Core Viewpoint - Jiangxi Tongbo Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, revealing significant cash flow challenges in the upcoming years, with net cash outflows projected for 2024 and the first three quarters of 2025, contrasting with a net cash inflow in 2023 [1][3]. Group 1: Company Overview - Tongbo Technology is the ninth largest producer of electrolytic copper foil in China, with a market share of approximately 4% based on 2024 sales [2]. - The company specializes in high-performance electrolytic copper foil, which is essential for lithium-ion batteries and printed circuit boards (PCBs) [2]. - Revenue from copper foil sales constituted 99.3%, 99.7%, and 99.6% of total revenue for 2023, 2024, and the first three quarters of 2025, respectively, with lithium copper foil sales accounting for 89.1%, 88.8%, and 86.8% of total revenue during the same periods [2]. Group 2: Financial Performance - The company reported a gross margin decline from 6.7% in 2023 to 3.1% in 2024, with a slight recovery to 4.8% projected for the first three quarters of 2025, attributed to strong demand and increased sales of high-performance lithium copper foil products [2]. - Net cash outflows from operating activities are projected to be RMB 715.438 million and RMB 349.059 million for 2024 and the first three quarters of 2025, respectively, compared to a net cash inflow of RMB 106.167 million in 2023 [3][4]. Group 3: Industry Context - The electrolytic copper foil industry is characterized by intense competition, with significant price pressure from competitors and potential oversupply issues due to large-scale capacity expansions [7]. - The company has shifted its strategic focus from pure scale expansion to improving operational efficiency and increasing the proportion of high-margin, high-performance products in its sales mix [7]. - Continuous profitability is contingent upon achieving several operational goals, including enhancing production yield, implementing cost control systems, and effectively executing sales strategies for high-value products [7].

Company Overview - Jiangxi Copper Technology Co., Ltd. (referred to as "Copper Technology") is a provider of electrolytic copper foil solutions, focusing on the design, research and development, production, and sales of high-performance electrolytic copper foil [3] - As of 2024, the company ranks as the ninth largest electrolytic copper foil producer in China, holding a market share of approximately 4.0%. It is also the second largest producer of high-performance lithium battery copper foil in China, with a market share of 13.0% [3] - The product portfolio includes standard and high-performance lithium battery copper foil, essential for lithium-ion batteries, and electronic circuit copper foil used in printed circuit boards (PCBs) and copper-clad laminates (CCLs) [3] Product Applications - The lithium battery copper foil produced by the company is a critical component in various lithium batteries used in new energy vehicles (NEVs), energy storage systems (ESS), and consumer electronics [3] - High-end electronic circuit copper foil is a core material for manufacturing PCBs and CCLs, widely applied in 5G/6G communications, AI servers, high-performance computing, commercial aerospace, automotive electronics, and consumer electronics [3] Financial Performance - The company's revenue for the years 2023, 2024, and the nine months ending September 30, 2025, is approximately RMB 3.163 billion, RMB 3.212 billion, and RMB 2.849 billion, respectively [7] - Profit for the same periods is reported as RMB 63.06 million, RMB 20.58 million, and RMB 41.71 million [8] - The gross profit margin for 2023, 2024, and the nine months ending September 30, 2025, is 6.7%, 3.1%, and 4.8%, respectively [10] Market Overview - The global electrolytic copper foil market is projected to grow from 590,300 tons in 2020 to 1,493,400 tons by 2024, with a compound annual growth rate (CAGR) of 26.1% [13] - In China, electrolytic copper foil sales are expected to increase from 362,400 tons in 2020 to 1,048,100 tons by 2024, with a CAGR of 30.4% [15] - The global market for lithium battery copper foil is anticipated to grow significantly, with sales expected to rise from 116,600 tons in 2020 to 664,900 tons by 2024, reflecting a CAGR of 54.5% [16] Competitive Position - In 2024, the company is projected to achieve a sales volume of 39,500 tons of electrolytic copper foil, generating revenue of RMB 3.2 billion, ranking it as the tenth largest in the global electrolytic copper foil industry [20] - The top ten manufacturers in the global electrolytic copper foil market collectively hold a market share of approximately 48.1%, indicating a relatively balanced market structure without a dominant leader [20] Client Relationships - As of January 21, 2026, the company has established long-term partnerships with six of the top ten global lithium battery manufacturers, including four Chinese companies and two South Korean companies [6] - Revenue from the top five clients accounted for 85.8%, 87.3%, and 82.0% of total revenue for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [6]

Company Overview - Jiangxi Copper Technology Co., Ltd. (Copper Technology) is a provider of electrolytic copper foil solutions, focusing on the design, research and development, production, and sales of high-performance electrolytic copper foil [2] - As of 2024, the company is the ninth largest electrolytic copper foil producer in China, with a market share of approximately 4.0%, and the second largest producer of high-performance lithium battery copper foil, holding a market share of 13.0% [2] - The product portfolio includes standard and high-performance lithium battery copper foil, essential for lithium-ion batteries, and electronic circuit copper foil used in printed circuit boards (PCBs) and copper-clad laminates (CCLs) [2] Financial Performance - The company's revenue for the years 2023, 2024, and the nine months ending September 30, 2025, is approximately RMB 3.163 billion, RMB 3.212 billion, and RMB 2.895 billion respectively [5] - Profit for the same periods is reported as RMB 63.06 million, RMB 20.58 million, and RMB 41.71 million [6] - The gross profit margin for 2023, 2024, and the nine months ending September 30, 2025, is 6.7%, 3.1%, and 4.8% respectively [8] Market Overview - The global electrolytic copper foil market is projected to grow from 590,300 tons in 2020 to 1,493,400 tons by 2024, with a compound annual growth rate (CAGR) of 26.1% [11] - In China, electrolytic copper foil sales are expected to increase from 362,400 tons in 2020 to 1,048,100 tons by 2024, with a CAGR of 30.4% [13] - The global market for lithium battery copper foil is anticipated to grow significantly, with sales increasing from 116,600 tons in 2020 to 664,900 tons by 2024, reflecting a CAGR of 54.5% [14] Competitive Position - In 2024, the company is expected to achieve a sales volume of 39,500 tons, ranking it as the tenth largest in the global electrolytic copper foil industry, with revenues of RMB 3.2 billion [18] - The top ten manufacturers in the global electrolytic copper foil market hold a combined market share of approximately 48.1%, indicating a relatively balanced market structure without a dominant leader [18] Client Relationships - As of January 21, 2026, the company has established long-term partnerships with six of the top ten global lithium battery manufacturers, including four Chinese and two South Korean companies [5] - Revenue from the top five customers accounted for 85.8%, 87.3%, and 82.0% of total revenue for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [5]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其 準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Jiangxi Tongbo Technology Co., Ltd. 江西銅博科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （「本公司」） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員 表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處 長註冊的本公司招股章程作出投資決定，招股章程的文本將於發售期內刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充 ...

Core Viewpoint - Jiujiang Defu Technology Co., Ltd. has signed an equity acquisition agreement to acquire 51% of Anhui Huiru Technology Co., Ltd., marking a significant strategic move in the electrolytic copper foil industry and enhancing its control in the global copper foil market [1] Group 1: Acquisition Details - The acquisition allows Defu Technology to gain a controlling stake in Anhui Huiru, a well-known manufacturer of electrolytic copper foil in Anhui Province, which has an annual production capacity of 20,000 tons [1] - Anhui Huiru's production base in Chuzhou benefits from significant electricity cost advantages due to the dual peak-valley pricing system in Anhui Province, which provides opportunities for cost reduction [2] Group 2: Strategic Advantages - The strategic location of Anhui Huiru in the Yangtze River Delta economic circle offers a natural advantage for rapid response to customer needs, enhancing Defu Technology's service capabilities in the East China region [2] - Defu Technology has maintained a 100% high operating rate since the fourth quarter of 2025, indicating that existing capacity is fully saturated, necessitating the acquisition to expand production capacity and revenue [2] Group 3: Market Position and Growth Strategy - Defu Technology has achieved revenue of 8.5 billion yuan and a production capacity of 175,000 tons per year in the first three quarters of 2025, maintaining the largest market share in lithium copper foil globally [3] - The company aims to drive growth through both internal expansion and external acquisitions, enhancing its scale advantages and technological barriers in the copper foil industry [3]

Group 1 - The core point of the article is that Jiujiang Defu Technology Co., Ltd. has signed a share acquisition agreement to acquire 51% of Anhui Huiru Technology Co., Ltd., marking a significant strategic move in the electrolytic copper foil industry and enhancing its leading position globally [1] - The acquisition will increase Defu Technology's total electrolytic copper foil production capacity, further widening the gap with competitors and solidifying its leadership in the global copper foil sector [1] - Anhui Huiru, established in 2021, has a production capacity of 20,000 tons per year and a solid customer base in the East China market, showcasing its unique regional value and development potential [1] Group 2 - Anhui Huiru's production base in Chuzhou benefits from significant electricity cost advantages due to a dual peak-valley pricing system, which helps reduce production costs for high-energy-consuming products like copper foil [2] - The strategic location of Anhui Huiru in the Yangtze River Delta economic circle provides a natural advantage for rapid response to customer needs, enhancing service capabilities for core clients [2] - Defu Technology has maintained a 100% operating rate since Q4 2025, and the acquisition of Anhui Huiru will help overcome capacity bottlenecks, directly expanding revenue and improving operational profits [2] Group 3 - Defu Technology has achieved a revenue of 8.5 billion yuan and an annual production capacity of 175,000 tons by Q3 2025, maintaining the largest market share in the lithium battery copper foil sector globally [3] - The company is taking on the role of industry consolidator amid increasing competition and fragmented capacity in the domestic copper foil market [3] - Defu Technology is expanding its scale advantages and technological barriers through a dual approach of organic growth and external acquisitions [3]

Core Viewpoint - The acquisition of 51% stake in Anhui Huiru Technology by Jiujiang Defu Technology marks a significant strategic move to enhance the company's position in the global electrolytic copper foil industry, aiming for high-quality development and increased industry concentration [1] Group 1: Cost and Operational Advantages - Anhui Huiru's production base in Chuzhou benefits from significant electricity cost advantages due to a dual peak-valley pricing system, which allows for substantial cost reductions in production [2] - The company has established its own substation, further lowering electricity costs and enhancing Defu Technology's overall cost leadership [2] Group 2: Strategic Location and Market Reach - The Chuzhou production base is strategically located in the core area of the Yangtze River Delta, providing natural advantages for rapid response to customer needs, particularly in the PCB and lithium battery sectors [3] - This location enhances Defu Technology's coverage in the East China region and improves service response capabilities to core customers [3] Group 3: Capacity and Demand - Defu Technology has maintained a 100% operating rate since Q4 2025, indicating full capacity utilization, necessitating the acquisition to meet growing demand from downstream industries such as new energy vehicles and energy storage [4] - The acquisition will increase effective production capacity, allowing for revenue growth and improved operational profits [4] Group 4: Technological and Operational Synergies - Defu Technology plans to leverage its superior production management and supply chain resources to optimize Anhui Huiru's production processes, aiming to enhance energy efficiency and operational effectiveness [5] - The company will support the development of high-end products at Anhui Huiru, maximizing the integration value through shared technology and innovation [5] Group 5: Market Position and Industry Impact - Post-acquisition, Defu Technology's total electrolytic copper foil capacity will rise from 175,000 tons per year to 195,000 tons per year, solidifying its position as the largest producer globally [6] - The acquisition will optimize domestic capacity layout and enhance service capabilities, contributing to a comprehensive supply chain network [7] Group 6: Industry Leadership and Transformation - The strategic acquisition reflects Defu Technology's commitment to leading the transformation of the copper foil industry from scale expansion to quality enhancement [8] - By integrating quality capacity and promoting advanced management practices, Defu Technology aims to set a benchmark for industry consolidation and drive the market towards high-quality development [8] Group 7: Growth and Value Creation - The acquisition is expected to significantly enhance Defu Technology's performance and open new avenues for market capitalization growth [9] - With the backdrop of rapid growth in the global new energy and electronic information sectors, Defu Technology is positioned to expand its scale and technological barriers through both organic growth and acquisitions [9]

Core Viewpoint - The company, Jiujiang Defu Technology Co., Ltd., has made a strategic move by acquiring a 51% stake in Anhui Huiru Technology Co., Ltd. while terminating the acquisition of Circuit Foil Luxembourg due to geopolitical risks and strategic misalignment [1][2][3]. Group 1: Acquisition of Anhui Huiru - The acquisition of a 51% stake in Anhui Huiru is a significant strategic initiative aimed at strengthening the company's position in the electrolytic copper foil industry, enhancing total production capacity, and solidifying its leadership in the global copper foil market [1]. - This move is expected to leverage the scale and demonstration effects of a leading enterprise, promoting a shift in the Chinese copper foil industry towards higher concentration and competitiveness [1]. Group 2: Termination of CFL Acquisition - The termination of the acquisition of Circuit Foil Luxembourg was due to the Luxembourg Ministry of Economy's final decision, which imposed conditions that conflicted with the company's strategic control requirements [2][3]. - The company emphasized that the imposed conditions would hinder its ability to integrate CFL into its overall strategic framework, thus jeopardizing shareholder interests [3]. Group 3: Geopolitical Risk Insights - The company’s decision to terminate the acquisition reflects a prudent approach to avoid geopolitical risks, similar to the challenges faced by other Chinese tech firms in overseas acquisitions [4]. - The restrictions imposed by the Luxembourg government are akin to those experienced by Nexperia, highlighting the increasing scrutiny on foreign investments in sensitive sectors [4]. Group 4: Strategic Shift - The termination of the CFL acquisition is not a retreat from globalization but a strategic pivot towards domestic industry consolidation, which is seen as a more stable and efficient growth path [5]. - The company aims to focus on integrating domestic high-quality production capacities, particularly leveraging Anhui Huiru's advantages, to meet the growing demands of the electric vehicle and PCB industries [5]. Group 5: Future Outlook - The company plans to drive growth through a dual strategy of internal development and domestic acquisitions, emphasizing the importance of local integration and technological independence [6]. - Future international expansion will prioritize non-controlling forms of collaboration to mitigate geopolitical sensitivities, ensuring a more flexible approach to global competition [6]. - The company reassures that the termination of the CFL acquisition will not adversely affect its normal operations or financial health, as it maintains a healthy cash flow and is progressing with domestic integration projects [6].

Group 1 - In 2025, only 14 domestic companies received approval for listing in the US, a significant decrease of approximately 75% compared to 55 companies in 2024, marking a new low in recent years [1] - The total number of companies that completed overseas listing filings reached 179, representing a year-on-year increase of 15%, with 156 companies listed in Hong Kong, accounting for over 86% of the total [1] - The stark contrast between the decline in US listings and the increase in Hong Kong listings indicates a profound change in the cross-border financing landscape for Chinese companies [1] Group 2 - From January to April 2025, 13 companies were approved for listing, followed by an 8-month "frozen period," with only one company, Longdian Huaxin New Energy Technology Group, breaking the silence in December [2] - Among the 14 approved companies, 3 adopted the VIE structure, 3 went public through SPAC mergers, and 2 were second-time filings, reflecting companies' flexible responses to regulatory uncertainties [2] - The SEC's ongoing reinforcement of audit and disclosure requirements for Chinese companies has significantly increased compliance costs and potential delisting risks, diminishing the attractiveness of the US market for many small and medium-sized Chinese enterprises [2] Group 3 - The industry distribution of companies completing overseas listings in 2025 shows a clear trend of "hard technology leading, consumer recovery following," with technology and biomedicine accounting for over 43% of the total [3] - Hard technology companies are primarily concentrated in the Hong Kong market, leveraging the inclusivity of Hong Kong's 18A and 18C rules for biomedicine and specialized enterprises [3] - The sharp reduction in the number of companies listed in the US signifies a new phase in cross-border financing for Chinese companies, necessitating a more rational assessment of the pros and cons of different listing locations amid geopolitical and regulatory uncertainties [3]

Core Viewpoint - The private economy is a key driver of high-quality development, with Jiangxi's private listed companies demonstrating significant growth and resilience during the "14th Five-Year Plan" period, supported by the capital market [1] Group 1: Company Overview - Jiujiang Defu Technology Co., Ltd. has established itself as a leading enterprise in the global lithium battery copper foil industry since its founding in 1985, focusing on electrolytic copper foil as its core business [2] - The company expanded its production capacity from 18,000 tons at the end of 2019 to 175,000 tons by 2024, achieving a remarkable growth trajectory [2] - In 2024, the company's revenue is projected to exceed 7.8 billion yuan, securing its position among the top tier of China's lithium battery copper foil market [2] Group 2: Technological Innovation - Jiujiang Defu Technology is proactively positioning itself in high-end product areas, developing advanced copper foil products to support next-generation battery technologies [3] - The company is focusing on high-performance solutions for various applications, including AI chips and 5G, establishing a clear technological layout and product validation system [3] Group 3: Research and Development - During the "14th Five-Year Plan" period, the company has prioritized the development of new productive forces, emphasizing research and development as a key driver of industry innovation [4] - In 2024, the company's R&D investment increased by 30.45%, resulting in 17 new invention patents and an expanded R&D team of 377 members, with over 20% holding advanced degrees [4] - The establishment of comprehensive innovation platforms has enabled the company to tackle industry challenges and continuously upgrade its products [4]