IPO News | Zhejiang Rongtai (603119.SH) once again reports that the Hong Kong Stock Exchange ranks first in the global and Chinese mica product markets in the field of new energy

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 24, Zhejiang Rongtai Electric Equipment Co., Ltd. (abbreviation: Zhejiang Rongtai, 603119.SH) submitted a listing application to the main board of the Hong Kong Stock Exchange, and CITIC Securities is its sole sponsor.

Company profile

According to the prospectus, Zhejiang Rongtai is a pioneer and leader in new energy mica composites and related products in the world, and is known for its technological innovation and industry expertise. According to Frost & Sullivan, the global market size of mica products in the new energy sector in 2025 will be RMB 4.7 billion and RMB 3.9 billion respectively. In the global and Chinese markets for mica products in the new energy sector, Zhejiang Rongtai ranked first in terms of revenue in 2025, with market shares of 22.7% and 12.7% respectively. Zhejiang Rongtai's mica composites and related products are designed to provide thermal protection, flame retardant insulation and electrical safety, and are mainly used in new energy vehicles, household appliances and fire-resistant cable applications. Relying on its cross-field expertise in precision processing technology and close relationships with customer needs, Zhejiang Rongtai has successfully expanded its business from the field of mica products to the field of key precision structural parts for robots.

Zhejiang Rongtai continues to strengthen lean manufacturing, pursue excellent quality, ensure timely and high-quality delivery of products, provide perfect guarantee services, and continue to deepen long-term stable cooperative relationships with leading global customers. Overseas, Zhejiang Rongtai has set up a deep processing base in Vietnam and a production base in Thailand (trial production is ongoing as of the last practical date). Zhejiang Rongtai also plans to further expand the production capacity of the Thai production base to expand the global layout and enhance overseas manufacturing and delivery capabilities. As of the last practical date, Zhejiang Rongtai's products have sold well in more than 40 countries and regions around the world.

During the track record period, Zhejiang Rongtai's revenue mainly came from sales of mica composites and related products, including safety parts for new energy vehicles, flame retardant insulation parts for household appliances, and flame retardant insulating tape for cables. Following the acquisition of Ditz Precision in June 2025, Zhejiang Rongtai's product portfolio expanded to include precision structural parts and began generating revenue through the sale of precision structural parts, which are mainly used in the fields of robotics and advanced automation.

Financial data

revenues

In the six months ended June 30 in 2023, 2024, 2025, and 2026, the company achieved revenue of about 800 million yuan (RMB, same in some units of financial data), 1,135 billion yuan, 1,376 million yuan, and 898 million yuan, respectively.

Profit for the year/period

For the six months ended June 30 in 2023, 2024, 2025, and 2026, the company recorded annual/period profits of approximately $172 million, $230 million, $283 million, and $156 million respectively.

Mouri

For the six months ended June 30 in 2023, 2024, 2025, and 2026, the company recorded gross profit of approximately RMB 282 million, RMB 363 million, RMB 455 million, and RMB 305 million respectively.

Industry Overview

Mica products refer to functional products that use mica materials as the main base material and are processed into sheets, strips, or plates using high-temperature adhesives. These materials have stable electrical insulation and high flame retardancy and heat resistance, and can maintain reliable performance at high temperatures. It is widely used in electrical, mechanical and industrial environments, such as new energy (mainly including new energy vehicles, power batteries, energy storage batteries, etc.), cables, home appliances, etc.

The application scenarios of mica products mainly include industrial metallurgy industry, new energy industry, cable industry, home appliance industry, and other industries such as transportation, nuclear power plants and aerospace. In 2025, the global market for mica products reached RMB 23.5 billion, while the global market size for mica products in the industrial metallurgy industry, new energy industry, cable industry, home appliance industry and other industries was RMB 6.4 billion, RMB 4.7 billion, RMB 2.1 billion, RMB 1 billion and RMB 9.3 billion respectively. In 2025, the market size of mica products in China reached RMB 9.3 billion, while the market size of mica products in China's industrial metallurgy industry, new energy industry, cable industry, home appliance industry and other industries was RMB 1.6 billion, RMB 3.9 billion, RMB 800 million, RMB 600 million and RMB 2.4 billion respectively.

Board Information

The board of directors will be composed of nine directors, including two executive directors, three non-executive directors and four independent non-executive directors. The term of office of directors is three years, and they can be re-elected at the end of their term of office. According to relevant Chinese laws and regulations, independent non-executive directors may not serve continuously for more than six years.

Shareholding structure

As of the last practical date, Mr. Ge Tailong and Ms. Cao Meisheng jointly held about 38.38% of the total issued share capital of the company, including (i) about 32.52% direct equity held by Mr. Ge Tairong; (ii) about 4.48% direct interest held by Ms. Cao Meisheng; (iii) about 0.76% indirect interest held by Shanghai Chaotai (as general partner) holding 33.07% of the limited partnership); and (iv) Shanghai Congjiong (with Ms. Cao Meisheng (as general partner)) Owned by a partnership) Approximately 0.62% indirect equity. Mr Ge Tai-wing and Ms Cho Meisheng are husband and wife.

Mr. Ge Tairong and Ms. Cao Meisheng will collectively control more than 30% of the voting rights of the company's shareholders' meetings. Therefore, Mr. Ge Tailong, Ms. Cao Meisheng, Shanghai Chaotai, and Shanghai Congjiong will form a group of controlling shareholders.

Intermediary team

Sole sponsor: CITIC Securities (Hong Kong) Limited

Company Legal Advisors: Gao Weishen Law Firm, Shanghai Guangfa Law Firm, King & Wood Mallesons

Sole sponsor legal advisors: Jingtian Gongcheng Law Firm Limited Liability Partnership, Jingtian Gongcheng Law Firm

Auditor and reporting accountant: Zhonghui Anda Certified Public Accountants Co., Ltd.

Compliance Advisor: New Berry Finance Co., Ltd.

Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch