New Stock News | Tongbo Technology Re-applies to the Hong Kong Stock Exchange as the World's Tenth Largest Electrolytic Copper Foil Manufacturer

According to the Hong Kong Stock Exchange's disclosure on August 31, Jiangxi Tongbo Technology Co., Ltd. (hereinafter referred to as Tongbo Technology) has again submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Sinolink (Hong Kong) as its sole sponsor. Company Overview According to the prospectus, the company is a Chinese provider of electrolytic copper foil solutions, focusing on the design, research and development, production, and sales of high-performance electrolytic copper foil. During the historical track record period, the group's revenue primarily came from the sales of copper foil products for lithium batteries and electronic circuits. In light of the rising trends and strong demand in downstream industries (such as artificial intelligence and high-performance computing), the group is strategically focusing on its electronic circuit copper foil products, including Reverse Treatment Foil (RTF) and Ultra-Low Profile Foil (HVLP) products, which are anticipated to become a key growth driver for the group's future business. According to Frost & Sullivan, the company is the world's tenth-largest producer of electrolytic copper foil by sales volume as of 2025, with a market share of approximately 2.3%. Leveraging its technological foundation and industry expertise, the company offers customized solutions and tailored products to meet the evolving needs of various downstream customers across a wide range of application scenarios and industries. Its technical capabilities enable the company to provide key core materials essential for the development of the new energy and electronic information industries. The company supplies lithium battery copper foil, a critical component in various lithium batteries including those used in new energy vehicles (NEVs), energy storage systems (ESS), and consumer electronics. It also supplies advanced electronic circuit copper foil, which is vital for the manufacturing of printed circuit boards (PCBs) and copper foil substrates (CCLs) with extensive applications in artificial intelligence and high-performance computing, 5G/6G communications, consumer and automotive electronics, and commercial aerospace, among other markets. Furthermore, the company supplies RTF and HVLP products to several leading domestic PCB and CCL manufacturers, targeting the AI and high-performance computing sectors, and has sent samples of new anode current collectors specifically designed for solid-state and hybrid batteries to leading global battery manufacturers. Upholding the principle of creating value for customers, the company focuses on enhancing its core competitiveness through R&D, product quality improvement, service response enhancement, and cost-effectiveness optimization. This integrated approach enables the company to move beyond traditional supplier relationships and evolve into collaborative partners. By engaging early in the customer development cycle and understanding their technological roadmaps, the company participates in joint development to provide customized high-value products. These collaborations have established long-term relationships with industry-leading clients, helping to improve visibility into demand, support joint product development, and solidify the companys competitive position in the market. As of the last practical date (August 25, 2026), the company has established long-term cooperation relationships with seven of the world's top ten lithium battery manufacturers (including four Chinese companies and three Korean companies). Financial Information Revenue In 2023, 2024, 2025, and for the six months ending June 30, 2026, the company's revenues were approximately RMB 3.163 billion, RMB 3.212 billion, RMB 4.212 billion, and RMB 3.403 billion, respectively. Profit In 2023, 2024, 2025, and for the six months ending June 30, 2026, the company's profits and total comprehensive income were approximately RMB 63.057 million, RMB 20.58 million, RMB 93.834 million, and RMB 165 million, respectively. Industry Overview Electrolytic copper foil is a metal foil material made by depositing copper ions onto a cathode from an electrolytic copper sulfate solution. The raw foil must undergo a series of surface treatments based on its application scenarios to enhance performance, and is ultimately cut into finished products. It is an essential foundational material for the new energy lithium battery, electronic information industry, and other fields. Based on the core performance requirements of downstream applications, electrolytic copper foil is mainly divided into two categories: lithium battery (LIB) copper foil and electronic circuit copper foil. Depending on their thickness, lithium battery copper foils can be categorized as ultra-thin foils (<6m) and thin foils (6-10m); additionally, the tensile strength and elongation of lithium battery copper foil are key physical indicators that reflect its resistance to breakage and deformability, with high strength and good elongation ensuring downstream products are less prone to breakage during manufacturing and usage. Electronic circuit copper foil is classified into thin foil (10-18m), standard foil (>18-70m), and thick foil (>70m). The lower roughness of electronic circuit copper foil allows signal currents to flow more smoothly over the copper surface, reducing scattering and reflection, thereby lowering signal transmission loss. The global market size for electrolytic copper foil has expanded from RMB 70.2 billion in 2021 to RMB 179.9 billion in 2025, with a compound annual growth rate (CAGR) of 26.5%. It is expected to further grow to RMB 449.2 billion by 2030, maintaining an 18.7% CAGR from 2026 to 2030. By 2025, the global market size for lithium battery copper foil is projected to reach RMB 128.4 billion, expected to grow to RMB 364.4 billion by 2030, with a CAGR of 21.1% from 2026 to 2030. The market size for PCB-grade copper foil is expected to grow from RMB 51.5 billion in 2025 to RMB 84.8 billion in 2030, with a CAGR of 10.5% from 2026 to 2030. The synchronous rapid growth of end application fieldsincluding AI and high-performance computing, drones, eVTOL, embodied AI Siasun Robot & Automation, electric engineering machinery, electric agricultural machinery, and electric vessels, as well as NEVs, ESS, and 5G/6G communicationscoupled with continuous technological upgrades, is driving steady expansion of the global electrolytic copper foil market. Among them, lithium battery copper foil benefits from the booming development of the new energy vehicles and energy storage industries, while electronic circuit copper foil benefits from advancements in AI, high-performance computing, 5G/6G communication, and embodied AI Siasun Robot & Automation technology. The market size for electrolytic copper foil in China has grown from RMB 42.2 billion in 2021 to RMB 124.2 billion in 2025, with a CAGR of 30.9%. It is expected to reach RMB 292.8 billion by 2030, maintaining an 18.5% CAGR from 2026 to 2030. By 2025, the market size for lithium battery copper foil in China is projected to reach RMB 89.3 billion, expected to grow to RMB 230.4 billion by 2030, with a CAGR of 20.7% from 2026 to 2030. Additionally, the market size for PCB-grade copper foil in China is expected to grow from RMB 34.9 billion in 2025 to RMB 62.4 billion in 2030, with a CAGR of 12.1% from 2026 to 2030. Board of Directors Information The company's board of directors consists of nine members, including four executive directors, one non-executive director, and four independent non-executive directors. The board is responsible for and holds the general authority to manage and operate the business. Shareholding Structure As of the last practical date, according to the concert party agreement, Mr. Li Xianyang and Mr. Li Siyang collectively have the right to exercise approximately 64.0% of the voting rights in the company's issued share capital, of which Mr. Li Xianyang has the right to exercise approximately 39.3% of the relevant voting rights in the company's issued share capital through his direct ownership of 91,545,000 shares; and Mr. Li Siyang has the right to exercise approximately 24.7% of the relevant voting rights in the company's issued share capital through his direct ownership of 57,375,209 shares. Moreover, Mr. Li Siyang is also the executive partner of Zhuhai Xinyan, a limited liability partnership that held approximately 7.1% of the company's issued share capital as of the last practical date. Given this situation, Mr. Li Xianyang, Mr. Li Siyang, and Zhuhai Xinyan collectively have the right to exercise approximately 71.1% of the voting rights in the company's issued share capital as of the last practical date and are regarded as a group of controlling shareholders. Intermediary Team Sole Sponsor: Sinolink (Hong Kong) Limited; Legal Advisors: Juncheng Qianhai Law Firm (in association with Beijing Tongshang Law Firm), Beijing Dacheng Law Offices; Legal Advisors of the Sole Sponsor: Sullivan & Cromwell LLP (Hong Kong) and Fangda Partners (Shenzhen) Law Firm; Auditors and Reporting Accountants: Ernst & Young; Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch.