A-share listed specialty materials provider Red Avenue New Materials Group Co., Ltd. (603650.SH), headquartered in the Shanghai Free Trade Zone, has taken a major step toward a Hong Kong main board debut after publishing its post-hearing prospectus on the HKEX on September 16, 2026. The company had previously submitted its listing applications on February 8, 2026, and August 21, 2026, respectively. The post-hearing information pack is accessible via the official HKEXnews platform.

Founded in 1999, the group operates as a comprehensive supplier of advanced chemical products, with operations spanning three key divisions: electronic materials, rubber additives for tires alongside other chemical products, and fully biodegradable materials. The business model covers research, development, production, marketing, sales, and distribution of these specialty chemicals.

Within its electronic materials segment, the company supplies semiconductor materials including photoresists, CMP polishing pads, high-purity solvents, and EBR, as well as display panel materials such as photoresists, organic insulating films, and light-emitting materials. These products serve downstream manufacturers producing semiconductors and display panels. The firm has established commercial relationships with multiple leading Chinese 8-inch and 12-inch wafer fabrication facilities. In 2025, Red Avenue New Materials Group Co., Ltd. secured the top position among domestic Chinese suppliers in both the semiconductor photoresist market and the TFT array photoresist market, capturing market shares of 5.8% and 26.2%, respectively, by sales value.

The tire-related rubber additives division offers products including phenolic resins, PTBP, and other chemicals designed to enhance properties such as tackiness, strength, and safety in tires and other rubber goods. The company maintains ongoing partnerships with numerous well-known tire manufacturers worldwide, including all of the global top 20 players, which collectively account for over 70% of the worldwide tire market. In 2025, Red Avenue New Materials Group Co., Ltd. ranked first globally and in China for phenolic resin rubber additives used in tires, holding market shares of 41.4% and 45.9%, respectively, by sales value.

The biodegradable materials division focuses on PBAT products used primarily in packaging materials and agricultural mulch films. The company's PBAT modified materials have obtained food safety certifications from regulatory authorities in various countries, allowing their widespread application in the production of biodegradable food packaging. These materials offer strong barrier properties and excellent transparency, positioning them as effective alternatives to traditional polyethylene (PE) films.

According to the prospectus, Ms. Zhang Ning directly and indirectly controls a combined 60.96% stake in Red Avenue New Materials Group Co., Ltd. prior to the Hong Kong listing, making her the controlling shareholder. The board comprises ten directors, including five executive directors: Ms. Zhang Ning (Chairperson); Mr. Ding Lin (Vice Chairman and President); Mr. Yuan Minjian (Vice President); Mr. Yu Yaoming (Vice President, Chief Financial Officer, and Board Secretary); and Mr. Tang Jie (Vice President). One non-executive director, Mr. Li Xiaoguang, serves as a director and board secretary at Shaanxi Coal Industry (601225.SH). The four independent non-executive directors include Mr. Zhang Yun (tenured Associate Professor of Accounting at George Washington University's business school), Mr. Jiang Changjian (Associate Professor at Fudan University's School of International Relations and Public Affairs), Mr. Feng Yaoling (Deputy Chief Engineer at Yiweiyi Rubber Research Institute), and Mr. Chen Zhifeng (Managing Director of Zhuoyue Capital).

Financial disclosures show that for the years 2023, 2024, 2025, and the first six months of 2026, Red Avenue New Materials Group Co., Ltd. generated revenues of RMB 2.937 billion, RMB 3.263 billion, RMB 3.421 billion, and RMB 2.133 billion, respectively. Corresponding net profits reached RMB 404 million, RMB 534 million, RMB 577 million, and RMB 389 million during those same periods.

For this IPO, Haitong International serves as the sole sponsor, with Ernst & Young as auditor. Chinese legal counsel is provided by AllBright Law Offices, while Hong Kong legal matters are handled by Chiu & Partners. Dacheng Law Offices acts as the sponsor's Chinese counsel, and Han Kun (Hong Kong) provides legal advice to the sponsor for Hong Kong and U.S. matters. Other advisors include Lico Securities as compliance adviser and Frost & Sullivan as industry consultant.