A Mini LED-related company plans to be listed on the Shenzhen Stock Exchange

On March 20, Huigu New Materials has completed all the GEM IPO review procedures and officially launched online subscription today. The issue price is 78.38 yuan per share, the subscription limit is 0.4 million shares, and the price-to-earnings ratio is 34.91 times. It plans to be listed on the Shenzhen Stock Exchange, with CITIC Securities serving as the sponsor.

According to experts, Display understands that Huigu New Materials was founded in 1999. Its core business focuses on the research and development, production and sales of functional resins and functional coating materials. It carries out technological development around molecular structure design and has formed two product systems: functional resins and functional coating materials. Its products have been extended to the electronics and display fields, involving optoelectronic coating materials. It disclosed that it has achieved mass production of Mini LED-related coating materials and entered the supply chain of companies such as BOE, TCL Huarui Lighting and Samsung.

After deducting issuance expenses, the funds raised from this issuance are planned to be invested in projects related to the main business, including Qingyuan's 130,000-ton annual environmentally friendly coating and resin expansion project, R&D center construction project, production line technological transformation project, and supplementary working capital. The total investment amount will not exceed 900 million yuan, which will be mainly used for production capacity expansion and technical capability improvement.

Looking back on the entire IPO process, Huigu New Materials’ application was accepted by the Shenzhen Stock Exchange on June 28, 2025. According to its revenue data:

From 2022 to 2024, operating income will be 664 million yuan, 717 million yuan and 817 million yuan respectively; performance in 2025 will continue to improve, with full-year revenue reaching 985 million yuan, a year-on-year increase of 20.60%. Revenue in the first half of 2025 has reached 496 million yuan, a year-on-year increase of 30.42%, and profitability has steadily improved.

Huigu New Materials stated that the company will take this IPO as an opportunity to further leverage the advantages of its dual technology platform of functional resins and coating materials, consolidate its leading position in subdivisions such as heat exchanger energy-saving coating materials and metal packaging aluminum cover coating materials, accelerate market expansion in new energy, electronics and other fields, and promote the domestic substitution process of current collector coating materials, optoelectronic coating materials for Mini LED and other products.