Crown New Materials' IPO on the Shenzhen Stock Exchange's main board has been approved by the listing committee. The company's products are now being used in well-known end terminals such as Apple and Google.

On July 17th, Crown New Materials Technology Co., Ltd. (referred to as Crown New Materials) passed the listing committee meeting of the Shenzhen Stock Exchange main board. The sponsor of the IPO is China International Finance Co., Ltd., with a planned fundraising of 918.68 million yuan. According to the prospectus, the company mainly engages in research and development, production, and sales of industrial-grade adhesive materials, electronic-grade adhesive materials, and functional film materials such as functional composite materials. The company's products have a wide range of applications, covering multiple fields including light industry, household appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors. The functional composite materials industry in which the company operates is a market-oriented and highly competitive industry. There are significant differences among participants in terms of brand strength, business scale, market share, research and production capabilities, etc., resulting in overall differences in levels. International renowned companies such as 3M from the United States, Nitto from Japan, and tesa from Germany are industry leaders. These companies have a long history, rich industry experience, and leading technology in research and production, and have advantages in technology and financial strength, product variety, sales network, and brand recognition. They occupy a major share in the high-end market of functional composite materials in industries such as consumer electronics, automobiles, and semiconductors, and lead the industry's development direction. There are many domestic manufacturers engaged in the production of functional composite materials, but most have small scales, single product types, and a high proportion of mid-to-low-end products, placing them in a relatively weak position in the industry chain with dispersed market shares. A few domestic manufacturers that started early and have achieved large-scale production, such as Crown New Materials, Jiangsu Sidike New Materials Science & Technology, Shanghai Smith Adhesive New Material, and Shanghai Yongguan Adhesive Products Corp., Ltd., have accumulated years of technical experience and independent research and development, mastering the production technology of some high-end materials, and gradually gaining the capability to compete with international industry leaders in recent years. Currently, the company's products have entered the materials field previously dominated by international leading companies such as 3M from the United States, Nitto from Japan, and tesa from Germany. With excellent product performance and stable product quality, they have been applied in well-known terminals such as OPPO, vivo, Huawei, Apple, Google, Amazon, BYD Company Limited, Tesla, Contemporary Amperex Technology, Gotion High-tech, CALB, Gree, Galanz, Deli, etc., providing good business support for the company's stable performance growth. After years of accumulation, the company's performance has steadily increased, and its profitability has continued to strengthen. In the future, the company will continue to focus on functional new materials as a strategic priority, benchmarking international industry leaders such as 3M from the United States, Nitto from Japan, and tesa from Germany in the high-end product field. It will also continue to consolidate its advantages in rapid response capabilities and integrated supporting services, gaining the trust of downstream terminal customers and maintaining strong competitiveness in the industry. Financially, in the years 2023, 2024, and 2025, the company is expected to achieve operating revenues of approximately 2.895 billion yuan, 3.159 billion yuan, and 3.408 billion yuan respectively, with net profits of approximately 278 million yuan, 302 million yuan, and 309 million yuan in the same period.