Treasure Cover New Material (08090) will start its IPO from June 29th to July 3rd, planning to sell 14.47 million H shares.

Baoxin New Materials (08090) will open for subscription from June 29, 2026 to July 3, 2026. The company plans to issue 14.47 million H shares, with approximately 10% for public offering and about 90% for placement. The offer price per share is HK$6.15 to HK$8.51. Each board lot consists of 500 H shares. The H shares are expected to begin trading on the Hong Kong Stock Exchange on July 8, 2026 at 9:00 am. Established in 2009, the group has become a professional manufacturer in the Chinese composite material trench cover industry, specializing in producing composite material trench cover products primarily for meeting engineering and infrastructure needs. The group uses resin-based composite materials embedded with glass fiber reinforcement, supplemented with additional structural elements like steel bars and cast iron, as well as functional fillers like quartz sand and calcium carbonate. The group's comprehensive product portfolio includes cable trench covers, drainage trench covers, and manhole covers, serving important sectors in China such as electricity, transportation, urban public facilities, water conservancy projects, real estate, and petrochemical engineering. According to Frost & Sullivan, in 2025, the group was ranked first in the Chinese cable trench cover and composite cable trench cover industry by market share, and third in the cable trench cover industry. Assuming the overallotment option is not exercised, after deducting underwriting commissions and estimated offering expenses, and assuming an offer price of HK$7.33 per H share, the group estimates to net proceeds of approximately HK$84.30 million from the share offering. The group plans to allocate the net proceeds as follows: (1) approximately 30.0% for establishing a production line for resin-based composite products embedded with continuous carbon fiber, (2) approximately 25.0% for upgrading existing production lines through automation technology, (3) approximately 15.0% for funding R&D expansion to increase output, including purchasing advanced equipment and testing materials, (4) approximately 20.1% for expanding global sales and market channels to enhance brand awareness, market penetration, and service efficiency, and (5) approximately 9.9% for general working capital. The group's revenue comes from sales of (i) cable trench covers, (ii) manhole covers, (iii) drainage trench covers, and (iv) other products and services including cable trays, molds and cast iron manhole covers, agricultural covers, mold maintenance and repair services. The group's revenue for the years ended December 31, 2023, 2024, and 2025 were RMB 137 million, RMB 131 million, and RMB 144 million respectively. The group's gross margin for the years ended December 31, 2023, 2024, and 2025 were 38.2%, 37.5%, and 38.2% respectively.