CSRC approves Hengkun New Materials to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board for IPO.

On September 12, the China Securities Regulatory Commission issued the "Approval of Xiamen Hengkun New Materials Technology Co., Ltd.'s Initial Public Offering of Stock." It is reported that Hengkun New Materials plans to list on the Shanghai Stock Exchange Science and Technology Innovation Board, with China Securities Co., Ltd. as its sponsoring institution, aiming to raise 1.007 billion yuan. According to the prospectus, Hengkun New Materials is dedicated to the research and industrial application of key materials in the field of integrated circuits. It is one of the few innovative enterprises in China with the research and production capacity of key materials for 12-inch integrated circuit wafer manufacturing. It is mainly engaged in the research, production, and sale of photolithography materials and precursor materials. During the reporting period, the company's self-produced products mainly include photolithography materials such as SOC, BARC, KrF photoresist, i-Line photoresist, as well as precursor materials such as TEOS. ArF immersion photoresist has been validated and sold on a small scale, mainly used in the photolithography and thin film deposition processes of advanced NAND, DRAM memory chips, as well as logic chips with a technology node of 90nm and below. In 2024, the company's self-produced product sales revenue was 344.1893 million yuan, achieving the substitution of similar products from overseas manufacturers such as Nippon Chemical, Shin-Etsu Chemical, DuPont USA, Merck Germany, Japan Synthetic Rubber, and Tokyo Ohka Kogyo, becoming one of the main suppliers of integrated circuit photolithography materials and precursor materials in China, with a wide coverage of mainstream 12-inch integrated circuit wafer factories in China.