CNGR (02579) has initiated its initial public offering (IPO) from November 7 to November 12, 2025. The company plans to issue 104 million shares globally, with 10% allocated to Hong Kong investors and 90% to international investors. An additional 15% over-allotment option is included. The offering price is set between HK$34 and HK$37.8 per share, with each lot comprising 200 shares. Trading is expected to commence on the Hong Kong Stock Exchange on November 17, 2025.
CNGR is a new energy materials company specializing in the research, development, production, and sales of precursor cathode active materials (pCAM) and new energy metal products. As a global leader in nickel-based and cobalt-based pCAM for lithium-ion batteries, the company has maintained the top position in shipment volume for five consecutive years since 2020. In 2024, it held market shares of 20.3% and 28.0% in nickel-based and cobalt-based pCAM, respectively. By sales value of all pCAM products, CNGR ranked first globally in 2024, capturing a 21.8% market share. Its materials are critical for lithium-ion batteries used in electric vehicles, energy storage systems, consumer electronics, and emerging high-power applications such as AI-powered devices, humanoid robots, and low-altitude aircraft.
Starting with R&D in new energy battery materials, CNGR has established an integrated operation spanning upstream metal mining, smelting, refining, material production, and recycling. This vertically integrated supply chain enables the company to sell new energy metal products, including nickel intermediates and electrolytic nickel, as well as by-products like cobalt and copper from nickel extraction. With a global presence in customer base, supply chain, and production facilities, CNGR has secured the sixth position in the global nickel product market by production volume, accounting for 3.7% of the market in 2024.
Leveraging its technological expertise and global vertical integration, CNGR has achieved a leadership position in the new energy battery materials industry.