Core Viewpoint - Guoen Technology (02768.HK) plans to globally offer 30 million H-shares, with 3 million shares available in Hong Kong and 27 million shares for international distribution, aiming for a price range of HKD 34.00 to 42.00 per share, with trading expected to commence on February 4, 2026 [2][3] Company Overview - Guoen Technology specializes in chemical new materials and gelatin, collagen, and related products, serving both the chemical and health industries [3] - The company operates in two main sectors: the large chemical sector, providing solutions to manufacturers in automotive, new energy, and home appliances, and the health sector, supplying raw materials for supplements and pharmaceuticals [3][4] Market Position - In the large chemical industry, Guoen is the second-largest company in China for organic polymer modified materials and organic polymer composite materials, holding a market share of 2.5% as of 2024 [4] - Guoen is also the largest producer of polystyrene in China by production capacity as of 2024 [4] Financial Performance - The company has shown strong revenue growth, with revenues of RMB 13.406 billion, RMB 17.439 billion, and RMB 19.188 billion for the fiscal years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 19.6% from 2022 to 2024 [7] - The sales figures for the fiscal years 2023 and 2024 indicate year-on-year growth rates of 30.1% and 10.0%, respectively [7] Market Trends - The market for organic polymer modified materials and organic polymer composite materials is projected to grow from RMB 303.8 billion in 2020 to RMB 544.8 billion by 2024, with a CAGR of 15.7% [8] - The market is expected to continue strong growth, reaching RMB 1,037.5 billion by 2029, with a forecasted CAGR of 14.1% from 2025 to 2029 [8] Use of Proceeds - The net proceeds from the share offering are estimated at approximately HKD 1.057 billion, with plans to allocate 50% for establishing a new production base in Thailand, 35% for expanding capacity in Yixing, and 10% for investments in Hong Kong [9]

Core Viewpoint - The company, Guoen Technology (02768), is set to launch an IPO from January 27 to January 30, 2026, offering 30 million shares globally, with a price range of HKD 34.00 to HKD 42.00 per share, and aims to raise approximately HKD 1.058 billion for capacity expansion and operational purposes [1][5]. Group 1: Company Overview - Guoen Technology specializes in chemical new materials and gelatin, collagen, and related products, serving both the chemical and health industries [1]. - The company focuses on R&D, production, and sales of industrial and commercial products, catering to manufacturers in downstream sectors such as automotive, new energy, and home appliances [1]. Group 2: Chemical Industry Segment - In the chemical industry, the company has a comprehensive product range that includes upstream green petrochemical materials and midstream organic polymer modified materials [2]. - The company is the second-largest player in China's organic polymer modified materials and organic polymer composite materials market, with a market share of 2.5% as of 2024 [2]. - It is also the largest producer of polystyrene in China by capacity as of 2024 [2]. Group 3: Health Industry Segment - In the health sector, the company focuses on the natural collagen industry and has established a vertically integrated product line from collagen to end products [3]. - The company ranks second in China's bone gelatin production by output and is the leading domestic brand in this category as of 2024 [3]. - It is also the second-largest domestic brand in the hollow capsule production market by output as of 2024 [3]. Group 4: Investment and Fund Allocation - The company has secured cornerstone investment agreements totaling approximately HKD 320 million, with key investors including Liguang Investment and others [4]. - The net proceeds from the IPO are expected to be around HKD 1.058 billion, with allocations of 50% for expanding production capacity in Thailand, 35% for capacity expansion in China, 10% for investments in Hong Kong, and 5% for operational funds [5].

Company Overview - Guoen Co., Ltd. (002768) is undergoing a listing hearing on the Hong Kong Stock Exchange, sponsored exclusively by China Merchants Securities International. The company operates in two main segments: Advanced Chemicals (Chemical New Materials) and Health Products (Gelatin, Collagen, and related upstream and downstream products) [1] Advanced Chemicals Segment - The Advanced Chemicals segment focuses on the chemical new materials industry, offering products such as green petrochemical materials (e.g., aromatic olefins, styrene, polystyrene) and organic polymer modified materials and composites. These products serve downstream industries including automotive, new energy, and home appliances [1] - According to Frost & Sullivan, Guoen Co., Ltd. is the second largest company in China for organic polymer modified materials and organic polymer composites by sales revenue in 2024, holding a market share of 2.5%. It is also the largest producer of polystyrene in China by production capacity in 2024 [1] Health Products Segment - The Health Products segment focuses on the natural collagen industry, developing collagen peptide derivatives and end products through its subsidiary Dongbao Biological (300239). The primary customers are medical and pharmaceutical manufacturers [1] - Based on Frost & Sullivan's data, Guoen Co., Ltd. ranks as the second largest producer of bone gelatin in China by production volume in 2024, and it is the largest domestic brand in this category. Additionally, it is the second largest domestic brand in the hollow capsule production sector in China, according to 2024 production volume estimates [1] Market Outlook - The market for organic polymer modified materials and organic polymer composites in China is projected to grow from RMB 544.8 billion in 2024 to RMB 1,037.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 14.1% [2]

Core Viewpoint - Qingdao Guoen Technology Co., Ltd. is preparing for its listing on the Hong Kong Stock Exchange, focusing on new chemical materials and gelatin, with a strong emphasis on both the chemical and health industries [1]. Group 1: Company Overview - Guoen Technology specializes in the research, production, and sales of products for the chemical and health industries, serving clients in sectors such as automotive, renewable energy, and healthcare [3]. - The company is recognized as the second-largest producer of organic polymer modified materials and organic polymer composite materials in China, holding a market share of 2.5% as of 2024 [4]. Group 2: Product and Market Position - In the chemical sector, Guoen's product range includes upstream green petrochemical materials and midstream organic polymer modified materials, catering to diverse applications in electronics, automotive, and energy storage [4]. - In the health sector, the company focuses on the natural collagen industry, with its subsidiary Dongbao Bio leveraging a vertically integrated strategy to cover the entire value chain from collagen to end products [5]. Group 3: Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first ten months of 2025 were approximately RMB 134.06 billion, RMB 174.39 billion, RMB 191.88 billion, and RMB 174.44 billion, respectively [6]. - The net profit for the same periods was RMB 7.24 billion, RMB 5.4 billion, RMB 7.21 billion, and RMB 7.21 billion [6].

Company Overview - Guoen Technology is a Chinese supplier focused on new chemical materials and gelatin, collagen upstream and downstream products, serving the chemical and health industries [4] - The company engages in research, production, and sales of products for industrial and commercial use, with clients including manufacturers in automotive, new energy, and home appliances [4] - In the health sector, Guoen Technology's clients include medical and pharmaceutical manufacturers who use its products as raw materials for supplements and medications [4] Market Position - According to Frost & Sullivan, Guoen Technology is the second-largest organic polymer modified materials and organic polymer composite materials company in China by sales revenue, with a market share of 2.5% in 2024 [5] - The company is the largest polystyrene producer in China by production capacity in 2024 [5] - In the health sector, Guoen Technology is the second-largest bone gelatin producer in China by output and the largest domestic brand in the same category [5] Financial Performance - The company reported revenues of approximately RMB 134.06 billion, RMB 174.39 billion, RMB 191.88 billion, and RMB 174.44 billion for the fiscal years 2022, 2023, 2024, and the first ten months of 2025, respectively [6] - The net profit for the same periods was RMB 7.24 billion, RMB 5.4 billion, RMB 7.21 billion, and RMB 7.21 billion [7] - The return on equity for the fiscal years 2022, 2023, 2024, and the first ten months of 2025 was 12.3%, 8.5%, 10.2%, and 9.5%, respectively [10] Industry Overview - The global polymer materials market is projected to grow from RMB 298.9 billion in 2020 to RMB 456.15 billion in 2024, with a compound annual growth rate (CAGR) of 11.1% [12] - China's polymer materials market is expected to expand from RMB 110.8 billion in 2020 to RMB 162.8 billion in 2024, with a CAGR of 10.1% [12] - The organic polymer modified materials and organic polymer composite materials market is anticipated to grow from RMB 84.81 billion in 2020 to RMB 150.38 billion in 2024, with a CAGR of 15.4% [14]