the top five customers accounted for 68.4%, 59.0%, and 55.9% of the total revenue for the years ending on December 31, 2023, 2024, and 2025, respectively. Financial Information Revenue In 2023, 2024, and 2025, the company's revenue was approximately 10.468 billion RMB, 6.608 billion RMB, and 7.549 billion RMB, respectively. Profit In 2023, 2024, and 2025, the company's net profits were approximately 2.158 billion RMB, 1.029 billion RMB, and 457 million RMB, respectively. Gross Margin In 2023, 2024, and 2025, the company's gross margins were 24.7%, 20.6%, and 14%, respectively. Industry Overview From a product standpoint, battery-grade lithium compounds mainly include battery-grade lithium hydroxide and battery-grade lithium carbonate. Market Size of Battery-Grade Lithium Compounds Industry According to global sales volumes, the market size of the global battery-grade lithium compounds industry has been steadily growing, from 600,000 tons in 2021 to 1.8 million tons in 2025, with a CAGR of 31.6%. By 2030, the market size of the global battery-grade lithium compounds industry is expected to reach 3.7 million tons, with a CAGR of 15.5% from 2025 to 2030. In terms of revenue, the market size of the global battery-grade lithium compounds industry has grown from 62.2 billion RMB in 2021 to 123.2 billion RMB in 2025, with a CAGR of 18.6%. In 2025, the market sizes of the global battery-grade lithium hydroxide and lithium carbonate markets reached 31.3 billion RMB and 91.9 billion RMB, respectively, with CAGRs of 15.5% and 19.8% from 2021 to 2025. By 2030, the market size of the global battery-grade lithium compounds industry is projected to reach 736.2 billion RMB, with a CAGR of 43.0% from 2025 to 2030. In the same year, the market sizes of the global battery-grade lithium hydroxide and lithium carbonate markets are expected to reach 180.6 billion RMB and 555.6 billion RMB, with CAGRs of 42.0% and 43.3% from 2025 to 2030. In terms of sales volume, the market size of the Chinese battery-grade lithium compounds industry has experienced steady growth, from 400,000 tons in 2021 to 1.2 million tons in 2025, with a CAGR of 31.6%. By 2030, the market size of the Chinese battery-grade lithium compounds industry is projected to reach 2.8 million tons, with a CAGR of 18.5% from 2025 to 2030. In terms of revenue, the market size of the Chinese battery-grade lithium compounds industry has grown from 39.9 billion RMB in 2021 to 76.4 billion RMB in 2025, with a CAGR of 17.6%. In 2025, the market sizes of the Chinese battery-grade lithium hydroxide and lithium carbonate markets reached 18.6 billion RMB and 57.8 billion RMB, respectively, with CAGRs of 36.2% and 13.8% from 2021 to 2025. By 2030, the market size of the Chinese battery-grade lithium compounds industry is expected to reach 528.4 billion RMB, with a CAGR of 47.2% from 2025 to 2030. In the same year, the market sizes of the Chinese battery-grade lithium hydroxide and lithium carbonate markets are expected to reach 123.5 billion RMB and 404.9 billion RMB, with CAGRs of 46.0% and 47.6% from 2025 to 2030. Competitive Landscape According to Frost & Sullivan, as of December 31, 2025, there were approximately 100 lithium hydroxide manufacturers globally. Based on 2025 global lithium hydroxide revenue, the top five manufacturers accounted for 66.1% of the market share, with the company ranking third globally with a 13.4% market share. Based on 2025 Chinese lithium hydroxide revenue, the top five manufacturers accounted for 91.7% of the market share, with the company holding the largest market share at 22.2% in China. As of December 31, 2025, there were approximately 200 lithium compound manufacturers globally. Based on 2025 global lithium compound revenue, the top five manufacturers accounted for 40.3% of the market share, with the company ranking fourth globally with a 5.3% market share. Based on 2025 Chinese lithium compound revenue, the top five manufacturers accounted for 49.4% of the market share, with the company ranking fourth in China with an 8.4% market share. Board of Directors Information The board of directors consists of 10 members, including 5 executive directors, 1 non-executive director, and 4 independent non-executive directors. Shareholding Structure As of March 25, 2026, Mr. Pei and Ms. Rong collectively hold approximately 18.87% of the company's issued share capital, making them the largest shareholder group. In addition, Contemporary Amperex Technology holds 13.54% of the company's shares. Intermediary Team Joint Sponsors: Huatai Financial Holdings (Hong Kong) Limited, CICC Capital Legal Advisors: Regarding Hong Kong and U.S. law: Kirkland & Ellis; Regarding Chinese law: Guohao Law Firm (Shanghai) Joint Sponsors and Legal Advisors: Regarding Hong Kong and U.S. law: Clifford Chance; Regarding Chinese law: Tianyuan Law Firm Reporting Accountants and Auditors: RSM Hong Kong Limited Industry Consultants: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch Compliance Advisors: Changjiang Financing (Hong Kong) Limited