New IPO News | Zhejiang Hailiang (002203.SZ) again submitted an application to the Hong Kong Stock Exchange, ranking fifth globally in the shipment volume of lithium battery copper foil products.

According to the HKEX disclosure on August 30, Zhejiang Hailiang Co., Ltd. (abbreviated as: Zhejiang Hailiang, 002203.SZ) submitted a listing application to the main board of the HKEX, with CICC and GF SEC as its joint sponsors. The company previously submitted an application to the HKEX on January 30, 2026. Company Profile According to the prospectus, Zhejiang Hailiang is a global supplier of copper-based products, providing advanced thermal management materials and conductor materials to help global clients improve energy efficiency. The companys products mainly include: copper tubes, copper rods, copper busbars, and copper fittings for heating, ventilation, and air conditioning (HVAC) systems and industrial applications, used for heat conduction, power distribution, and fluid transport; ultra-thin copper foil used as conductive layers for lithium-ion batteries and printed circuit board (PCB) substrates; as well as copper-based heat dissipation modules and liquid cooling components for dissipating heat generated by high-performance servers and processors in distributed AI data centers (AIDC) and other AI applications. The companys product range includes (i) HVAC and industrial copper processing products; (ii) lithium battery and PCB copper foil products; (iii) copper processing products for AI applications; and (iv) aluminum-based products, among others. The company also generates revenue from copper trading, which complements intensive supply chain management and promotes inventory turnover. As of May 31, 2026, the company holds a total of 951 patents, including 198 invention patents. It has built a comprehensive framework around research institutions in Zhejiang and Gansu. The R&D team is composed of experienced professionals with strong academic foundation and expertise in non-ferrous metal processing, chemistry, materials science, and metallurgy. As of May 31, 2026, the team includes 1,043 professionals, comprising researchers and technicians. The company operates globally with extensive production capacity, having established 23 production bases in Asia, Europe, North America, and Africa as of May 31, 2026, serving a worldwide customer base. Within China, the company has set up 11 production bases. In overseas markets, it has established 12 production bases across Asia, Europe, North America, and Africa. The company implements a "sales-driven production" model, initiating capacity allocation and production scheduling after confirming sales orders to minimize inventory risk and ensure efficient resource utilization. Digital systems have been deployed across all production bases for real-time monitoring and management, and automated equipment has been introduced to optimize production efficiency. In 2025, the companys shipment of lithium battery copper foil products reached 62,500 tons, ranking fifth globally with a market share of 4.3%. The rapid growth of the companys lithium battery copper foil, with shipments increasing from 34,000 tons in 2024 to 62,500 tons in 2025, reflects a growth rate of 83.8%, making it the fastest-growing among the top five global lithium battery copper foil suppliers, significantly exceeding the industry average growth rate of 57.9%. Financial Information Revenue For the fiscal years 2023, 2024, 2025, and the five months ending May 31, 2026, the company achieved revenues of approximately CNY 75.734 billion, CNY 87.542 billion, CNY 83.307 billion, and CNY 40.470 billion, respectively. Gross Profit For the fiscal years 2023, 2024, 2025, and the five months ending May 31, 2026, the company recorded gross profits of approximately CNY 3.092 billion, CNY 2.903 billion, CNY 3.135 billion, and CNY 1.762 billion, respectively. Annual/Period Profit For the fiscal years 2023, 2024, 2025, and the five months ending May 31, 2026, the company recorded annual/period profits of approximately CNY 1.169 billion, CNY 624 million, CNY 1.010 billion, and CNY 555 million, respectively. Industry Overview In 2021, the global market size for copper processing products in the HVAC and industrial sectors was approximately 4.57 million tons, projected to increase to around 5.105 million tons by 2025, with a compound annual growth rate (CAGR) of 2.8% from 2021 to 2025. It is expected that due to factors such as energy efficiency standard upgrades, equipment modernization, and ongoing energy-saving renovations in buildings, the market size is likely to reach 6.326 million tons by 2030, representing a CAGR of 4.4% from 2025 to 2030. While Europe, North America, Southeast Asia, and India have higher growth rates, China's historical and projected CAGR remains relatively low, primarily due to the mature installation base of HVAC and industrial systems, the gradual pace of energy-efficient building retrofits, and the low penetration rate of high-end copper-intensive equipment in industrial sectors. Additionally, despite consistent urbanization and infrastructure modernization maintaining baseline consumption, demand driven by construction in China is impacted by overlapping renovation cycles in different regions, limiting uniform market expansion. The global lithium battery and PCB copper foil market size increased from approximately 935,000 tons in 2021 to 2.143 million tons by 2025. With the rapid development of downstream markets, the global lithium battery and PCB copper foil market is expected to reach 4.784 million tons by 2030. Driven by the ongoing expansion of the new energy vehicle market, large-scale deployment of energy storage systems, and rising demand for smart devices, the lithium battery copper foil market size in terms of shipment volume is projected to increase from 383,000 tons in 2021 to 1.468 million tons in 2025, with an expected figure of 3.898 million tons by 2030. Meanwhile, PCB copper foil is expected to expand to 886,000 tons by 2030, driven by demands for high-frequency and high-speed circuits due to 5G communication and AI computing upgrades. In 2025, global copper processing product shipments are expected to be approximately 32.862 million tons. In terms of shipment volume, the combined market share of the top five copper processing product suppliers globally is 20.1%, indicating a relatively dispersed market. In 2025, our group ranked third, with shipments of 993,000 tons and a market share of 3.0%. Board of Directors Information The board consists of ten directors, including five executive directors, one non-executive director, and four independent non-executive directors. Except for one employee representative director elected by the employee representative assembly, all directors are elected by the shareholders' meeting for a term of three years, eligible for re-election. The main powers and functions of the board include but are not limited to convening shareholder meetings, presenting reports to the shareholders' meeting, implementing resolutions passed at the shareholders' meeting and the group's investment plans, determining the basic management systems of the group, formulating profit distribution and loss compensation proposals, and exercising other powers and functions granted by the companys articles of association. Shareholding Structure As of the latest practicable date (August 21, 2026), Mr. Feng Hailiang (the father of Mr. Feng) holds approximately 30.11% of the company's issued share capital, which includes (1) 2.61% directly held by Mr. Feng Hailiang, (2) 26.96% held by Hailiang Group, and (3) 0.54% held by Zhejiang Zhengmao. Both Hailiang Group and Zhejiang Zhengmao are ultimately controlled by Mr. Feng Hailiang. Apart from the 10,000,000 A-shares that have been repurchased and held as treasury shares in the company's share repurchase account as of the latest practicable date, Mr. Feng Hailiang controls approximately 30.24% of the voting rights of the company. Advisory Team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, GF Securities (Hong Kong) Limited; Company's legal advisors: Concerning Hong Kong legislation and U.S. law: King & Wood Mallesons; concerning Chinese law: Grandall Law Firm (Hangzhou); concerning international sanctions law: DLA Piper Singapore Pte. Ltd.; concerning Texas law: Pagel, Davis & Hill, P.C.; concerning Delaware law: Potomac Law Group, PLLC; concerning Iowa law: BrownWinick Law Firm; concerning German law: Noerr Partnerschaftsgesellschaft mbB; concerning Thai law: DFDL (Thailand) Limited; Joint sponsors' legal advisors: Concerning Hong Kong legislation and U.S. law: Haynes and Boone, LLP; concerning Chinese law: Jingtian & Gongcheng; Auditors and Reporting Accountants: Tianjian International Certified Public Accountants Limited; Industry Consultants: Frost & Sullivan (Beijing) Consultancy Co., Ltd. Shanghai Branch; Transfer Pricing Consultants: PricewaterhouseCoopers Consulting (Shenzhen) Co., Ltd. Shanghai Branch; Compliance Advisers: Mates Capital Limited.