--- title: "[HK IPO] Zhongwei New Materials, dare not apply for A+H shares" type: "Topics" locale: "zh-CN" url: "https://longbridge.com/zh-CN/topics/36169444.md" description: "CNGR New Material was established in 2014 and is a global enterprise focused on new energy battery materials. Its core business covers the R&D, production, and recycling of precursor cathode active materials (pCAM) and new energy metal products, forming a vertically integrated operation system. As a leading company in the global lithium battery materials sector, its nickel-based and cobalt-based pCAM products have ranked first in global shipments for five consecutive years, with a total market share of 21.8% in 2024. It has entered the supply chains of top global companies such as Tesla, Samsung SDI, and CATL. The company began its IPO on October 7..." datetime: "2025-11-08T10:22:19.000Z" locales: - [en](https://longbridge.com/en/topics/36169444.md) - [zh-CN](https://longbridge.com/zh-CN/topics/36169444.md) - [zh-HK](https://longbridge.com/zh-HK/topics/36169444.md) author: "[小散老俞](https://longbridge.com/zh-CN/profiles/3011188.md)" --- > 支持的语言: [English](https://longbridge.com/en/topics/36169444.md) | [繁體中文](https://longbridge.com/zh-HK/topics/36169444.md) # [HK IPO] Zhongwei New Materials, dare not apply for A+H shares CNGR Advanced Material was founded in 2014 and is a global enterprise focused on new energy battery materials. Its core business covers the R&D, production, and recycling of precursor cathode active materials (pCAM) and new energy metal products, establishing a vertically integrated operation system. As a leading company in the global lithium battery materials sector, its nickel-based and cobalt-based pCAM products have ranked first in global shipments for five consecutive years, with a total market share of 21.8% in 2024. It has entered the supply chains of top global companies such as Tesla, Samsung SDI, and CATL. The company started its IPO subscription on October 7, with an offer price range of HKD 34~37.8 per share, 200 shares per lot, and a minimum subscription of HKD 7,636.24. Its market capitalization ranges from HKD 34.537 billion to HKD 39.397 billion, with 104 million shares issued. It belongs to the new energy materials industry and has a greenshoe option.  The sponsors are Morgan Stanley and Huatai Financial Holdings. The first-day rise rate of projects sponsored by Morgan Stanley in the past two years is 78.57%, while that of Huatai Financial Holdings is 48.14%. The overall performance of the sponsors is average. There are a total of 9 cornerstone investors, including Guizhou New Industrialization Development Equity Investment Fund Partnership, Baoda Investment (Hong Kong) Limited, Dongsheng Xianxing Technology, NR 1 SP, Shanghai Gaoyi, Hunan Xingxiang Emerging Industry Investment Fund Partnership, Lens International, and Sunwoda Treasury. The cornerstone investors have subscribed to a total of approximately HKD 1.659 billion, accounting for 44.32% of the total issuance, which is a relatively high proportion.     In the nickel-based materials (pCAM) market, the company ranked first globally in terms of shipments for five consecutive years from 2020 to 2024, with a market share of 20.3% in 2024. The global nickel-based materials (pCAM) market is highly concentrated, with the top five manufacturers accounting for 76.3% of the total market share based on 2024 shipments.     The company's revenue from 2022 to 2024 was RMB 30.344 billion, RMB 34.273 billion, and RMB 40.223 billion, respectively, with a year-on-year growth of 17.36% in 2024. Its net profit from 2022 to 2024 was RMB 1.539 billion, RMB 2.1 billion, and RMB 1.788 billion, respectively, with a year-on-year decline of 14.89% in 2024.  Calculated at the median offer price, the market capitalization is HKD 37.417 billion with an issuance of HKD 3.734 billion, accounting for 9.98% of the total. The cornerstone investors have locked in 44.32%, leaving a free float of HKD 2.079 billion.    This issuance adopts Mechanism B under the new IPO rules, with an initial public offering share of 10% and no clawback mechanism.     CNGR Advanced Material is already listed on the A-share market and is now conducting a dual primary listing in Hong Kong. Its A-share price is currently RMB 49.35, equivalent to HKD 53.89, while the upper limit of the H-share offer price is HKD 35.9, representing a discount of approximately 33.38% for H-shares compared to A-shares, which is still acceptable. However, the recent Hong Kong market is adjusting, and both Joyson Electronics and Seres have broken their issue prices. I plan to skip this subscription!     The current subscription multiple is 3.13 times, indicating very poor subscription sentiment. It seems many investors are unwilling to subscribe. **Subscription Strategy:** CNGR Advanced Material is a global enterprise focused on new energy battery materials, ranking first in the nickel-based materials market. The sponsors are Morgan Stanley and Huatai Financial Holdings, with the latter having poor sponsorship performance. Nine cornerstone investors have subscribed to a total of HKD 1.659 billion, accounting for 44.32% of the total issuance, which is a relatively high proportion. The company's net profit in 2024 declined by 14.89% year-on-year, indicating a downward trend in performance. This issuance adopts Mechanism B, with an initial public offering share of 10% and no clawback mechanism, leaving a free float of HKD 2.079 billion. CNGR Advanced Material is already listed on the A-share market and is now conducting a dual primary listing in Hong Kong. The H-shares are discounted by approximately 33.38% compared to A-shares, which is still acceptable. However, given the recent adjustment in the Hong Kong market and the fact that both Joyson Electronics and Seres have broken their issue prices, I plan to skip this subscription! My comments represent personal views only and do not constitute any investment advice. The stock market carries risks, and caution is advised when investing. Follow me: Retail Investor Lao Yu $CNGR(02579.HK) $SERES(09927.HK) $JOYSON ELEC(00699.HK) ### 相关股票 - [CNGR (02579.HK)](https://longbridge.com/zh-CN/quote/02579.HK.md) - [CATL (03750.HK)](https://longbridge.com/zh-CN/quote/03750.HK.md) - [CATL (300750.CN)](https://longbridge.com/zh-CN/quote/300750.CN.md) - [SERES (09927.HK)](https://longbridge.com/zh-CN/quote/09927.HK.md) - [JOYSON ELEC (00699.HK)](https://longbridge.com/zh-CN/quote/00699.HK.md) - [JOYSON ELECTRONICS (600699.CN)](https://longbridge.com/zh-CN/quote/600699.CN.md) - [SERES (601127.CN)](https://longbridge.com/zh-CN/quote/601127.CN.md) - [CATL HK SDR 30to1 (HCCD.SG)](https://longbridge.com/zh-CN/quote/HCCD.SG.md)