Group 1 - Boca International Limited, a company specializing in phase change materials (PCM) for thermal energy storage, successfully completed its IPO on the AMEX at an issue price of $4 per share, selling 2.5 million shares and registering the resale of 1.8 million existing shares [1] - Founded in 1992 and headquartered in Hong Kong, Boca International is one of the few companies globally focused on the production and application of PCM technology, developing practical and efficient thermal energy storage solutions [3] - The company has developed over 20 types of PCM, each with unique phase change temperatures and thermal storage capacities, suitable for a wide temperature range from -86°C to +600°C, providing customized thermal storage panel products for HVAC and refrigeration sectors [3] Group 2 - Financial data indicates that Boca International's revenue for the fiscal year ending March 31, 2025, reached approximately HKD 16.6 million, a significant increase of HKD 11.3 million or 216.53% compared to HKD 5.2 million in the previous fiscal year, driven by a notable rise in consulting and construction-related business revenues [4] - The company's losses narrowed from HKD 7.9 million to HKD 6 million, a decrease of 24.49%, reflecting a positive correlation with the increase in gross profit [4] - The PCM industry has seen significant achievements from various companies globally, with major international players including Henkel, BASF, Cryopak, Dow Chemical, Honeywell, and others, while domestic players include Guangzhou Meiya Technology, Jiangxi Zero Carbon Future, and several others [4][5]

Core Viewpoint - Boca International Limited, a company specializing in phase change materials (PCM) for thermal energy storage, successfully completed its IPO on the AMEX at a price of $4 per share, raising funds through the sale of 2.5 million shares and the resale of 1.8 million shares [1][3]. Company Overview - Founded in 1992 and headquartered in Hong Kong, Boca International is one of the few companies globally focused on the production and application of PCM technology for thermal energy storage [3]. - The company has developed the BocaPCM-TES system, which is patented, and specializes in HVAC applications, along with AI control technology to optimize chiller operations [3][4]. Product Development - Boca International has developed over 20 types of PCM, each with unique phase change temperatures and thermal storage capacities, suitable for a wide temperature range from -86°C to +600°C [4]. - The company offers customized thermal storage panel products for various sectors, including heating, ventilation, air conditioning (HVAC), and refrigeration [4]. Financial Performance - For the fiscal year ending March 31, 2025, Boca International reported revenues of approximately HKD 16.6 million, a significant increase of HKD 11.3 million or 216.53% compared to the previous year's revenue of HKD 5.2 million [4]. - The company's losses narrowed from HKD 7.9 million to HKD 6 million, a decrease of 24.49%, attributed to an increase in gross profit [4]. Industry Landscape - The PCM industry features significant players, including international companies like Henkel, BASF, Cryopak, Dow Chemical, Honeywell, and others, as well as domestic firms such as Guangzhou Meiya Technology, Jiangxi Zero Carbon Future, and others [5]. - The third Phase Change Materials Innovation and Application Forum is scheduled for April 16-18, 2026, in Guangzhou, aimed at fostering collaboration between academia and industry [6].