IPO News | 'Chemical New Materials Supplier' Guoen Technology launches its IPO, with a planned listing on February 4, 2026. The subscription amount for one lot is HKD 8,484.71.

Futu Information reported on January 27, announcing that$GON TECHNOLOGY (02768.HK)$The company will conduct its IPO from January 27 to January 30, planning to offer approximately 30 million shares globally, with an expected listing date of February 4, 2026.

Company Overview

The company is a China-based supplier specializing in chemical new materials and upstream and downstream products of gelatin and collagen. It serves the chemical industry and the broader health sector, primarily focusing on the R&D, production, and sales of products for industrial and commercial use. Regarding its large chemical segment, the company's clients include manufacturers in downstream sectors (such as automotive, new energy, and home appliances) and supply chain solution providers for downstream manufacturers. In terms of its broader health business, the company's clients mainly consist of medical and pharmaceutical manufacturers who use its products as raw materials for downstream products such as supplements and medications.

After over 20 years of dedication, the company has established a vertically integrated industrial layout within the large chemical and broader health industries, with operations covering both upstream and downstream segments of these industries' value chains. This allows the company to benefit from long-term economies of scale. According to Frost & Sullivan, in 2024, by revenue, the company was the second-largest enterprise in China specializing in organic polymer modified materials and organic polymer composite materials, holding a market share of 2.5%. Based on China’s bone gelatin production volume in 2024, the company ranks second overall in China's market and first among domestic brands in terms of production output.

Financial Overview

The company's revenue increased from RMB 13,406.4 million in the fiscal year 2022 to RMB 17,438.8 million in the fiscal year 2023, and further increased to RMB 19,187.5 million in the fiscal year 2024, representing a compound annual growth rate of 19.6%. The company's revenue increased from RMB 15,863.1 million in the first ten months of fiscal year 2024 to RMB 17,443.9 million in the first ten months of fiscal year 2025, equivalent to an increase of 10.0%.

The company's gross profit increased by 1.3% from RMB 1,580.0 million in the fiscal year 2022 to RMB 1,600.8 million in the fiscal year 2023; decreased by 0.5% from RMB 1,600.8 million in the fiscal year 2023 to RMB 1,592.2 million in the fiscal year 2024; and grew by 41.2% from RMB 1,282.4 million in the first ten months of fiscal year 2024 to RMB 1,811.0 million in the first ten months of fiscal year 2025.

Use of Proceeds

In terms of fund-raising purposes, Guoen Technology expects net proceeds of approximately HKD 1,057.7 million from the global offering (assuming no exercise of the over-allotment option, with the offer price at the median of HKD 38). According to the prospectus, Guoen Technology intends to allocate the proceeds from the global offering for the following purposes:

Approximately 50.0% will be allocated to expand the capacity of the company's new production base in Thailand, referred to as the 'Thailand Production Base'; approximately 35.0% will be allocated to expand the capacity of the company's new production base in China, referred to as the 'Yixing Production Base'; approximately 10.0% will be allocated to the company’s investments in Hong Kong, including establishing a regional headquarters and upgrading the production base; approximately 5.0% will be used for working capital and general corporate purposes.

More reading:Guo'en Technology Prospectus

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Editor/Deng

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