IPO News | Chuangzhixin Express Hong Kong Stock Exchange provides coating materials and key process technology solutions

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on June 9, Shenzhen Chuangzhi Xinlian Technology Co., Ltd. (abbreviation: Chuangzhi Xinlian) submitted a listing application to the main board of the Hong Kong Stock Exchange, with Haitong International, CCB International, and China Merchants Securities International as co-sponsors.

According to the prospectus, Chuangzhi Xinlian is a solution provider for metallized interconnect coating materials and key process technologies. It is committed to promoting the development of the coating material supply chain in the field of wafer-level and chip-level packaging, as well as PCB manufacturing. The company has developed a complete product matrix of plating and electroplating materials, covering all application scenarios for wafer-level packaging, chip-level packaging and PCB manufacturing.

According to Frost & Sullivan, according to 2024 revenue, the company is the largest domestic supplier of wet process coating materials in the Chinese market, and the largest one-stop coating solution provider in the Chinese market.

The company's revenue mainly comes from the coating materials business and coating service business included in the one-stop service solution. Among them, the coating materials business is the company's main business, generating revenue through the manufacture and sale of coating materials used in plating and electroplating processes in the semiconductor and PCB industries.

The company's coating materials and services cover two core coating processes in the field of electronic packaging used in the semiconductor and PCB industry: plating and electroplating. Specifically, the main products include chemical nickel-gold/chemical nickel-palladium, electroplated copper, and cyanide-free electroplated gold coating materials.

The plating service business aspect. When managing this business segment, the company provides customers with coating services for silicon wafers, silicon carbide wafers, packaging substrates, and PCBs, and charges service fees.

The linkage between the two major business segments has strengthened the company's influence in the industry ecosystem. Specifically, the company can not only supplement customers' production capacity by undertaking production batches with strict standards, but also improve its R&D system by undertaking key tasks such as innovative process development and verification, engineering batch sheets, etc., thereby continuing to strengthen its influence in the industry ecosystem.

In terms of performance, in 2022, 2023 and 2024, Chuangzhi Xinlian achieved revenue of approximately RMB 320 million, RMB 312 million, and RMB 410 million respectively; for the same period, annual profits were RMB 27.328 million, RMB 19.421 million, and RMB 52.706 million, respectively.