Zhuzhou Keneng Science and Technology Innovation Board IPO “terminated” dedicated to the development and industrialization of purification technology for III-V chemical element materials

The Zhitong Finance App learned that on October 31, the IPO review status of the Shanghai Stock Exchange Science and Technology Innovation Board of Zhuzhou Keneng New Materials Co., Ltd. (abbreviation: Zhuzhou Keneng) changed to “terminated”. Due to the withdrawal of the issuance and listing application by Zhuzhou Keneng and its sponsor, the Shanghai Stock Exchange terminated its issuance and listing review in accordance with the relevant provisions of Article 63 of the “Shanghai Stock Exchange Stock Issuance and Listing Review Rules”.

According to the prospectus, the company has long been committed to the development and industrialization of III-V chemical element materials purification technology, and is mainly engaged in R&D, production and sales of disperse metal elements such as gallium, indium, bismuth, and tellurium above 4N and their oxides. The products mainly include three series of indium, gallium, and bismuth products such as high-purity gallium, high-purity indium (4N5-5N), indium oxide, gallium oxide, industrial gallium, bismuth and bismuth oxide. They are mainly used in the synthesis of indium phosphide, gallium arsenide and other compound semiconductors, solar cell P-type silicon wafers, ITO, etc., and the manufacture of high-end products in the fields of medicine and chemicals.

The company's high-purity dispersion metals such as gallium and indium are key basic materials for compound semiconductors and ITO targets, and their quality has a significant impact on the synthesis of compound semiconductors and targets. Since most well-known enterprises in the compound semiconductor and target materials industry are located in developed overseas countries, the high-purity dispersive metal industry in which the company is located shows an international competitive pattern. The market share is mainly occupied by well-known overseas manufacturers such as IndiumCorporation, Dowa, RASA, and 5NPlus, as well as a few domestic companies such as Guangdong Pioneer and Zhuzhou Keneng. The well-known overseas manufacturers mentioned above have obvious advantages over domestic manufacturers due to their early entry into the industry and supporting many well-known customers in the downstream industry.

China started relatively late in the field of high-purity disperse metal materials, but with the advantages of China being the world's largest producer of native disperse metals and the rapid rise of domestic manufacturers in downstream fields such as compound semiconductors and targets, in recent years, a small number of domestic enterprises such as Guangdong Pioneer and the Company have promoted production equipment, technological process upgrades and product performance improvements through continuous investment in R&D. In particular, as a manufacturer specializing in the purification of disperse metals, the company has successfully supported many well-known customers of compound semiconductors and ITO targets at home and abroad. The market share of individual products already ranks among the highest in the world, and its competitive position in the market is gradually becoming prominent. According to statistics from the Disperse Metals Branch of the China Nonferrous Metals Industry Association, in 2024, the domestic market share of the company's high-purity indium products was 49%, ranking first in the country in terms of production scale, sales volume and output value; the domestic market share of the company's high-purity gallium products was 23%, leading the market share in the country, and had a high level of market recognition.

The company has developed into one of the world's major suppliers of high-purity gallium and high-purity indium materials. The overall technical performance of its products is at the leading domestic level. It is the main or sole supplier of high-purity gallium or high-purity indium in China for world-leading compound semiconductor manufacturers such as Freiberger, Sumitomo Electric, Wafer, 5nPlus, and Rasa. The company's high-purity gallium and high-purity indium have basically covered major domestic compound semiconductor manufacturers such as San'an Optoelectronics, Suzhou Navi, Yunnan Xinyao, Zhejiang Kangpeng, and research institutes such as the Institute of Semiconductors of the Chinese Academy of Sciences, as well as leading domestic P-type silicon wafers manufacturers such as Longji Green Energy.

The company is a leading domestic supplier of fine indium such as ITO and IGZO. It occupies a dominant position in the domestic market, and basically covers the world's major ITO and IGZO target manufacturers. Its core customers include major well-known domestic and foreign downstream manufacturers such as Mitsui Metals, ANP, Koyo Technology, Longhua Technology, Hebei Hengbo, etc., and is the only supplier of fine indium in China, a leading global ITO target company.

The high-quality bismuth and its oxide produced by the company are important raw materials for electronic materials such as alloys and solders, as well as high-end pigments and pharmaceutical intermediates. It mainly supports internationally renowned companies such as VIBRANTZ, SHINTO, KCC, SUNCHEMICAL, etc., and its production and sales scale and technical level rank among the highest in China.

On the financial side, in 2022, 2023, and 2024, the company achieved operating income of about 679 million yuan, 609 million yuan, and 787 million yuan respectively; net profit for the same period was 508.23 million yuan, 430.15 million yuan, and 77.36 million yuan, respectively.