Zhejiang Rongtai Electric Material Co.,Ltd. (SSE: 603119) has submitted a fresh listing application to the Hong Kong Stock Exchange main board, as disclosed on August 24. China International Capital Corporation (Hong Kong) Limited serves as the sole sponsor for the proposed IPO.
According to the prospectus, the company is recognized as a pioneer and leader in mica composite materials and related products for the new energy sector, distinguished by its technological innovation and industry expertise. Data from Frost & Sullivan indicates that the global and Chinese new energy mica product markets reached RMB 4.7 billion and RMB 3.9 billion in 2025, respectively. Within these markets, Zhejiang Rongtai secured the top position by 2025 revenue, commanding market shares of 22.7% globally and 12.7% in China.
The company's mica composite materials and related products deliver thermal protection, flame-retardant insulation, and electrical safety, with primary applications spanning new energy vehicles, household appliances, and fire-resistant cables. Leveraging its cross-disciplinary expertise in precision processing and close alignment with customer needs, Zhejiang Rongtai has broadened its business reach from mica products into precision structural components for robotics.
The company continues to enhance lean manufacturing practices, pursue excellence in quality, ensure timely and high-standard product delivery, and offer comprehensive support services, all while deepening long-term partnerships with leading global clients. Overseas, Zhejiang Rongtai has established a deep-processing facility in Vietnam and a production base in Thailand, which is currently in trial production as of the latest practicable date. The company also plans to expand capacity at its Thailand facility to strengthen its global footprint and boost overseas manufacturing and delivery capabilities.
As of the latest practicable date, Zhejiang Rongtai products are sold to customers across more than 40 countries and regions worldwide. During the track record period, the company's revenue primarily stemmed from sales of mica composite materials and related products, including safety components for new energy vehicles, flame-retardant insulation parts for household appliances, and flame-retardant insulation tapes for cables. Following its acquisition of Diz Precision in June 2025, the company expanded its product portfolio to include precision structural components and began generating revenue from their sales, primarily targeting robotics and advanced automation applications.
Financial highlights: Revenue for the six-month periods ended June 30 in 2023, 2024, 2025, and 2026 reached approximately RMB 800 million, RMB 1.135 billion, RMB 1.376 billion, and RMB 898 million, respectively. Profit for the same periods was approximately RMB 172 million, RMB 230 million, RMB 283 million, and RMB 156 million. Gross profit for these periods stood at approximately RMB 282 million, RMB 363 million, RMB 455 million, and RMB 305 million.
Industry overview: Mica products are functional materials crafted with mica as the primary substrate, processed into sheets, tapes, or boards using high-temperature binders. These materials deliver stable electrical insulation and high flame-retardant and heat-resistant properties, maintaining reliable performance under elevated temperatures. They are widely applied in electrical, mechanical, and industrial settings, including new energy sectors (primarily new energy vehicles, power batteries, and energy storage batteries), cables, and household appliances. Other application areas include industrial metallurgy, transportation, nuclear power plants, and aerospace. In 2025, the global mica products market reached RMB 23.5 billion, with industrial metallurgy, new energy, cables, household appliances, and other sectors contributing RMB 6.4 billion, RMB 4.7 billion, RMB 2.1 billion, RMB 1.0 billion, and RMB 9.3 billion, respectively. In China, the market hit RMB 9.3 billion, with industrial metallurgy at RMB 1.6 billion, new energy at RMB 3.9 billion, cables at RMB 800 million, household appliances at RMB 600 million, and other sectors at RMB 2.4 billion.
Board composition: The board will comprise nine directors, including two executive directors, three non-executive directors, and four independent non-executive directors, each serving three-year terms with eligibility for re-election. Under relevant Chinese regulations, independent non-executive directors are limited to a maximum tenure of six consecutive years.
Shareholding structure: As of the latest practicable date, Mr. Ge Tairong and Ms. Cao Meisheng collectively hold approximately 38.38% of the company's total issued share capital, comprising (i) a direct interest of approximately 32.52% held by Mr. Ge Tairong; (ii) a direct interest of approximately 4.48% held by Ms. Cao Meisheng; (iii) an indirect interest of approximately 0.76% via Shanghai Chaotai, a limited partnership in which Ms. Cao Meisheng holds 33.07% as general partner; and (iv) an indirect interest of approximately 0.62% via Shanghai Congjiong, a limited partnership in which Ms. Cao Meisheng holds 7.34% as general partner. Mr. Ge and Ms. Cao are spouses and will jointly control more than 30% of the voting rights at shareholder meetings, thereby constituting a group of controlling shareholders together with Shanghai Chaotai and Shanghai Congjiong.
Advisory team: Sole sponsor: China International Capital Corporation (Hong Kong) Limited; Company legal counsel: Clifford Chance, Shanghai Guangfa Law Firm, and King & Wood Mallesons; Sponsor's legal counsel: Jingtian & Gongcheng LLP; Auditor and reporting accountant: Zhonghui Anda CPA Limited; Compliance adviser: Solaris Capital Limited; Industry consultant: Frost & Sullivan (Beijing) Inc. Shanghai Branch.