MiniLED coating materials company Huigu New Materials plans to list on GEM

On March 12, Huigu New Materials issued a prospectus for its initial public offering and listing on the GEM.

The company plans to issue 15.7791 million shares for the first time, accounting for 25.00% of the total share capital after the issuance. The shares issued this time are all new shares, and the original shareholders will not conduct public sales. According to the arrangement, the initial inquiry date is March 16, 2026, and the online subscription date is March 20, 2026.

According to data, Huigu New Materials is a platform-based functional coating materials company with independent research and development as its core. The company has built a "1+1+N" industrial layout, which is based on the two major technology platforms of functional resins and coating materials, providing materials and solutions for downstream application fields such as home appliances, packaging, new energy and electronics.

In the electronics field, the company achieved mass production of optoelectronic coating materials in 2017, becoming one of the few domestic companies that can supply optoelectronic coating materials for Mini LED, and has successfully introduced it to customers such as BOE and TCL, providing support for the localization of key materials for the domestic new display industry.

In terms of performance, the company's net profits attributable to shareholders of the parent company in 2023 and 2024 were 108.563 million yuan and 145.7866 million yuan respectively, and the net profits after deducting non-recurring gains and losses were 96.0114 million yuan and 141.7126 million yuan respectively.

According to the prospectus, the funds raised from this issuance, after deducting issuance expenses, will be used in priority projects related to the main business, including Qingyuan Huigu New Material Technology Co., Ltd.'s 130,000-ton annual environmentally friendly coating and resin expansion project, Qingyuan Huigu New Materials R&D Center project, Huigu New Material Production Line technological transformation project and supplementary working capital. The total amount of raised funds is planned to be invested no more than 900 million yuan.