A-share Subscription | Hengxing Co., Ltd. (920107.BJ) Opens Subscription, Leading Company in Domestic UV Curing Coatings and PUR Hot Melt Adhesives

On August 5, Hengxing Co., Ltd. (920107.BJ) commenced subscription with an issue price of 16.02 yuan per share and a subscription limit of 943,600 shares. It is listed on the Beijing Stock Exchange, with Caixin Securities serving as its sponsor. According to the prospectus, Hengxing Co., Ltd. is a high-tech enterprise focused on the research, production, and sales of ultraviolet (UV) curing coatings and PUR hot melt adhesives. It is a nationally recognized "little giant" enterprise specializing in specific innovative technologies. The company provides customers with superior performance, environmentally friendly coating and bonding solutions through advanced research and development technology, rich production experience, efficient sales network channels, and comprehensive after-sales service. The company's main products are UV coatings and PUR hot melt adhesives. Coatings are materials applied to the surface of objects to form a film, providing protection, decoration, or special functions (insulation, rust prevention, mildew resistance, heat resistance, etc.). UV curing is a method of curing coatings, referring to the process in which a photosensitizer absorbs specific wavelengths of light under ultraviolet or visible light, producing free radicals or cations that trigger polymerization and cross-linking reactions of monomers and oligomers, forming a network structure of polymer molecules and achieving curing within a short time. The company's products are primarily used for surface coating and bonding of light industry products such as PVC flooring, wood, and PVC edging strips. Meanwhile, the company is actively expanding applications of its products in the consumer and automotive sectors. According to statistics from the Radiation Curing Professional Committee of the Chinese Photographic Society, the domestic production of UV coatings is expected to reach 216,500 tons in 2024. The company's projected UV coating production for 2024 is 18,400 tons. Based on this calculation, the company's market share of UV coatings in the domestic market is approximately 8.5%. Additionally, in the process of serving customers, the company leverages its technological advantages to continuously provide stable performance products and solutions, along with good service, earning a stable and high-quality customer base, including Elegant Home-Tech (603221.SH), Yihua Run Dong, Taizhou Huali, Zhejiang Jingtong, Jiashiyi Bao, Kentia, Changzhou Beimei, Shanghai Jinjia, Cainafu Nuo, Jiangsu Zhengyong, and others. The company's "Xiang Hengxing" brand is a well-known trademark in Hunan Province. In 2022, the "PVC (stone wood plastic) ultraviolet curing coating" was awarded the title of the seventh batch of single champion products in manufacturing by the Ministry of Industry and Information Technology. In 2024, the company was recognized as a "Three Product" benchmark enterprise in Hunan Province's raw materials industry, and in 2025, the company received the second prize in the team competition of the 14th China Innovation and Entrepreneurship Competition in the modern petrochemical sector. In 2024, the companys "high water-resistant PVC antibacterial matte water-based polyurethane ultraviolet curing (UV) coating" won the second prize in scientific and technological research in the "corrosion protection and coating industry" in Hunan Province. In 2017, the "key technology for synthetic green high-performance water-based resin and application of coatings" won the second prize for technological invention in Hunan Province. In 2016, "an active antistatic agent and antistatic ultraviolet curing coating" received the third prize in scientific and technological achievements in Yueyang City. The company is actively applying for patent protection and has currently obtained 18 patents, including 16 invention patents. The company is a national high-tech enterprise, a nationally recognized small giant enterprise specializing in specific innovative technologies, a provincial-level enterprise technology center, a new materials enterprise in Hunan Province, and an executive director unit of the Hunan Provincial Federation of Enterprises and Industrial Economics. It has also been designated as a postdoctoral innovation and entrepreneurship practice base, a collaborative research and development center for postdoctoral research stations, and a pilot platform for PVC (stone wood plastic) ultraviolet curing coatings in Hunan Province, earning titles such as Hunan Province's Green Factory. Furthermore, the company has established close cooperation with several well-known universities (such as Hunan University, Hunan University of Technology, Central South University of Forestry and Technology, Hunan Normal University, and Central South University). Currently, the company serves as a demonstration base for industry-university-research cooperation on environmentally friendly UV curing coatings and new adhesives in collaboration with Hunan Normal University. In terms of finances, the company achieved operating revenues of approximately 755 million yuan, 879 million yuan, and 814 million yuan for the financial years 2023, 2024, and 2025, respectively. During the same period, net profits were approximately 113 million yuan, 113 million yuan, and 111 million yuan.