20B market cap Shida Shenghua targets Hong Kong IPO: narrowed losses, actual controller is West Coast State-owned Assets Supervision and Administration Commission

Rui Finance Wang Min On April 1, according to the official website of the Hong Kong Exchanges and Clearing Limited (HKEX), Shidashenghua New Materials Group Co., Ltd. (hereinafter referred to as “Shidashenghua”) submitted a listing application to HKEX for listing on the Main Board, with CITIC Securities as its sole sponsor.

Shidashenghua was established in 2002. Its predecessor was a school-affiliated enterprise of China University of Petroleum (East China). It listed on the Shanghai Stock Exchange Main Board in May 2015. As of the close on April 1, 2026, its total market value was nearly RMB 20 billion.

The prospectus shows that Shidashenghua is a comprehensive supplier of materials related to lithium-ion batteries, establishing a leading position in the area of electrolyte solvents. The company is committed to providing globally integrated materials related to lithium-ion batteries for customers worldwide.

In 2023, 2024, and 2025, Shidashenghua’s revenue was approximately RMB 5.55B, RMB 6.81B, and RMB 65.23M, respectively. The total loss for the year and total comprehensive income were RMB 70.42M, RMB 5.88M, and RMB 5.879 million, respectively. Its gross margin was 6.3%, 5.3%, and 7.1%, respectively.

In 2025, Shidashenghua’s revenue increased 22.73% year over year, and its losses narrowed significantly.

Before the IPO, the company’s actual controller was the Qingdao West Coast New Area State-owned Assets Supervision and Administration Commission, holding a total of 21.51% of voting rights. Of this, China Petrochemical Holdings held 7.24% of equity interests, Rongfa Group held 6.53%, and Kaitou Group held 6.53%. Through Shandong Weipu (ultimately controlled by Guo Tianming at 69.44%), it held 0.86% of equity interests, and Guo Tianming held 0.35%.

Guo Tianming, together with China Petrochemical Holdings, Kaitou Group, and Rongfa Group, signed the “Consistent Action Agreement.” Guo Tianming and China Petrochemical Holdings intend to keep their actions consistent on matters that require resolutions to be made by the shareholders’ meeting and the board of directors. If the final opinions of both parties are not consistent, then, without violating laws and regulations, regulatory requirements, the company’s articles of association, or the agreement, Guo Tianming will follow the opinion of China Petrochemical Holdings.

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