Tian Ci Materials Submits H-Share Listing Application

On the evening of September 22,Heaven-sent materialsThe company announced that on September 22, 2025, it officially submitted an application for the initial public offering of overseas listed foreign shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange ("HKEX"). On the same day, the application materials for this issuance were published on the HKEX website. The joint sponsors are JPMorgan, CITIC Securities, and GF Securities.

Tianci Materials stated that the company's issuance still needs to obtain approval, verification, or filing from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, and this matter still carries uncertainty.

Tianc Materials was established in 2000 and listed on the Shenzhen Stock Exchange's SME Board in 2014. In 2021, it merged and listed on the Main Board, with its market value surpassing 100 billion yuan for the first time that year. As a globally leading new energy and advanced materials company driven by technological innovation, Tianc Materials' business mainly focuses on lithium-ion.Battery materialsThe two main sectors are daily chemical materials and specialty chemicals. The lithium-ion battery materials business encompasses...ElectrolyteIts core materials include cathode materials, PACK structure adhesives, and binders. In recent years, it has also ventured into the lithium battery recycling business. The daily chemical materials and specialty chemicals business includes carbomer, surfactants, and other daily chemical materials, as well as specialty chemicals such as silicone and rubber additives, and has expanded into the fields of fragrances and flavors.

The company's operating revenue for the past three years and the first half of this year were 22.317 billion yuan in 2022, 15.405 billion yuan in 2023, 12.518 billion yuan in 2024, 5.450 billion yuan in the first half of 2024, and 7.029 billion yuan in the first half of 2025. There was a decrease of 31.0% in 2023 compared to 2022, a decrease of 18.7% in 2024 compared to 2023, and an increase of 29.0% in the first half of 2025 compared to the first half of 2024.

Use of raised funds:

Approximately 80% will be used for global business expansion, focusing on the lithium-ion battery material project in Morocco ("Morocco Project") and other overseas market deployments, as well as global upstream resource investments.

Approximately 60% of it is directly used for the Morocco project: designing an annual production of 150,000 tons of electrolyte and its core materials. The project is located in Morocco, allowing it to serve major European battery and automobile manufacturers nearby, reducing logistics costs, and utilizing the abundant local phosphate resources to ensure raw material supply. The project has completed the foreign investment filing and is in the process of obtaining land use rights, environmental assessments, and other administrative approvals. The total construction period is approximately 36 months, and it is expected to be completed and put into operation by the end of 2028.

Approximately 20% is allocated for the construction of other overseas production bases and global upstream resource strategic investments, including expenditures on land, plant, and equipment, as well as securing key raw materials through methods such as equity acquisitions and long-term supply agreements.

Approximately 10% will be invested in research and development, focusing on the development of next-generation battery materials such as electrolytes and their core components, cathode materials, and solid electrolytes, as well as the acquisition of related R&D equipment and facilities.

Approximately 10% will be used for working capital and general corporate purposes.