On June 27, 2026, BNBM Coatings Co., Ltd., the wholly owned coatings operation platform of Beijing New Building Materials (BNBM), signed a joint restructuring agreement with SUNROAD Group, a domestic powder coatings enterprise, in Ma'anshan, Anhui Province.
The total investment in the transaction exceeds RMB 300 million, with BNBM Coatings acquiring over 70% equity in two entities – Anhui SUNROAD and Sichuan SUNROAD. This marks the first major acquisition of a privately held leading powder coatings company by a central state-owned enterprise (SOE).
01 The Target Company
SUNROAD Group has been active in powder coatings since 2009 and ranks stably among the top ten domestic powder coating manufacturers. According to the 2026 China Coatings Industry Top 100 list, SUNROAD Group's annual revenue stood at RMB 642 million.
Technologically, SUNROAD possesses proprietary technologies in low-temperature curing, insulation and anti-corrosion, and high-end fluorocarbon powder coatings. Its products are used in new energy vehicles, energy storage equipment, telecommunications infrastructure, and premium home appliances. SUNROAD operates two production bases in Ma'anshan (Anhui) and Guanghan (Sichuan), with its core R&D team hailing from international coating majors such as AkzoNobel and Tiger Coatings.
02 Transaction Structure
The signing adopted a lightweight, flexible controlling-stake model. BNBM Coatings acquired the shares held by the target's major shareholders, while preserving the interests of existing minority shareholders. SUNROAD's core management team was retained in full.
The two parties have also entered into a three-year performance vesting agreement with respect to the major shareholders' remaining equity.
Mr. Chen Bin, Chairman of SUNROAD Group, commented that as industry consolidation accelerates, private companies find it increasingly difficult to weather cyclical risks on their own. Joining BNBM, he said, combines SUNROAD's regional strengths with BNBM's central SOE platform advantages, representing a critical strategic upgrade for the company.
03 Completing the Coatings Portfolio
BNBM had previously entered the architectural coatings segment through its RMB 4.074 billion acquisition of a 78.34% stake in Carpoly. It also owns the brands Lighthouse (military heavy-duty anti-corrosion) and Daqiao Paint (general industrial anti-corrosion).
With the acquisition of SUNROAD, BNBM now completes a full-category coatings ecosystem, featuring Carpoly in architectural coatings, Daqiao and Lighthouse in industrial anti-corrosion coatings, and SUNROAD in high-end powder coatings – all operating in synergy.
In terms of production capacity, BNBM's nationwide powder coatings footprint has now taken formal shape, encompassing a self-owned 10,000-tonne-capacity base in Shanghai's Qingpu District, alongside the Ma'anshan and Guanghan plants, complemented by two specialized R&D centers.
04 Industry Impact
Powder coatings offer zero VOC emissions and green, low-carbon properties, aligning with China's dual‑carbon strategic goals.
The domestic powder coatings industry is characterized by a large market but fragmented players – over 6,000 powder coating enterprises nationwide, most of which produce low-end products. The high-end segment has long been dominated by foreign multinationals such as AkzoNobel and Tiger Coatings.
BNBM has adhered to a two-pronged path: building its own capacity to consolidate its foundation, while pursuing strategic acquisitions to fill gaps. In 2023, it announced its entry into powder coatings and commenced construction of the Shanghai R&D and production base. By the end of 2024, the 10,000-tonne Shanghai production line went into operation, and BNBM launched its own "Dragon Brand" powder coatings under the BNBM label, having already established a strategic partnership with BYD.
Following this acquisition, the synergy between central SOE capital and platform resources and the private powder coatings company's technological and market advantages is expected to accelerate the industry's move away from dependence on foreign technology.
05 Conclusion
Through this acquisition, BNBM reduces its reliance on the real estate cycle and gains a second growth curve via new-energy coatings. At the same time, it enters the premium powder coatings territory previously dominated by foreign players. The market is now beginning to reassess the company's value using both cyclical and growth-oriented criteria.
