According to a disclosure by the Hong Kong Stock Exchange on September 29, Liudao Industrial Holdings Limited (referred to as Liudao Industrial) has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with CICC and CITIC Securities acting as joint sponsors.
Company Overview
According to the prospectus, the company is a global precision temperature control technology company and, by revenue, the world's largest hot runner system supplier. According to Frost & Sullivan, it accounted for approximately 12.5% of the global hot runner system market in 2025. The company designs, develops, and manufactures differentiated thermal control products and solutions that manage the heating, cooling, and flow of materials in precision manufacturing processes, covering an increasingly broad range of applications and continuously evolving end markets. The company is committed to its vision of helping global manufacturers improve product quality, enhance production efficiency, and reduce material waste through thermal control technology.
The company provides integrated thermal control solutions. Its products and services encompass pre-sales computer-aided engineering analysis and design consulting, hot runner temperature control systems and smart devices (including the YU Data real-time monitoring system, mold sensors, and smart junction boxes) to enable interconnectivity between its systems and customers' production management systems, as well as comprehensive after-sales services, including real-time monitoring, technical support, and spare parts replacement services. By integrating products, enabling technologies, production data, and services, the company is gradually transforming from a product supplier into a technology-driven solutions provider.
The company's hot runner systems and related enabling technologies are designed to meet the diverse needs of plastic injection molding manufacturers, covering its four core downstream industries, including automotive, electronics and home appliances, packaging, and other industries. The company has a multi-brand product portfolio spanning from high-end to cost-effective markets, enabling it to serve customers across different price ranges. According to Frost & Sullivan, the company is the only market participant capable of offering a full range of hot runner system products with all key components produced in-house.
During the track record period, the company's revenue was primarily derived from the sale of complete hot runner system products, as well as from the sale of hot runner system accessories (including temperature controllers and smart devices) and other injection molding-related products. The company's core technology was initially commercialized through hot runner system products and solutions. Its solutions are mainly applied in the automotive, electronics and home appliances, packaging, and other industries, where the high demand for precision thermal control performance supports the company's market-leading position. According to Frost & Sullivan, in 2025, by revenue, the company ranked first in the global hot runner system market with a market share of approximately 12.5%, and ranked first in Asia (the largest and fastest-growing regional market) with a market share of approximately 21.5%, and also ranked first in China and South Korea.
By application area, the company ranked first globally in both the automotive and electronics and home appliances end-use markets in 2025. The company's strong position in the hot runner system market lays the foundation for expanding its precision thermal control technology into related plastic molding applications, including ultra-precision runnerless molding technology for contact lenses, in-mold polyurethane coating technology, supercritical fluid foam molding for footwear midsoles, and multi-material co-injection molding technology for automotive interiors and food packaging.
Financial Information
Revenue: For the years 2023, 2024, 2025, and the six months ended June 30, 2026, the company's revenue was approximately US$367 million, US$373 million, US$381 million, and US$182 million, respectively.
Profit: For the years 2023, 2024, 2025, and the six months ended June 30, 2026, the company's annual/period profit was US$82.177 million, US$44.617 million, -US$57.711 million, and US$33.358 million, respectively.
Industry Overview
Thermal energy is one of the most widely used forms of energy in modern manufacturing, used to maintain specified temperatures during the production of final products (including processes such as raw material preparation, molding, and curing). Thermal energy is applicable to various raw materials and is widely used in most manufacturing processes, such as injection molding, foam molding, and metal die-casting. Thermal management solutions in manufacturing are integrated engineering systems that control heat generation, heat transfer, and controlled cooling during the main stages of the manufacturing process, maintaining operating temperatures at designed levels. By revenue, the global thermal management solutions industry market size increased from US$1,212.2 billion in 2020 to US$1,262.7 billion in 2025, with a compound annual growth rate of 0.8%. In 2022, the impact of the pandemic and intensifying market competition hit global manufacturing, causing a slight decline in the global thermal management industry market size. However, since 2023, the market has gradually resumed stable growth. Supported by industrial automation, increasing energy efficiency requirements, and the adoption of precision temperature control-related manufacturing technologies, the market size is expected to reach US$1,469.3 billion by 2030, with a compound annual growth rate of 3.1% from 2025 to 2030.
Precision temperature control solutions are becoming an increasingly important segment within the global thermal management solutions industry. More and more industry customers are inclined to adopt precision temperature control solutions in their manufacturing processes because of their superior thermal management capabilities, which help reduce costs and improve efficiency. In recent years, there has been a clear shift from coarse thermal management to precision temperature control, with more manufacturing processes that previously relied on coarse thermal management solutions now beginning to adopt precision temperature control technology. For example, consumers are increasingly demanding lighter and more complex footwear designs, and precision temperature control processes are well-suited to meet this market trend. Footwear midsole manufacturing is shifting from traditional chemical foaming and compression molding to physical foam injection molding, achieving better production performance and higher production efficiency. In addition, aluminum die-casting is increasingly adopting hot runner systems to integrate melting and injection into a single controlled process, simplifying the workflow. Hot runner systems utilize precision temperature control to ensure uniform melt flow and better cavity filling, thereby reducing material waste. By revenue, the global precision temperature control solutions industry market size increased from US$293.3 billion in 2020 to US$314.1 billion in 2025, with a compound annual growth rate of 1.4%, and is expected to reach approximately US$405.1 billion by 2030, with a compound annual growth rate of 5.2% from 2025 to 2030.
Board of Directors Information
The board of directors consists of seven directors, including four executive directors and three independent non-executive directors.
Shareholding Structure
Abiman Hong Kong, Abiman Singapore, Yingfeng, Mr. Yu Young Hee, Mr. Yu Sung Jin, Mr. Yu Dong Jin, and Ms. Choi Young Hee are regarded as the controlling shareholder group.
Intermediary Team
Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, CITIC Securities (Hong Kong) Limited; Legal Advisors: Baker & McKenzie, Leung Ho Yan Law Offices LLP, Law Offices of Bin Li & Associates, KIM & CHANG, Baker & McKenzie (Gaikokuho Joint Enterprise), Haiwen & Partners; Legal Advisors to the Joint Sponsors: Slaughter and May, Tian Yuan Law Firm; Auditor and Reporting Accountant: PricewaterhouseCoopers; Compliance Advisor: Fosun International Capital Limited; Industry Advisor: Frost & Sullivan Limited.