New Stock News | Shenzhen Capchem Technology (300037.SZ) has once again submitted an application to the Hong Kong Stock Exchange to become the world's second largest supplier of battery electrolyte.

According to the Hong Kong Stock Exchange's disclosure on August 28, Shenzhen Capchem Technology Co., Ltd. (abbreviated as Shenzhen Capchem Technology, 300037.SZ) has submitted its listing application to the main board of the Hong Kong Stock Exchange again, with CITIC SEC and CICC as co-sponsors. Company Profile The prospectus indicates that the company is a provider of electronic chemicals and functional materials headquartered in China. The company is primarily engaged in the research and development, production, and sales services of battery chemicals, organic fluorinated chemicals, and electronic information chemicals. Adhering to a customer-centric approach and a core strategic philosophy driven by technological innovation, the company offers comprehensive solutions covering industries such as new energy vehicles (NEV), energy storage systems (ESS), consumer electronics, AI and digital infrastructure, semiconductor manufacturing, pharmaceuticals, and other advanced industrial applications. The company possesses a complete chain from concept, design, development, verification, mass production to continuous optimization, with 13 production bases as of the latest practical feasibility date (August 20, 2026). The lithium battery electrolyte market exhibits a relatively high level of concentration, dominated by a few large manufacturers with regional layouts, while a long-tail market composed of numerous small processors also exists. In terms of battery chemicals, the company's main competitors include electrolyte manufacturers. According to Frost & Sullivan data, the top five electrolyte manufacturers collectively account for approximately 57% of the market share by revenue. As of 2025, the company is the second-largest battery electrolyte supplier in the world based on battery electrolyte revenue. Furthermore, from 2020 to 2025, the company is projected to capture the largest global market share for battery electrolytes (excluding China). The organic fluorinated chemicals industry is characterized by high technical and safety requirements, substantial capital investment, and lengthy customer certification cycles. The company is involved in multiple stages of the organic fluorinated chemicals value chain, extending its business from upstream fluorine-containing raw materials and intermediates to downstream fluoropolymers and fluorinated fine chemicals. Although the market has historically been dominated by overseas material manufacturers, an increasing number of Chinese chemical companies originally operating in other sections of the fluorochemical industry are actively expanding into high-value-added areas, such as HFPO and its downstream products. The company is projected to be the largest global manufacturer of HFPO and its downstream products by revenue as of 2025. The company's electronic information chemicals segment encompasses capacitor chemicals and semiconductor chemicals, each exhibiting different competitive landscapes. In the capacitor chemicals field, the market concentration is relatively high, primarily dominated by specialized suppliers that establish long-term cooperative relationships with capacitor manufacturers. According to Frost & Sullivan data, the company ranks first globally in capacitor chemicals revenue from 2020 to 2025. The company's semiconductor chemicals business has achieved stable volume supply to major IC manufacturers in the Chinese market. In terms of the electronic information chemicals segment, the company ranks first among domestic companies in China based on market share for semiconductor cooling fluids as of 2025. Financial Information Revenue For the fiscal years 2023, 2024, 2025, and the six months ending June 30, 2026, the company reported revenues of approximately RMB 7.472 billion, RMB 7.836 billion, RMB 9.628 billion, and RMB 7.455 billion respectively. Profit For the fiscal years 2023, 2024, 2025, and the six months ending June 30, 2026, the company recorded profits of approximately RMB 1.014 billion, RMB 0.951 billion, RMB 1.097 billion, and RMB 0.999 billion respectively. Industry Overview Battery chemicals refer to electrolytes and their raw material components, including solvents, solutions, and additives. The global battery chemicals market quickly grew from RMB 20.6 billion in 2021 to RMB 69.6 billion by 2025, with a compound annual growth rate (CAGR) of 35.6%. It is expected to reach RMB 172.3 billion by 2030, with a CAGR of 16.4% from 2026 to 2030. The revenue from the global battery electrolyte market surged from RMB 13.8 billion in 2021 to RMB 48.7 billion in 2025, reflecting a CAGR of 37.1%. The market revenue is anticipated to further increase to RMB 125.8 billion by 2030, with a CAGR of 17.4% from 2026 to 2030. Revenue growth is driven by rising battery shipments, upgrades to high-performance electrolyte products, and the increasing adoption of high-voltage and fast-charging battery technologies. The Chinese battery electrolyte market is rapidly expanding alongside the growth of the domestic battery industry. Market revenue increased from RMB 8.2 billion in 2021 to RMB 36.9 billion by 2025, representing a CAGR of 45.7%, primarily driven by the large-scale deployment of electric vehicles and energy storage systems. Looking ahead, with continued expansion of battery production capacity, gradual penetration of high-performance electrolyte products, and support from new battery technologies, the market is expected to maintain robust growth during the forecast period. Battery electrolytes for electric vehicles still dominate, while energy storage electrolytes grow faster than those for consumer electronics applications. The growth of the organic fluorinated chemicals market is supported by the increasing demand for high-performance materials in downstream industries, including AI and digital infrastructure, pharmaceuticals, clean energy, rail transportation, and other applications. Thanks to unique characteristics such as chemical stability, heat resistance, corrosion resistance, and dielectric properties, organic fluorinated chemicals are increasingly adopted in high-end applications. Global revenue in the organic fluorinated chemicals market grew significantly from RMB 98.8 billion in 2021 to RMB 182.4 billion by 2025, with a CAGR of 16.6%. It is expected to further rise to RMB 333.7 billion by 2030, with a CAGR of 12.5% from 2026 to 2030. The market size for global hexafluoroisopropanol and its downstream products is projected to grow from RMB 2 billion in 2021 to RMB 6.1 billion by 2025, with an anticipated reach of RMB 12 billion by 2030, where hexafluoroisopropanol and its downstream products will account for approximately 3.3% of the organic fluorinated chemicals market by 2025. The development of China's organic fluorinated chemicals market benefits from the expansion of downstream manufacturing sectors and the industry's shift towards high-value-added materials. The growing demand from downstream industries drives the adoption of organic fluorinated chemicals in high-end applications. At the same time, the acceleration of domestic substitution processes, continuous technological advancements in high-end and specialty products, and ongoing production capacity expansions further boost market demand, supporting sustainable industry growth. China's organic fluorinated chemicals market revenue increased significantly from RMB 42.2 billion in 2021 to RMB 82.4 billion by 2025, with a CAGR of 18.2%. It is anticipated to further increase to RMB 154 billion by 2030, with a CAGR of 12.9% from 2026 to 2030. Board Information The company's board of directors consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors. The term of office for directors is three years, with eligibility for re-election. According to relevant Chinese laws and regulations, independent non-executive directors may serve for no more than six years. The main powers and functions of the board include but are not limited to convening shareholder meetings, presenting reports and implementing resolutions passed at shareholder meetings, determining the company's operational, financial, and investment plans, and exercising other powers and functions conferred by the Articles of Association and authorized by the shareholder meetings. Shareholding Structure As of the latest practical feasibility date, the company's controlling shareholder group includes Mr. Qin, Mr. Zhou, Ms. Zhong, Mr. Zheng, Ms. Zhang, and Ms. Deng. Intermediary Team Co-sponsors: CITIC SEC (Hong Kong) Limited, China International Capital Corporation Hong Kong Securities Limited; Legal Advisors: Zhong Lun Law Firm (Limited Liability Partnership), Zhong Lun Law Office; Legal Advisors of the Co-sponsors: Baker McKenzie LLP, Haiwen & Partners; Auditors and Reporting Accountants: Ernst & Young; Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch.