Core Viewpoint - Hailiang Co., a leading global copper processing company, has submitted its main board listing application to the Hong Kong Stock Exchange, marking a strategic shift from traditional manufacturing to becoming a technology-driven global materials solution provider [1][8] Business Matrix Redefinition - The prospectus outlines four key business segments: HVAC and industrial copper processing products (core), lithium battery and PCB copper foil products (growth point one), AI application copper-based material solutions (growth point two), and aluminum-based products [3] - The independent listing of "AI application copper-based material solutions" signifies a shift in the company's strategic focus and the visibility of its core technological value [3] Challenges and Opportunities - Historically, Hailiang has been associated with "cyclical" and "thin profit margin" labels due to its traditional business model of "raw material cost + processing fee," which is sensitive to commodity price fluctuations [3] - In 2024, while revenue is expected to grow, profit pressures indicate challenges in this model, but recent technological advancements and customer breakthroughs suggest a clear second growth curve in high-end precision thermal management solutions [3][6] Technological Transformation - The transformation is driven by the demand for extreme cooling efficiency in AI and high-performance computing, where traditional cooling methods have reached their limits [6] - Hailiang's proprietary high-performance copper-based materials have become integral to top-tier computing chip cooling solutions, with a significant increase in order volume in the first half of 2025 [6] Capital Infusion for R&D - The funds raised from the Hong Kong listing will partially enhance the company's R&D capabilities in advanced copper-based material solutions, allowing for greater investment in new alloy materials, precision processing techniques, and structural design simulations [6] Global Manufacturing Network - Hailiang's manufacturing network is evolving from "capacity output" to "strategic layout," with its Texas plant serving as a key strategic asset amid changing global trade dynamics [7] - The local production capacity in the U.S. acts as a "passport" and profit stabilizer, reflecting the company's deep and flexible global operations [7] Dual-Driven Strategy - The Hong Kong listing is seen as an accelerator for Hailiang's "dual-driven" strategy, focusing on "technology-driven" growth and "global operations" [7] - The company aims to attract long-term technology-focused capital to support advanced materials R&D and to optimize its financial structure for robust overseas localization [7] Identity Transformation - Hailiang is striving to transition from a "Chinese leader" to a "global value-oriented enterprise," with the success of its H-share listing being a crucial milestone in this transformation process [8]

Core Viewpoint - Hailiang Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to establish an "A+H" dual listing structure to enhance its global presence and connect with international capital markets [1]. Group 1: Company Overview - Hailiang Co., Ltd. was established in August 2000 and listed on the Shenzhen Stock Exchange in January 2008 [3]. - The company is a leading supplier of copper-based material solutions, offering a diversified product matrix and a global production network [3]. - Hailiang's product offerings include HVAC and industrial copper processing products, lithium battery and PCB copper foil products, AI application copper-based material solutions, and aluminum-based products, serving high-growth sectors such as thermal management, new energy, and artificial intelligence [3]. Group 2: Financial Performance - For the first nine months of 2025, Hailiang reported a revenue of 65.018 billion RMB, a year-on-year decrease of 4.55%, while net profit reached 0.931 billion RMB, an increase of 18.56% [3]. - The revenue from lithium battery and PCB copper foil products amounted to 3.479 billion RMB, marking it as the largest growth driver [3]. Group 3: Global Expansion and Market Position - As of September 30, 2025, Hailiang has established 23 production bases across Asia, Europe, North America, and Africa, with 11 located domestically and 12 overseas [3]. - The company serves over 10,000 customers, including major clients like Midea, Gree, and CATL, with most partnerships lasting over 10 years, indicating strong customer loyalty [3]. - If the Hong Kong listing is successful, it will provide new momentum for the company's global expansion, investment in emerging businesses, and financial optimization [4].

Core Viewpoint - Zhejiang Hailiang Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage its position as a leading supplier of copper-based material solutions globally [2]. Group 1: Company Overview - Hailiang Co. was established in August 2000 and specializes in advanced thermal management materials and conductor materials [2]. - The company offers a range of products including HVAC and industrial copper processing products, lithium battery and PCB copper foil products, AI application copper-based material solutions, and aluminum-based products [2]. - As of September 30, 2025, Hailiang plans to have 23 production bases across Asia, Europe, North America, and Africa, serving a global customer base [2]. Group 2: Market Position - According to Frost & Sullivan, Hailiang has maintained the highest national copper tube export volume for 17 consecutive years from 2009 to 2025 [2]. - The company has also been the global leader in copper tube shipments for six consecutive years from 2020 to 2025 [2]. - In 2024, Hailiang's copper-based material solutions are projected to have a shipment volume exceeding 1 million tons [2]. Group 3: Financial Performance - For the fiscal year 2023, Hailiang reported revenues of 75.73 billion RMB and a profit of 1.17 billion RMB [4]. - The projected revenues for 2024 are 87.54 billion RMB, with an expected profit of 623.91 million RMB [4]. - In the first nine months of 2025, the company recorded revenues of 65.02 billion RMB, a decrease of 4.55% year-on-year, while profits increased by 18.56% to 9.31 billion RMB [3]. Group 4: Leadership - The board of directors consists of ten members, including five executive directors, one non-executive director, and four independent non-executive directors [6]. - The chairman and CEO, Feng Luming, has over ten years of experience in corporate management and governance [8]. - Feng Luming's total pre-tax remuneration for 2023 and 2024 is reported to be 2.505 million RMB and 2.688 million RMB, respectively [9][10].

Core Viewpoint - Hailiang Co., Ltd. has submitted an application for a secondary listing on the Hong Kong Stock Exchange after 18 years of being listed on A-shares, aiming to raise funds for expansion and development while facing challenges related to low profit margins and high debt levels [1][11]. Group 1: Company Overview - Hailiang is one of the largest copper processing companies globally, with a projected revenue exceeding 87 billion yuan in 2024 [1]. - The company specializes in copper-based material solutions, including HVAC and industrial copper products, lithium battery and PCB copper foil products, and AI application copper-based materials [2]. - Hailiang has established 23 production bases with a total area of approximately 1.2 million square meters, serving a global customer base [2]. Group 2: Financial Performance - Revenue for Hailiang in 2023, 2024, and the first three quarters of 2025 was 757.34 billion yuan, 875.42 billion yuan, and 650.18 billion yuan, respectively, while profits were 11.69 billion yuan, 6.24 billion yuan, and 9.31 billion yuan, indicating a significant drop in profit despite revenue growth [5][6]. - The company's gross profit margins were notably low, at 4.1%, 3.3%, and 3.8% during the same periods, primarily due to high operating costs driven by raw material prices [7]. - Hailiang's cash flow from operating activities was negative for 2023 and 2024, with net outflows of 8.54 billion yuan and 23.54 billion yuan, respectively, turning positive in the first three quarters of 2025 with 667.8 million yuan [7]. Group 3: Market Challenges - Hailiang faces significant challenges from geopolitical tensions and trade protectionism, with over 30% of its revenue coming from overseas markets [1][3]. - The company is exposed to risks from trade frictions, including tariffs imposed by the U.S. on Chinese metal products, which could impact its supply chain and pricing structure [3][5]. - The reliance on a pricing model based on raw material costs and processing fees makes Hailiang vulnerable to fluctuations in raw material prices, particularly copper and zinc [7]. Group 4: Strategic Initiatives - The funds raised from the Hong Kong listing will be used for expanding production bases in Morocco and Indonesia, enhancing R&D capabilities, seeking strategic investments, and global brand promotion [1][11]. - Hailiang aims to improve its international brand image and competitiveness through this secondary listing, which is part of its broader globalization strategy [11][13].

Company Overview - Zhejiang Hailiang Co., Ltd. is a leading global supplier of copper-based material solutions, providing advanced thermal management and conductor materials to enhance energy efficiency for global clients [3][4] - The company has established 23 production bases across Asia, Europe, North America, and Africa by September 30, 2025, serving a diverse global customer base [3] - Hailiang's product offerings include HVAC and industrial copper processing products, lithium battery and PCB copper foil products, AI application copper-based material solutions, and aluminum-based products [3][4] Market Position - Hailiang has ranked first in China's copper pipe exports for 17 consecutive years and has been the world's largest exporter for six years [4] - The company is the first Chinese supplier to successfully build and operate a large copper foil production base overseas, ranking first among Chinese copper foil suppliers based on overseas production capacity as of 2024 [4] Financial Performance - For the fiscal year 2023, the company reported revenues of approximately 75.73 billion RMB, with projected revenues of 87.54 billion RMB for 2024 [6] - The gross profit for 2023 was approximately 3.09 billion RMB, with a gross margin of 4.1% [7] - The net profit for 2023 was approximately 1.17 billion RMB, with earnings per share of 0.57 RMB [9][10] Industry Overview - The global copper-based materials market is projected to grow from approximately 28.27 million tons in 2020 to about 31.84 million tons by 2024, with a compound annual growth rate (CAGR) of 3.0% [11] - The market for lithium battery and PCB copper foils is expected to expand significantly, with a projected growth from 73.5 thousand tons in 2020 to 152.3 thousand tons by 2024, reflecting a CAGR of 20.0% [16] - The demand for high-end copper-based materials is driven by emerging fields such as 5G communications and AI technology, with the market expected to reach 36.93 million tons by 2030 [11]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of ZHE JIANG HAI LIANG CO., LTD. 浙江海亮股份有限公司 (A joint stock company incorporated in the People's Republic of China with ...

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Core Insights - The company reported a revenue of 912 million yuan for the first half of 2025, representing a year-on-year growth of 17.7% [1] - Gross profit reached 474 million yuan, with a year-on-year increase of 22.1%, and the net profit excluding non-recurring items was 260 million yuan, up 54.4% year-on-year [1] - The gross margin improved to 52.0%, an increase of 1.9 percentage points from the same period last year, attributed to lower raw material costs and an optimized product mix [1] Business Performance - Sales revenue from core pearlescent pigment products was approximately 851 million yuan, growing by 21.4%, outpacing overall revenue growth [1] - Revenue from mica functional fillers and related products increased by 20% to 49.03 million yuan, indicating effective diversification [1] - The company has a cash and cash equivalents balance of 3.587 billion yuan as of June 30, 2025, providing a financial buffer for operations and future investments [1] Product Development - The company has seen a continuous increase in the proportion of high-end products since its deep integration with South Korea's CQV, with all four categories of high-end products showing year-on-year growth [2] - Specific growth rates for high-end products include approximately 18% for glass-based products, 9% for silica-based products, 5% for alumina-based products, and 12% for aluminum-based products [2] Capacity Expansion and Globalization - Significant progress has been made in capacity expansion, with the second phase of the Seven Color Pearlescent project ramping up production as expected [2] - The construction of a 100,000-ton high-performance mica production base in Tonglu has reached the stage of equipment installation [2] - The acquisition of Merck's surface solutions business in Germany was completed by the end of July 2025, enhancing the company's product matrix and global market channels [2] Future Directions - The company aims to increase R&D investment, deepen core technology barriers in synthetic mica and pearlescent materials, and accelerate the commercialization of active ingredients in cosmetics and new energy materials [3] - It plans to build an application ecosystem covering various sectors, including industrial, consumer electronics, and high-end cosmetics, to enhance global competitiveness [3] - The overarching goal is to become a leader in the global surface performance materials sector through innovation, capacity upgrades, and globalization [3]