Hengkun New Materials' IPO on the Science and Technology Innovation Board is "under review" The company specializes in key materials for the integrated circuit industry.

On January 18, Xiamen Hengkun New Material Technology Co., Ltd. (hereinafter referred to as "Hengkun New Material") applied for an IPO on the Shanghai Stock Exchange's Science and Technology Innovation Board (hereinafter referred to as "Sino-crystal") and its IPO review status changed to "questioned". China Securities Co., Ltd. is the sponsor and it plans to raise RMB120 million. The prospectus shows that Hengkun New Material is committed to the research and industrialization of key materials in the field of integrated circuits and is one of the few innovative enterprises in China that has the ability to research and mass-produce key materials for 12-inch integrated circuit wafers. It mainly engages in the research, production and sales of photomask materials and precursor materials. During the reporting period, the Company's self-produced products mainly include SOC, BARC, KrF photomask materials, i-line photomask materials, etc., and are mainly applied in the photolithography, thin film deposition and other process links of advanced NAND, DRAM storage chips and logic chips with a technology node of 90nm and below. Moreover, in the context of increasing domestic replacement demand for integrated circuits, in order to quickly obtain customer resources and accumulate product introduction and quality control experience, the Company introduced foreign products as a starting point, introduced and sold photomask materials, precursor materials, electronic special gases and other wet electronic chemicals, and innovatively took a development path of "introduction, digestion, absorption and innovation". During the reporting period, the Company's customers covered several leading wafer fabs in China, achieving the replacement of foreign products of the same type, breaking the monopoly of key materials for 12-inch integrated circuits. The funds raised after deducting the issuance expenses will be invested in the following projects according to the urgency of construction: The funds raised after deducting the issuance expenses will be invested in the following projects according to the urgency of construction: Financially, Hengkun New Material achieved an operating revenue of approximately RMB141 million in 2021, RMB322 million in 2022, RMB368 million in 2023 and RMB238 million in the first half of 2024; and its net profit was RMB26.56 million, RMB99.72 million, RMB89.76 million and RMB44.09 million respectively.