TINCI (002709.SZ) passes HKEX listing hearing: global electrolyte leader

NewTimeSpace News: On 5 October 2026, Guangzhou Tinci Materials Technology Co., Ltd. (A-share stock code: 002709.SZ) passed the listing hearing of the Main Board of the Hong Kong Stock Exchange, with J.P. Morgan, CITIC Securities and GF Securities acting as joint sponsors. According to the prospectus, TINCI is a technology-driven leading global new energy and advanced materials company, principally focused on providing integrated solutions in lithium-ion battery materials, personal care materials and speciality chemicals to corporate customers worldwide.

The prospectus stated that the Company is a leader in the global lithium-ion battery electrolyte sector. Leveraging its vertical integration capabilities and innovative technologies, it has integrated the production of the complete value chain of key electrolyte raw materials, including LiPF6, LiFSI, additives and lithium carbonate, and, through its R&D platform and engineering strengths and cross-selling capabilities built on long-term customer relationships, has expanded into cathode materials (including iron phosphate and lithium iron phosphate) and lithium battery adhesives (including PACK structural adhesives and binders), forming integrated lithium-ion battery material solutions. It has also positioned itself in advanced materials widely used in emerging fields such as intelligent driving, eVTOL, semiconductors, cutting-edge engineering and AI thermal management. Its next-generation products include solid-state electrolytes, adhesives and sealants for automotive electronics and semiconductors, high-performance polymers (mainly PEEK and PI), high-efficiency coolants and flame-retardant materials. Mr. Xu Jinfu, the founder and chairman, has over 35 years of experience in the fine chemicals field and founded TINCI 25 years ago.

According to the prospectus, the Company's revenue during the track record period was significantly affected by fluctuations in sales volume and average selling price. Total sales volume of electrolytes and core materials increased from 405 thousand tonnes in 2023 to 537 thousand tonnes in 2024 and further to 773 thousand tonnes in 2025, reaching 462 thousand tonnes in the first half of 2026, compared with 337 thousand tonnes in the same period of 2025. The average selling price decreased by 45.0% from RMB32,482 per tonne in 2023 to RMB17,862 per tonne in 2024, in line with the overall trend of selling prices of relevant materials and their core raw material lithium carbonate and reflecting industry-wide oversupply and intensifying competition, and further decreased by 5.5% to RMB16,885 per tonne in 2025. In the first half of 2026, the average selling price increased by 61.2% from RMB16,306 per tonne to RMB26,283 per tonne, mainly because strong market demand for electrolyte and LiPF6 products outpaced the pace of industry capacity expansion. 

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