CNY 1.07 Billion! Hanjian Heshan Plans to Acquire PEEK Monomer Leader

On the evening of June 5, Han Jian Heshan (603616) announced that the company intends to acquire 99.9978% of the shares of Liaoning Xingfu New Materials Co., Ltd. (hereinafter “Xingfu New Materials”) by issuing shares and paying cash, at a transaction price of RMB 1.07 billion. At the same time, the company plans to issue shares to no more than 35 specific investors to raise supporting funds of no more than RMB 175 million, to be used to pay the cash consideration for the transaction, intermediary fees and related taxes and fees. This transaction constitutes a related-party transaction and does not constitute a restructuring for listing.

According to the announcement, the target company was appraised at RMB 1.07 billion using the income approach, representing an appreciation rate of 128.38%.According to an announcement released by Hanjian Heyuan on January 21, 2026, the original plan was to acquire a 52.51% stake in Liaoning Xingfu New Materials Co., Ltd. This time, however, ...The announcement concerns the proposed acquisition of 99.9978% of Xingfu New Materials’ shares, marking a critical step for this traditional PCCP pipeline manufacturer in formally entering the high-performance new materials sector.

Currently, Hanjian Heshan’s main businesses are the research and development, production, and sales of prestressed concrete cylinder pipes (PCCP), reinforced concrete drainage pipes (RCP), and concrete admixtures. Its leading product, PCCP, is mainly used in water projects such as inter-basin water diversion, key water transmission and distribution projects, and municipal water supply and drainage. However, in recent years, due to factors such as pressure on infrastructure investment and intensified industry competition, the company’s operations have remained under pressure.

According to the financial data, in 2025 the company recorded operating revenue of RMB 884 million, up 12.42% year on year; net loss amounted to RMB 10.1059 million, representing a reduction in losses of RMB 221 million compared with the same period last year. In the first quarter of 2026, the company achieved operating revenue of RMB 31.1671 million, a sharp year-on-year decline of 73.42%; net loss was RMB 9.8094 million, compared with a profit in the same period last year, marking a decline of 354.42%. The company explained that this was mainly because the Anhui PCCP project was under normal production and supply in the same period last year, while it was completed in the current period.

Against this backdrop, Xingfu New Materials has become the “second growth curve” on which Hanjian Heshan is placing high hopes. According to the announcement, Xingfu New Materials was founded in 2014 and is a high-tech enterprise focused on the R&D, production and sales of aromatic products. Its main products include intermediates for the new-generation special engineering plastic polyether ether ketone (PEEK), pesticide and pharmaceutical intermediates, as well as PEEK purification services. After more than a decade of dedicated development, the company has established a complete industrial chain, starting from basic chemical raw materials such as aniline, p-toluidine and hydrofluoric acid to synthesize fluorinated intermediates including fluorobenzene and p-fluorotoluene, further producing intermediates such as p-fluorobenzoyl chloride and p-fluorobenzaldehyde, and ultimately manufacturing difluorobenzophenone (DFBP). The target company’s products are widely used in high-performance polymers, pharmaceuticals, pesticides and other fields, and it is a core supplier to major global PEEK producers such as the UK’s Victrex and Belgium’s Solvay.

According to reports, Xingfu New Materials is expected to achieve operating revenues of 777 million yuan, 609 million yuan, 401 million yuan, and 386 million yuan from 2022 to 2025, showing a declining trend year by year; the net profit attributable to the parent company is projected to be 101 million yuan, 136 million yuan, -736,700 yuan, and 10.06 million yuan, indicating significant fluctuations in performance.