DSphos Files for Hong Kong IPO, GF Securities as Sole Sponsor

New Timespace News: Hubei DSphos Co., Ltd. filed its IPO application with the Hong Kong Stock Exchange on May 12, 2026, with GF Securities as the sole sponsor.

The company is a leading enterprise in China adopting an integrated business model based on full-lifecycle cascade utilization of phosphorus resources. According to Frost & Sullivan, the company's domestic sales volume of industrial-grade monoammonium phosphate (MAP) ranked eighth among peers in China in 2025, and its domestic sales volume of diammonium phosphate (DAP) also ranked eighth in China.

The company's vertically integrated operations cover the entire industrial chain, including phosphate mining, mineral processing, sulfuric acid preparation, phosphoric acid production, ammonium phosphate manufacturing, and green recycling of phosphogypsum. During the track record period, the company's revenue was mainly derived from the sale of: (i) traditional ammonium phosphate products, including MAP and DAP; (ii) fine ammonium phosphate products, including industrial-grade MAP and other water-soluble products; (iii) phosphate ore, including phosphate ore and tailings from phosphate ore beneficiation; and (iv) others, primarily chemical by-products. During the track record period, the company's traditional and fine ammonium phosphate products were mainly sold as fertilizers. The company's operating model aims to fully unlock the value embedded in phosphate ore through fertilizers, high-value phosphorus chemical applications, and solid waste recycling.

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