IPO News | Tongcheng New Materials (09607) ended its IPO, margin subscription reached HK$700 million, overbought by 1.33 times

The Zhitong Finance App learned that Tongcheng New Materials (09607) offered shares from September 21, 2026 to September 24, 2026. As of the afternoon of September 24, brokerage firms such as Futu, Phillip, and Tiger had loaned a total of HK$701 million for Tongcheng New Materials. Based on the amount of publicly raised capital of HK$300 million, the margin overpurchase ratio was 1.33 times.

Tongcheng New Materials plans to sell 68.118,700 H shares globally. The Hong Kong public sale accounts for about 10%, and the international sale accounts for about 90%. The offering price is HK$39.00 to HK$4.00 per share, with 100 shares per lot. It is expected that H shares will start trading on the Stock Exchange at 9:00 a.m. on September 29, 2026.

According to reports, the company is a comprehensive supplier of new materials in China. The company is mainly engaged in R&D, production, marketing, sales and distribution of new materials. According to Frost & Sullivan's report, the company ranked first in sales revenue in the global and Chinese phenolic resin rubber additives markets in fiscal year 2025, with market shares of 41.4% and 45.9% respectively. In the field of electronic materials, the company ranked first among local suppliers in the sales revenue rankings of the Chinese semiconductor photoresist market and the Chinese TFT array photoresist market in fiscal year 2025, with market shares of 5.8% and 26.2% respectively.

In fiscal year 2023, fiscal year 2024, fiscal year 2025, the first six months of 2025, and the first six months of 2026, the company's revenue was approximately RMB 2,9373 million, $3,263.4 billion, $3,420.6 billion, $1,650.5 million and $2,131 million, respectively. Of these, the company obtained annual/period profits of RMB404.1 million, $534.2 million, $577.3 million, and $389.1 million respectively.

Additionally, the company has entered into a Cornerstone Investment Agreement with Cornerstone Investors. Based on this, Cornerstone Investors have agreed that, subject to certain conditions, the number of shares to be purchased at the sale price, assuming a sale price of HK$41.50, a total of approximately US$126.4 million can be purchased at the offer price (or induce its designated entity to subscribe). Cornerstone investors include CITIC (Hong Kong) Investment Co., Ltd., Manbang Group Limited, Golden Valley Value Select Master Fund, Goldshore Company Limited, Happy Wisdom Limited, Pulin Chengshan (Hong Kong) Tire Co., Ltd., Mr. Yang Quanhai, and Ms. Zhou Zhou.