New Stock News | Jiangsu Boqian New Materials Stock(605376.SH) submitted an application to the Hong Kong Stock Exchange, ranking second among global suppliers of nickel powder for MLCCs.

According to the disclosure of the Hong Kong Stock Exchange on June 17, Jiangsu Boqian New Materials Stock Co., Ltd. (referred to as Jiangsu Boqian New Materials Stock, 605376.SH) has submitted an application to the Main Board of the Hong Kong Stock Exchange, with GUOTAI JUNAN I as its exclusive sponsor. Company Profile According to the prospectus, the company is a globally renowned supplier of electronic-grade metal powder materials, focusing on the research, development, production, and sales of high-end metal powder materials. Leveraging its independently developed technology platform centered around PVD, it provides core metal powder materials for multilayer ceramic capacitors (MLCCs), low silver and non-silver photovoltaic electrode materials, solid state battery anode materials, and other electronic component manufacturers. With years of technical expertise in high-end metal powder materials, the company has become one of the important material suppliers in the electronic component industry chain, breaking the long-term monopoly of foreign companies in the high-end MLCC nickel powder field. According to a Sullivan report, the company is expected to achieve global leadership by revenue in 2025, with a market share of around 11.0% among global suppliers of MLCC nickel powder in 2025, ranking second globally, and has established strong technological and industrialization capabilities in the high-end electronic metal powder field. The company's products mainly include nickel-based products, copper-based products, silver powder, and alloy powder, widely used in consumer electronics, automotive electronics, industrial automation, artificial intelligence (AI), photovoltaic new energy, semiconductor packaging, and other areas. Nickel powder is mainly used for MLCC electrode materials, a crucial raw material in the manufacturing process of electronic components; copper powder and silver-coated copper powder can be widely used in the field of low-silver/non-silver photovoltaics, significantly reducing the production costs of photovoltaic cells. The trend towards miniaturization, high performance, and high reliability of electronic devices has driven the increasing demand for high-end metal powder materials with higher performance requirements in industries such as AI servers, high-end consumer electronics, new energy vehicles, and photovoltaics. Financial Data Revenue In 2023, 2024, and 2025, the company's revenue was approximately 689 million yuan, 945 million yuan, and 1.152 billion yuan respectively. Profit In 2023, 2024, and 2025, the company's annual profit was approximately -32.31 million yuan, 87.475 million yuan, and 219 million yuan respectively. Industry Overview Electronic metal powder is highly pure metal or alloy powder produced through precision manufacturing processes, designed for critical functional applications in the electronic industry. It has a tightly controlled particle size distribution and high sphericity to meet the stringent performance requirements of high-frequency and high-density electronic devices. The global electronic metal powder market was worth 139.2 billion yuan in 2021, projected to reach 285.3 billion yuan in 2025, with a compound annual growth rate of 19.6% from 2021 to 2025. Driven by the growing demand in the electronics, automotive, aerospace, and advanced manufacturing sectors, as well as the increasing adoption in high-performance and additive manufacturing applications, the market size is estimated to reach 1,332.9 billion yuan by 2035, with a compound annual growth rate of 16.7% from 2025 to 2035. The industry value chain of electronic metal powder consists of upstream suppliers, midstream powder manufacturers, and downstream applications. Upstream suppliers provide metal raw materials, chemical additives, industrial gases, and production equipment. Midstream manufacturers produce pure metal powder, composite powder for silver substitutes, and alloy powder. At the downstream level, these powders are used in electronic components and functional materials, such as MLCCs, inductors, power magnetic elements, semiconductor packaging, and lithium batteries, integrated into end-use systems, especially AI servers, high-performance computing, consumer electronics, photovoltaics, and new energy electric vehicles. The market size in terms of revenue reached approximately 5.7 billion yuan in 2021 and is expected to increase to 7.8 billion yuan by 2025, with a compound annual growth rate of 8.4%. Further growth in the market is expected, driven by factors such as exponential growth in AI infrastructure, rapid expansion of high-performance computing, and the increasing demand in the electric vehicle sector. The market size is projected to reach 25.6 billion yuan by 2035, with an accelerated compound annual growth rate of 12.5% from 2025 to 2035. Board Information The company's board of directors currently consists of ten directors, including six executive directors and four independent non-executive directors. The term of office for directors is three years and can be re-elected and/or reappointed according to the company's articles of association and applicable Chinese laws. Equity Structure In January 2016, Guanghongyuan, Ningbo Shenyang, and Mr. Wang entered into a joint action agreement. Under the agreement, the parties agreed to take joint actions on the operation and management of the company and to vote consistently with Mr. Wang at shareholder and board meetings. Guanghongyuan is a limited partnership established in China, with Lianfeng Investment as the general partner holding a 1.6% stake. Mr. Wang is the sole shareholder of Lianfeng Investment. Ningbo Shenyang is a limited partnership with Yang Chao, the financial manager of Guangxin Nanometer, as the general partner holding a 1.97% stake. Guanghongyuan, Lianfeng Investment, Mr. Wang, Ningbo Shenyang, and Yang Chao will form the largest shareholder group of the company under the Listing Rules. Professional Team Exclusive Sponsor: Guotai Junan Finance Limited; Legal Advisor: Zhong Lun Law Firm Limited Liability Partnership, Zhong Lun Law Firm, D&ALLC; Legal Advisor to the Exclusive Sponsor: JT&N Law Firm Limited Liability Partnership, JT&N Law Firm; Reporting Accountant and Auditor: Deloitte Touche Tohmatsu Certified Public Accountants; Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch; Compliance Advisor: Guotai Junan Finance Limited.