Modified Plastics Giant Worth Billions Debuts on H-share Market Today

Today (February 4, 2026), Qingdao Gon Technology Co., Ltd. (hereinafter referred to as "Gon Technology"), a leading modified plastics manufacturer with a market value of tens of billions, embarks on a new chapter in its capital journey. Its H shares were officially listed on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX), ushering in a new era of "A+H" dual capital market presence!

According to the latest announcement from Guon En Co., Ltd., the final offer price for this H-share issuance has been determined at HK$36.00 per share. This price excludes a 1% brokerage commission, a 0.0027% SFC transaction levy, a 0.00565% Stock Exchange trading fee, and a 0.00015% AFRC transaction levy.

It should be specifically noted that the H-share subscription is limited to qualified overseas investors, domestic securities firms authorized to conduct overseas securities investment management in accordance with relevant Chinese laws and regulations, qualified domestic institutional investors, and other investors meeting regulatory requirements.

Looking back at its strategic layout, Guon- (Guoen Co., Ltd.) has long planned its H-share listing. On May 25, 2025, the company officially released an announcement stating that the proposal to issue H-shares and list on the Main Board of the Stock Exchange of Hong Kong had been deliberated and approved. The core objectives are to create an international capital operation platform, accelerate the construction of a "dual circulation" development pattern involving both domestic and international markets, further broaden financing channels, and enhance global market competitiveness.

Founded in 2000 and successfully listed on the Shenzhen Stock Exchange in 2015, Guoneng Technology, a listed company with two decades of experience in the industry, has now formed a development pattern of "Large Chemical Industry + Big Health" as its two core industries, demonstrating strong strength and diversified layout.

Developing two core industries to consolidate the foundation for development.

In the core area of large-scale chemical industry, Guoneng Science & Technology Co., Ltd. has built a new chemical material industry cluster covering green petrochemicals, organic polymer modification, organic polymer composite materials, biodegradable materials, display materials, sports and health materials, and lightweight structural components for new energy vehicles. Its roster of cooperative clients is impressive, including industry leaders such as Hisense, Gree, TCL, Huawei, BOE, and CATL. These long-term and stable partnerships provide strong support for the company's performance growth.

As of now, the company's major chemical products boast impressive production capacity, which is still expanding, demonstrating strong potential for future growth.

Organic polymer modified materials: existing capacity 1.08 million tons, capacity under construction 300,000 tons.

Organic polymer composites: current production capacity of 400,000 tons, with 100,000 tons of capacity under construction.

Green petrochemical materials and new materials: current capacity of 900,000 tons, with 1.02 million tons of capacity under construction.

Polystyrene (PS): Zhejiang Yisu Phase I project with a capacity of 600,000 tons/year has been fully commissioned, and Phase II project with a capacity of 400,000 tons/year is progressing steadily; Hong Kong Petrochemical's 250,000 tons/year PS capacity utilizes the Italian Eni Versalis continuous bulk polymerization process, with product quality benchmarked against high-end international grades.

Styrene and Propylene Oxide Co-production: Guoen Dongming's 200,000 tons/year styrene and 80,000 tons/year propylene oxide co-production unit utilizes advanced ethylbenzene co-oxidation technology. It is the first chemical production facility in China capable of simultaneously producing these two important basic organic raw materials.

EPS (Expandable Polystyrene): Rizhao Guoen Chemical currently has a production capacity of 120,000 tons per year.

In the field of big health, Guon has established a comprehensive presence in segments such as gelatin, plasma substitute gelatin, collagen, hollow capsules, dual-protein dietary fiber, and beauty products by acquiring a controlling stake in Dongbao Bio-Tech, a listed company in the collagen sector. This strategic move achieves multi-scenario coverage across "medical, beauty, health, and food" sectors, creating a new growth pole for the big health industry.

Breakthrough innovation to seize new heights in the high-end market.

Besides consolidating its existing core businesses, Guoneng shares also demonstrates remarkable strength in the layout of high-end new materials and cutting-edge fields, continuously breaking through technical barriers and seizing industry opportunities.

On December 3, 2025, Guoneng Technology announced that its "Annual Production of 20,000㎡ Aviation-Grade Acrylic Glass Project" had been approved and filed, with a planned investment of 560 million yuan, to be located at its Qingdao headquarters production base. It is reported that aviation-grade cross-linked polymethyl methacrylate acrylic glass (CPMMA) is the core material for manufacturing aircraft windshields, canopies, and other aviation transparent components. It forms a three-dimensional network structure through chemical cross-linking, maintaining a high light transmittance of over 93% while possessing superior mechanical strength, heat resistance, and weather resistance.

For a long time, the market for this material has been monopolized by international companies such as Germany's EVONIK and the UK's GKN. Guanneng Technology's current strategic layout is expected to break this foreign monopoly and position the company as one of the few domestic suppliers capable of mass-producing aviation transparent materials that meet airworthiness standards. The products will primarily serve high-growth areas such as domestically-produced large aircraft, high-end drones, and electric vertical take-off and landing vehicles (eVTOLs), contributing to the independent controllability of high-end manufacturing in China.

In the field of robotics, Guoneng Shares has also achieved significant breakthroughs. In November 2025, its subsidiary, Guoneng Future, publicly unveiled three major product directions for the first time, focusing on humanoid robots, quadruped robots, and home AI robots, all of which utilized PEEK and carbon fiber composite materials to varying degrees. Among them, the quadruped robot's body adopts a PEEK (polyetheretherketone) + carbon fiber composite skeleton, a newly designed lightweight structural power component, which can achieve a weight reduction of more than 30%, and the endurance time under load can be increased by about 40%.

Notably, Guanneng Technology has the full industry chain capability of PEEK material from upstream polymerization to downstream products, forming core advantages in lightweighting, high load, and long life. On July 31, 2025, the company announced that it had completed the development of PEEK material production technology and core process, and planned to invest a total of 960 million yuan through its wholly-owned subsidiary Zhejiang Guanneng Chemical in Zhoushan, Zhejiang, to build 2 PEEK polymerization production lines, 1 styrene engineering material polymerization pilot platform device, and 36 modified and composite material production lines, to further improve the industrial chain layout.

Furthermore, the company is continuously advancing the R&D of new products like high-performance polyolefin elastomer (POE) and biodegradable poly-3-hydroxybutyrate (PHB), focusing on expanding new business growth drivers such as low-altitude eVTOL structural materials and lightweight materials for smart wearables, injecting a continuous stream of momentum for future development.

Solid performance growth, with fundamentals continuing to improve.

Financial reports indicate that the company's performance in recent years has been outstanding, demonstrating strong resilience and growth potential.

In 2024, Guanneng Technology demonstrated strong overall performance, achieving revenue of 19.22 billion yuan, a year-on-year increase of 10.21%; net profit attributable to shareholders of the listed company was 676 million yuan, a year-on-year increase of 45.18%. Among them, the large chemical sector served as the core growth engine, achieving revenue of 17.369 billion yuan, accounting for 90.38% of total revenue, a year-on-year increase of 11.62%; modified plastic sales reached 996,000 tons, a year-on-year increase of 6.7%; green petrochemical product sales were 446,400 tons, a year-on-year increase of 18%, with all core businesses achieving steady growth.

In the first three quarters of 2025, the company maintained its growth momentum, achieving a total operating revenue of RMB 15.497 billion, a year-on-year increase of 9.44%; net profit attributable to the parent company was RMB 615 million, a year-on-year increase of 34.24%; and net profit excluding non-recurring items was RMB 597 million, a year-on-year increase of 43.61%, with continued improvement in profitability and a solid and reliable fundamental base.

The successful H-share listing marks a significant milestone in Guoneng Shares' capital market strategy and a new starting point for the company's globalization. In the future, leveraging the advantages of the "A+H" dual capital markets, Guoneng Shares will continue to deepen its industrial layout, strengthen technological innovation, and expand its global market!