New IPO News | 'Lithium-ion battery separator manufacturer' Senior Material has launched its initial public offering, targeting a listing on June 23, with a board lot subscription amount of HK$4,535.28

Futu News, June 12: $SENIOR MATERIAL (06067.HK)$ announced in a filing that it will conduct bookbuilding from June 12 to June 17, offering approximately 150 million shares globally, with an expected listing date of June 23.

Company Overview

Senior Material is a competitive manufacturer of lithium-ion battery separators. Founded in 2003, the company has accumulated over 20 years of industry experience in the research and development, production, and sales of lithium-ion battery separators. According to Frost & Sullivan, Senior Material was the first Chinese company to master the dry-process uniaxial stretching technology for lithium-ion battery separators. In 2025, the company ranked first globally in market share for dry-process separators by shipment volume.

As an early entrant into the lithium-ion battery industry, the company has grown into a well-known supplier in the global lithium-ion battery separator market. It is one of the few companies with independent equipment research and design capabilities, giving it a unique position, and it possesses proprietary microporous membrane fabrication technology, which it has leveraged to establish competitive battery separator production lines.

Financial Summary

CNGR Advanced Material's revenue increased by 17.6% from RMB 29,819 million in 2023 to RMB 35,062 million in 2024, and further rose by 16.3% to RMB 40,768 million in 2025. The company’s gross profit was RMB 12,904 million, RMB 9,843 million, and RMB 8,832 million in 2023, 2024, and 2025, respectively.

Source: Prospectus

Use of Proceeds

Regarding the use of proceeds, CNGR Advanced Material expects net proceeds from the global offering to amount to approximately HKD 1.263 billion (assuming the over-allotment option is not exercised and based on the maximum offer price of HKD 8.98 per share). According to the prospectus, CNGR Advanced Material intends to allocate the proceeds from the global offering as follows:

Approximately 28% will be used for R&D of solid-state battery-related products, other functional films, and next-generation lithium-ion battery separator products; approximately 27% will be allocated to expanding the company’s overseas network, specifically including building production facilities in Malaysia and the United States; approximately 20% will be invested in companies specializing in new battery separator materials and the semiconductor sector to enhance core technologies and broaden the product portfolio, thereby establishing a second growth curve; approximately 15% will be used to repay fixed-asset loans related to the production facility in Sweden; and approximately 10% will be allocated for general working capital and general corporate purposes.

Further reading:CNGR Advanced Material Prospectus

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