IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) |
|---|---|
| Other Market Stock Code | 603650 |
| H-Share Offer Price | HK$ 44.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | RA MATERIALS |
|---|---|
| Stock Code | 09607 |
| Company Full Name | Red Avenue New Materials Group Co., Ltd. |
| Industry | Industrial Manufacturing |
| Principal Activities | Comprehensive new materials provider in the PRC engaged in R&D, production, marketing, sales and distribution of new materials across three segments: (i) rubber additives for tyres and other chemical products (phenolic resins, PTBP); (ii) electronic materials (semiconductor photoresists, CMP polishing pads, high-purity solvents, EBR, display photoresists, organic insulating films, light-emitting materials); and (iii) fully biodegradable materials (PBAT). Ranked first in global and PRC phenolic resins rubber additives for tyres markets in FY2025, and first among local suppliers in PRC semiconductor photoresist and TFT array photoresist markets. |
| Listing Date | 2026-09-29 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Room 2501, 25th Floor, Shanghai Tower, 501 Yincheng Middle Road, Pilot Free Trade Zone, Shanghai, PRC |
| Business Address (Hong Kong) | 40th Floor, Jardine House, 1 Connaught Place, Central, Hong Kong |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | rachem.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 44.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 4,400 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-09-21 to 2026-09-24 |
| Global Offering Shares | 68,118,700 shares |
| HK Public Offer Shares (Initial) | 6,811,900 shares (10.0%) |
| Public Offer Lots (Initial) | 68,119lots (Pool A34,059lots，Pool B34,060lots) |
| International Placing Shares (Initial) | 61,306,800 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 684,188,336 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 35.1% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 2,997,222,800 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 4,400 |
| 2 lots | 200 | HK$ 8,800 |
| 3 lots | 300 | HK$ 13,200 |
| 4 lots | 400 | HK$ 17,600 |
| 5 lots | 500 | HK$ 22,000 |
| 6 lots | 600 | HK$ 26,400 |
| 7 lots | 700 | HK$ 30,800 |
| 8 lots | 800 | HK$ 35,200 |
| 9 lots | 900 | HK$ 39,600 |
| 10 lots | 1,000 | HK$ 44,000 |
| 15 lots | 1,500 | HK$ 66,000 |
| 20 lots | 2,000 | HK$ 88,000 |
| 25 lots | 2,500 | HK$ 110,000 |
| 30 lots | 3,000 | HK$ 132,000 |
| 35 lots | 3,500 | HK$ 154,000 |
| 40 lots | 4,000 | HK$ 176,000 |
| 45 lots | 4,500 | HK$ 198,000 |
| 50 lots | 5,000 | HK$ 220,000 |
| 60 lots | 6,000 | HK$ 264,000 |
| 70 lots | 7,000 | HK$ 308,000 |
| 80 lots | 8,000 | HK$ 352,000 |
| 90 lots | 9,000 | HK$ 396,000 |
| 100 lots | 10,000 | HK$ 440,000 |
| 200 lots | 20,000 | HK$ 880,000 |
| 300 lots | 30,000 | HK$ 1,320,000 |
| 400 lots | 40,000 | HK$ 1,760,000 |
| 500 lots | 50,000 | HK$ 2,200,000 |
| 600 lots | 60,000 | HK$ 2,640,000 |
| 700 lots | 70,000 | HK$ 3,080,000 |
| 800 lots | 80,000 | HK$ 3,520,000 |
| 900 lots | 90,000 | HK$ 3,960,000 |
| 1,000 lots | 100,000 | HK$ 4,400,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 8,800,000 |
| 3,000 lots | 300,000 | HK$ 13,200,000 |
| 4,000 lots | 400,000 | HK$ 17,600,000 |
| 6,000 lots | 600,000 | HK$ 26,400,000 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 2.52B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 30,104,286,784 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 2,997,222,800 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | Net profit RMB 577.3 million |
| Period-End Cash Balance | RMB 476.15 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~4.3% |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2,937,334 | 3,263,380 | 3,420,577 |
| Cost of sales | -2,252,274 | -2,467,523 | -2,606,985 |
| Gross profit | 685,060 | 795,857 | 813,592 |
| Other income and gains, net | 62,504 | 168,053 | 119,536 |
| Selling and distribution expenses | -92,430 | -112,039 | -118,296 |
| Administrative expenses | -183,670 | -194,582 | -195,492 |
| Net finance costs | -84,085 | -97,323 | -108,545 |
| Share of associates and JVs | 226,587 | 314,392 | 382,112 |
| Profit before tax | 426,985 | 550,166 | 600,950 |
| Income tax expense | -22,867 | -15,981 | -23,689 |
| Profit for the year | 404,118 | 534,185 | 577,261 |
| Profit attributable to owners | 406,598 | 516,772 | 562,549 |
Balance Sheet
| Item | 2023 | 2024 | 2025 | 2026-06 |
|---|---|---|---|---|
| Cash and cash equivalents | 661,436 | 503,209 | 476,150 | |
| Trade and bills receivables | 1,008,741 | 1,064,924 | 1,073,041 | |
| Inventories | 430,729 | 486,214 | 581,433 | |
| Total current assets | 2,544,376 | 2,953,752 | 3,136,923 | |
| Total assets | 7,333,905 | 8,409,127 | 9,218,735 | |
| Total current liabilities | 1,808,247 | 2,784,536 | 3,073,789 | |
| Total liabilities | 3,829,009 | 4,949,797 | 4,960,044 | |
| Total equity | 3,504,896 | 3,459,330 | 4,258,691 | |
| Equity attributable to owners | 3,407,991 | 3,353,960 | 4,186,316 | |
| Interest-bearing borrowings | 2,654,766 | 3,832,529 | 3,790,340 | 4,081,271 |
Cash Flow Statement
| Item | 2023 | 2024 | 2025 | 2026-06 |
|---|---|---|---|---|
| Net cash from operating activities | 178,824 | 145,259 | 262,272 | |
| Net cash from investing activities | 119,123 | -679,894 | -169,349 | |
| Net cash from financing activities | -14,072 | 370,720 | -113,152 | |
| Net increase in cash | 283,875 | -163,915 | -20,229 | |
| Depreciation of PP&E | 115,147 | 129,128 | 156,959 | 87,412 |
| Depreciation of right-of-use assets | 16,702 | 15,980 | 16,380 | 6,973 |
| Amortisation of intangible assets | 17,699 | 20,577 | 27,550 | 14,175 |
| Purchase of PP&E | -170,240 | -255,739 | -313,375 | -257,691 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approx. 32.8% for enhancing R&D efficiency and capabilities; approx. 21.0% for upgrade and maintenance of production facilities; approx. 20.0% for strategic investments and/or acquisitions; approx. 10.0% for repaying bank borrowings; approx. 6.2% for expanding overseas market presence and supply capabilities; approx. 10.0% for working capital and general corporate uses |
Underwriting Syndicate
Sole Sponsor (1)
海通国际资本有限公司 CE ADQ859(sole)
Sponsor cum Overall Coordinator (1)
海通国际证券有限公司 CE AAF806
Overall Coordinators (1)
海通国际证券有限公司 CE AAF806
Joint Global Coordinators (1)
海通国际证券有限公司 CE AAF806
Joint Bookrunners (7)
Joint Lead Managers (7)
Capital Market Intermediaries (8)
海通国际证券有限公司 CE AAF806
FORTUNE (HK) SECURITIES LIMITED CE AHQ488
Futu Securities International (HONG KONG) Limited CE AZT137
Harmonia Capital Limited CE BOP761
HUAJIN SECURITIES (INTERNATIONAL) LIMITED CE BFJ286
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
uSmart Securities Limited CE BJA907
Yuan Tong Global Securities Limited CE BJW695
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
赵不渝马国强律师事务所 上海市锦天城律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
Han Kun Law Offices LLP Beijing Dacheng Law Offices, LLP (Shanghai) |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks |
招商永隆银行有限公司 中信银行（国际）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | CNCB Investment | 18,000,000 USD | 3,401,300 | 5.00% | 0.50% | 6 months | 2027-03-29 |
| 2 | Full Truck | 20,000,000 USD | 3,779,300 | 5.50% | 0.60% | 6 months | 2027-03-29 |
| 3 | Golden Valley Master | 10,000,000 USD | 1,889,600 | 2.80% | 0.30% | 6 months | 2027-03-29 |
| 4 | Goldshore | 45,000,000 USD | 8,512,000 | 12.50% | 1.20% | 6 months | 2027-03-29 |
| 5 | Happy Wisdom | 15,000,000 USD | 2,837,300 | 4.20% | 0.40% | 6 months | 2027-03-29 |
| 6 | Prinx Chengshan HK | 5,300,000 USD | 1,000,000 | 1.50% | 0.20% | 6 months | 2027-03-29 |
| 7 | Yang Quanhai | 5,000,000 USD | 944,800 | 1.40% | 0.10% | 6 months | 2027-03-29 |
| 8 | Zhou Bo | 8,000,000 USD | 1,513,200 | 2.20% | 0.20% | 6 months | 2027-03-29 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Zhang Ning | Zhang Ning |
| Company Secretary | Wang Ning | Wang Ning |
| Executive Director | 张宁 | Zhang Ning |
| Non-Executive Director | 李晓光 | Li Xiaoguang |
| Independent Non-Executive Director | 张昀 | Zhang Yun |
| Executive Director | 丁林 | Ding Lin |
| Independent Non-Executive Director | 蒋昌建 | Jiang Changjian |
| Executive Director | 袁敏健 | Yuan Minjian |
| Independent Non-Executive Director | 冯耀岭 | Feng Yaoling |
| Executive Director | 俞尧明 | Yu Yaoming |
| Independent Non-Executive Director | 陈志峰 | Chan Chi Fung Leo |
| Executive Director | 汤捷 | Tang Jie |
Major Shareholders
| Major Shareholders & Holdings | Ms. Zhang Ning (beneficial owner 0.12%; interest in controlled corporations 54.77%, total approx. 54.89%); Red Avenue Investment (43.05%); Virgin Holdings (11.72%) |
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