Shenzhen Capchem Technology Co., Ltd. has once again filed a listing application with the Hong Kong Stock Exchange main board, according to a disclosure on August 28. Shenzhen Capchem Technology Co., Ltd. (300037.SZ) has appointed CITIC Securities and CICC as its joint sponsors for this latest attempt.

The company describes itself as a China-based provider of electronic chemicals and functional materials. Its core business spans the research, development, manufacturing, and sales of battery chemicals, organic fluorine chemicals, and electronic information chemicals. With a customer-centric and technology-driven philosophy at its core, Capchem delivers integrated solutions across industries including new energy vehicles (NEV), energy storage systems (ESS), consumer electronics, AI and digital infrastructure, semiconductor manufacturing, pharmaceuticals, and other advanced industrial applications.

Capchem operates a complete value chain covering concept, design, development, validation, mass production, and continuous optimization. As of the latest practicable date (August 20, 2026), the company operates 13 production bases worldwide.

The lithium battery electrolyte market is relatively concentrated, dominated by a handful of large producers with regional footprints, alongside a long-tail market of numerous small processors. In battery chemicals, Capchem's primary competitors include other electrolyte manufacturers. According to Frost & Sullivan, the top five electrolyte producers collectively account for roughly 57% of the market by revenue. By battery electrolyte revenue in 2025, Capchem ranked as the world's second-largest supplier. Additionally, from 2020 to 2025, it achieved the largest global market share of battery electrolyte revenue excluding China.

The organic fluorine chemical industry is characterized by high technical and safety requirements, substantial capital investment, and lengthy customer certification cycles. Capchem participates in multiple stages of the organic fluorine chemical value chain, spanning from upstream fluorine-containing basic materials and intermediates to downstream fluoropolymers and fine fluorine chemicals. While this market has historically been dominated by overseas material producers, a growing number of Chinese chemical companies originally operating in other segments of the fluorine chemical industry chain are actively expanding into high-value-added areas such as HFPO and its downstream products. By global revenue from HFPO and its downstream products, Capchem was the world's largest manufacturer in 2025.

Capchem's electronic information chemicals segment covers capacitor chemicals and semiconductor chemicals, each exhibiting distinct competitive dynamics. In capacitor chemicals, the market is relatively concentrated, primarily led by specialized suppliers with long-standing relationships with capacitor manufacturers. According to Frost & Sullivan, Capchem has ranked first globally in capacitor chemical revenue from 2020 to 2025. For semiconductor chemicals, Frost & Sullivan data indicates the company has achieved stable, bulk supply to major IC manufacturers in the Chinese market. Within the electronic information chemicals segment, Capchem ranked first among domestic Chinese companies by semiconductor coolant market share in China in 2025.

Financially, Capchem reported revenues of approximately RMB 7.472 billion, RMB 7.836 billion, RMB 9.628 billion, and RMB 7.455 billion for the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, respectively. Net profits for the same periods stood at approximately RMB 1.014 billion, RMB 951 million, RMB 1.097 billion, and RMB 999 million, respectively.

Industry data shows the global battery chemicals market, which includes electrolytes and their raw material components such as solvents, solutions, and additives, grew rapidly from RMB 20.6 billion in 2021 to RMB 69.6 billion in 2025, representing a compound annual growth rate (CAGR) of 35.6%. This market is projected to reach RMB 172.3 billion by 2030, with a forecast CAGR of 16.4% from 2026 to 2030. Global battery electrolyte market revenue expanded significantly from RMB 13.8 billion in 2021 to RMB 48.7 billion in 2025, a CAGR of 37.1%, and is expected to further climb to RMB 125.8 billion by 2030, reflecting a 17.4% CAGR during 2026-2030. This growth is driven by rising battery shipments, product mix upgrades toward high-performance electrolytes, and increasing adoption of high-voltage and fast-charging battery technologies.

The Chinese battery electrolyte market has expanded rapidly alongside the domestic battery industry. Market revenue grew from RMB 8.2 billion in 2021 to RMB 36.9 billion in 2025, representing a CAGR of 45.7% over that period, primarily fueled by large-scale deployments of electric vehicles and energy storage systems. Looking ahead, supported by continued battery capacity expansion, gradual penetration of high-performance electrolyte products, and the adoption of new battery technologies, the market is expected to maintain steady growth during the forecast period. Electric vehicle battery electrolytes continue to dominate, while energy storage electrolytes are growing faster than consumer electronics applications.

The organic fluorine chemical market benefits from persistently expanding demand for high-performance materials across downstream industries, including AI and digital infrastructure, pharmaceuticals, clean energy, rail transit, and other applications. Adoption rates in high-end applications are rising due to unique properties such as chemical stability, heat resistance, corrosion resistance, and dielectric performance. Global market revenue for organic fluorine chemicals grew notably from RMB 98.8 billion in 2021 to RMB 182.4 billion in 2025, a CAGR of 16.6%. This is projected to further increase to RMB 333.7 billion by 2030, with a CAGR of 12.5% from 2026 to 2030. The global market for hexafluoropropylene oxide (HFPO) and its downstream products expanded from RMB 2.0 billion in 2021 to RMB 6.1 billion in 2025, with an expected reach of RMB 12.0 billion by 2030. HFPO and its downstream products accounted for approximately 3.3% of the organic fluorine chemical market in 2025.

China's organic fluorine chemical market benefits from downstream manufacturing expansion and industrial restructuring toward high-value-added materials. Growing downstream demand drives adoption of organic fluorine chemicals in high-end applications. Meanwhile, accelerated domestic substitution, continuous technological advancement in high-end and specialty products, and capacity expansion continue to boost market demand and support industry sustainability. Chinese market revenue for organic fluorine chemicals grew substantially from RMB 42.2 billion in 2021 to RMB 82.4 billion in 2025, representing a CAGR of 18.2%. Revenue is expected to further rise to RMB 154.0 billion by 2030, reflecting a CAGR of 12.9% from 2026 to 2030.

In terms of corporate governance, Capchem's board consists of nine directors, including five executive directors, one non-executive director, and three independent non-executive directors. Directors serve three-year terms and are eligible for re-election. Under relevant Chinese laws and regulations, independent non-executive directors may not serve more than six consecutive years. The board's primary powers and functions include convening shareholders' meetings, presenting reports to shareholders' meetings, implementing resolutions passed at shareholders' meetings, determining the company's operational, financial, and investment plans, and exercising other powers and functions granted by the articles of association and authorization from shareholders' meetings.

As of the latest practicable date, the controlling shareholder group comprises Mr. Qin, Mr. Zhou, Ms. Zhong, Mr. Zheng, Ms. Zhang, and Ms. Deng. The intermediary team includes joint sponsors CITIC Securities (Hong Kong) Limited and China International Capital Corporation Hong Kong Securities Limited; legal advisors Zhong Lun Law Firm LLP and Zhong Lun Law Firm; legal advisors to the joint sponsors Baker McKenzie and Haiwen & Partners; auditor and reporting accountant Ernst & Young; and industry advisor Frost & Sullivan (Beijing) Co., Ltd. Shanghai Branch.