New Stock News | Zhejiang Rongtai Electric Material (603119.SH) has submitted another application to the Hong Kong Stock Exchange. It ranks first in the global and Shanxi Guoxin Energy Corporation mica products market.

According to a disclosure by the Hong Kong Stock Exchange on August 24, Zhejiang Rongtai Electric Material Co., Ltd. (referred to as: Zhejiang Rongtai Electric Material, 603119.SH) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. Company Profile According to the prospectus, Zhejiang Rongtai Electric Material is a pioneer and leader in global new energy mica composite materials and related products, known for its technological innovation and industry expertise. According to Frost & Sullivan, the market size for mica products in the global and Shanxi Guoxin Energy Corporation sectors is projected to be approximately RMB 4.7 billion and RMB 3.9 billion, respectively, by 2025. In the global and Shanxi Guoxin Energy Corporation mica products market, based on revenue in 2025, Zhejiang Rongtai Electric Material ranks first, with market shares of 22.7% and 12.7%, respectively. Zhejiang Rongtai Electric Material's mica composite materials and related products aim to provide thermal protection, flame-retardant insulation, and electrical safety, mainly used in new energy vehicles, household appliances, and fire-resistant cable applications. Leveraging its cross-industry expertise in precision processing technology and close alignment with customer needs, Zhejiang Rongtai Electric Material has successfully expanded its business from the mica product sector to the key precision components sector of Siasun Robot & Automation. Zhejiang Rongtai Electric Material continuously strengthens lean manufacturing, pursues excellence in quality, ensures timely and high-quality product delivery, and provides comprehensive support services, deepening long-term stable cooperative relationships with leading global customers. Internationally, Zhejiang Rongtai Electric Material has established a deep processing base in Vietnam and a production base in Thailand (currently undergoing pilot production as of the latest feasible date). The company also plans to further expand the production capacity of its Thailand facility to enhance its global footprint and improve overseas manufacturing and delivery capabilities. As of the latest feasible date, Zhejiang Rongtai Electric Material's products are sold in over 40 countries and regions worldwide. During the track record period, the revenue of Zhejiang Rongtai Electric Material mainly came from the sales of mica composite materials and related products, including safety components for new energy vehicles, flame-retardant insulation components for household appliances, and flame-retardant insulation tapes for cables. Following the acquisition of Dez Precision in June 2025, Zhejiang Rongtai Electric Material expanded its product portfolio to include precision components, generating revenue from the sales of these components mainly for Siasun Robot & Automation and advanced automation sectors. Financial Information Revenue For the six months ended June 30 in 2023, 2024, 2025, and 2026, the company achieved revenues of approximately RMB 800 million, RMB 1.135 billion, RMB 1.376 billion, and RMB 898 million, respectively. Profit for the Year/Period For the six months ended June 30 in 2023, 2024, 2025, and 2026, the company recorded profits of approximately RMB 172 million, RMB 230 million, RMB 283 million, and RMB 156 million, respectively. Gross Profit For the six months ended June 30 in 2023, 2024, 2025, and 2026, the company recorded gross profits of approximately RMB 282 million, RMB 363 million, RMB 455 million, and RMB 305 million, respectively. Industry Overview Mica products refer to functional products made from mica materials as the primary substrate and processed into sheets, tapes, or boards using high-temperature adhesives. These materials exhibit stable electrical insulation properties and high flame-retardant and heat-resistance characteristics, maintaining reliable performance under high temperatures. They are widely used in electrical, mechanical, industrial, and other environments, such as new energy (including new energy vehicles, power batteries, energy storage batteries, etc.), cables, household appliances, and more. The application scenarios for mica products mainly include the industrial metallurgy industry, new energy industry, cable industry, household appliance industry, as well as transportation, nuclear power stations, and aerospace among other industries. By 2025, the global market size for mica products is expected to reach RMB 23.5 billion, with market sizes for mica products in the global industrial metallurgy industry, new energy industry, cable industry, household appliance industry, and other industries estimated at RMB 6.4 billion, RMB 4.7 billion, RMB 2.1 billion, RMB 1 billion, and RMB 9.3 billion, respectively. In 2025, the market size for mica products in China is projected to reach RMB 9.3 billion, with the market sizes for mica products in the Chinese industrial metallurgy industry, new energy industry, cable industry, household appliance industry, and other industries estimated at RMB 1.6 billion, RMB 3.9 billion, RMB 800 million, RMB 600 million, and RMB 2.4 billion, respectively. Board Information The Board will consist of nine directors, including two executive directors, three non-executive directors, and four independent non-executive directors. The term of office for directors is three years, and they can be re-elected upon expiration of their term. According to relevant Chinese laws and regulations, independent non-executive directors may not serve for more than six consecutive years. Shareholding Structure As of the latest feasible date, Mr. Ge Tai Rong and Ms. Cao Mei Sheng together hold approximately 38.38% of the company's issued share capital, including (i) about 32.52% direct interests held by Mr. Ge Tai Rong; (ii) about 4.48% direct interests held by Ms. Cao Mei Sheng; (iii) about 0.76% indirect interests held by Shanghai Chaotai (a limited partnership in which Ms. Cao Mei Sheng holds a 33.07% interest as a general partner); and (iv) about 0.62% indirect interests held by Shanghai Congjiong (a limited partnership in which Ms. Cao Mei Sheng holds a 7.34% interest as a general partner). Mr. Ge Tai Rong and Ms. Cao Mei Sheng are married. Mr. Ge Tai Rong and Ms. Cao Mei Sheng will collectively control more than 30% of the voting rights at the shareholders' meeting. Therefore, Mr. Ge Tai Rong, Ms. Cao Mei Sheng, Shanghai Chaotai, and Shanghai Congjiong will jointly form a group of controlling shareholders. Intermediary Team Sole Sponsor: CITIC SEC (Hong Kong) Limited Company Legal Advisors: Gawiths & Co., Shanghai Guangfa Law Firm, King & Wood Mallesons Sole Sponsor Legal Advisors: Jingtian Gongcheng Law Firm LLP, Jingtian Gongcheng Law Firm Auditors and Reporting Accountants: Zhonghui Anda Certified Public Accountants LLP Compliance Advisor: SOMERLEY CAPITAL Limited Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch