一位VC回家接班，要IPO了

Core Viewpoint - Zhongwei New Materials Co., Ltd. is preparing for a dual listing in Hong Kong, led by the second generation of the founder, Deng Jing, who aims to expand the company's global footprint in the new energy sector [7][11]. Company Background - Zhongwei New Materials was founded by Deng Weiming in 2014 after a transition from traditional energy to the new energy sector, specifically focusing on lithium battery precursor materials [10]. - The company has grown significantly since its IPO on the ChiNext board in 2020, reaching a market value of approximately 400 billion RMB, making it one of the largest companies in Guizhou province [7][10]. Business Operations - Zhongwei specializes in the research, production, and sales of battery cathode materials and precursors, serving major clients like Tesla, LG Chem, and CATL [12]. - The company has achieved a market share of 21.8% in the global precursor market for battery active materials as of 2024 [14]. Financial Performance - Revenue projections for 2022 to 2024 are 30.34 billion RMB, 34.27 billion RMB, and 40.22 billion RMB, respectively, with a compound annual growth rate (CAGR) of 15.1% [12]. - Despite revenue growth, the company faces challenges with high interest expenses, leading to a situation where revenue increases do not translate into profit growth [14]. Market Expansion - Zhongwei has made significant investments in overseas markets, including nickel mining projects in Indonesia and other countries, aiming for vertical integration from raw material extraction to recycling [10][15]. - Approximately 40% of the company's revenue comes from international markets, with this percentage increasing annually [14]. Leadership Transition - Deng Jing, born in 1994, has taken a prominent role in the company, reflecting a broader trend of second-generation leaders stepping into management positions in family-owned businesses in China [17]. - The transition of leadership to younger generations is becoming common as many family businesses reach a critical juncture for succession [17][18].