Jiangsu Hengxing Technology Registers for IPO on Shanghai Stock Exchange, Plans to Raise 900 Million Yuan

Jiangsu Hengxing New Material Technology Co., Ltd. (Hengxing Technology) recently registered for an initial public offering (IPO) on the Shanghai Stock Exchange (SSE) main board, with plans to raise 900 million yuan. The company had previously filed for an IPO on the ChiNext board in 2021 but withdrew its application after being selected for an on-site inspection, which lasted only 40 days.

Hengxing Technology is a fine chemical company that procures bulk chemicals as raw materials and focuses on the organic ketone, organic ester, and organic acid industry chains, effectively utilizing and developing high-value-added, downstream market-oriented fine chemical products.

According to the prospectus, Hengxing Technology's revenue was 428 million yuan, 518 million yuan, and 677 million yuan in 2020, 2021, and 2022, respectively. Its net profit was 125 million yuan, 89.72 million yuan, and 93.28 million yuan, respectively, while its net profit after deducting non-recurring items was 122 million yuan, 87.71 million yuan, and 92.826 million yuan, respectively.