Raising 900 million, a Mini LED materials company plans to IPO

On March 12, Huigu New Materials released the “Prospectus for the Initial Public Offering of Stocks and Listing on the GEM”.

According to the announcement, the number of shares issued by Huigu New Materials for the initial public offering was 15.7791 million shares, accounting for 25.00% of the total share capital after the issuance. All of them were new shares issued to the public, and the total share capital after the issuance was 63.1164 million shares. The preliminary inquiry date is March 16, 2026, and the online subscription date is March 20, 2026.

It is understood that Huigu New Materials plans to raise 900 million yuan this time, which will be used for project construction investment in Qingyuan Huigu New Materials Technology Co., Ltd.'s 130,000-ton annual environmentally friendly coating and resin expansion project, Qingyuan Huigu New Materials R&D Center Project, and Huigu New Materials Production Line Technical Transformation Project, and to supplement working capital.

Huigu New Materials has currently built two major technology platforms: functional resins and functional coating materials, and has formed a "1+1+N" industrial layout system for the four major downstream application scenarios of home appliances, packaging, new energy, and electronics.

Among them, in the electronics field, Huigu New Materials’ photoelectric coating materials are mainly used in lighting, display and backlight applications. The products have been successfully introduced to direct customers such as Jufei Optoelectronics, Zhaochi Optoelectronics, BOE, TCL, etc.; as well as downstream customers such as Samsung, ams Osram, Philips, TCL and so on.

According to the announcement, in the fields of heat exchanger energy-saving coating materials and metal packaging aluminum cover coating materials, Huigu New Materials’ domestic market share exceeds 60% and 30% respectively. It is also one of the few domestic suppliers to achieve domestic substitution of current collector coating materials and optoelectronic coating materials for Mini LED.

In terms of performance, the company's revenue in the first half of 2023, 2024, and 2025 was 717.3718 million yuan, 816.9054 million yuan, and 496.070 million yuan respectively; the non-net profit after deduction was 96.0114 million yuan, 141.7126 million yuan, and 106.8765 million yuan.

At the same time, in the first quarter of 2026, Huigu New Materials’ revenue is expected to be 245-290 million yuan, a year-on-year increase of 2.61% to 21.45%; the net profit attributable to the parent is expected to be 60-70 million yuan, a year-on-year increase of 5.81% to 23.44%; the non-net profit after deducting is expected to be 59.88-69.88 million yuan, a year-on-year increase of approximately 5.45% to 23.07%.