Connecting Hearts, Leading a New Journey | Xingfu Electronics Rings the Opening Bell on the STAR Market

On January 22, Hubei Xingfu Electronic Materials Co., Ltd. (stock abbreviation: “Xingfu Electronics”; stock code: 688545) was officially listed on the STAR Market of the Shanghai Stock Exchange, becoming Hubei Province’s “first stock” of the new year. It is also the first “A-share-to-A-share” listed company nationwide since the release of the “New National Nine Articles,” the first A-share listed company in Hubei Province in 2025, and the second publicly listed company under Xingfa Group.

Chen Honghui, Deputy Secretary of the Yichang Municipal Party Committee and Mayor, along with leading officials from the Shanghai Chemical Industry Zone Management Committee, the Shanghai Stock Exchange, the Shanghai Securities Journal, and other relevant organizations, Wu Renqiang, Chief Accountant of the Provincial Party Committee’s Financial Office, Vice Mayor Tang Ming, Secretary-General of the Municipal Government Li Changqing, Deputy Secretary-General Jiang Bizhong, Cao Hongwei, Secretary of the Xingshan County Party Committee, Zuo Xiao, Secretary of the Zhuting District Party Committee, and Li Guozhang, Party Secretary and Chairman of Xingfa Group, attended the event and witnessed the ceremonial gong-banging ceremony marking the company’s listing.

Li Shaoping, Chairman of Xingfu Electronics, stated that this successful listing on the STAR Market is not only a significant milestone in Xingfu Electronics’ development journey but also marks the rise of domestically produced wet electronic chemicals in the global market.

In this IPO, Xingfu Electronics plans to raise approximately RMB 1.21 billion, primarily for the construction of several strategically significant core projects. These include building a new production line with an annual capacity of 30,000 tons of electronic-grade phosphoric acid, establishing a production base in Shanghai with an annual capacity of 40,000 tons of ultra-high-purity electronic chemicals, and constructing projects to produce 20,000 tons of electronic-grade ammonium hydroxide and 10,000 tons of electronic-grade ammonia gas annually. The newly added production capacity will not only meet both domestic and international market demands but also help the company further enhance its brand influence and market share.

As one of the earliest companies in China to engage in the R&D of wet electronic chemicals, Xingfu Electronics has become a key player in this field through continuous technological innovation and market development.

In terms of the R&D team, Xingfu Electronics currently has 115 R&D personnel, accounting for 16.57% of the company’s total workforce. Among them, 74 hold master’s or doctoral degrees, and there are 4 senior engineers. Regarding the number of patents, the prospectus shows that as of June 30, 2024, Xingfu Electronics holds a total of 116 patents, including 77 invention patents. In terms of R&D investment, from 2021 to 2023, the company’s total R&D expenditure amounted to 136 million yuan, representing 6.17% of its total operating revenue for the same period, with a compound growth rate of 48.23%. In terms of production technology, Xingfu Electronics has developed proprietary technologies covering the entire process—from raw material purification and process control to downstream product development—for its self-developed electronic-grade phosphoric acid and electronic-grade sulfuric acid products, and has filed patent applications for these technologies. The company’s project “Key Technologies for Producing Ultra-High-Purity Electronic-Grade Phosphoric Acid and High-Selectivity Etching Liquids for Chips,” in which it served as a major participant and technical implementer, was awarded the Second Prize of the National Science and Technology Progress Award.

Li Shaoping, Chairman of Xingfu Electronics, stated that as electronic chemical materials and semiconductor supporting products evolve alongside continuous technological iterations from customers, Xingfu Electronics must consistently pursue innovation and achieve breakthroughs in technology. To this end, the company has established an R&D team led by PhDs and primarily composed of master’s degree holders, driving technological advancements in existing semiconductor processes and developing new products for next-generation processes. From 28-nanometer to 5-nanometer and even smaller process nodes, Xingfu Electronics will provide globally leading semiconductor manufacturers with chemical solutions boasting superior performance. At the same time, the company is actively expanding into new product lines such as electronic-grade ammonia water and ammonia gas, aiming to capture higher-value-added markets and further extend the depth and breadth of its technological coverage.

With the support of favorable policies, the industry is experiencing rapid development. The state has explicitly identified wet electronic chemicals as a strategic priority in the fields of next-generation information technology and new materials, and relevant supportive policies continue to be introduced, providing domestic enterprises with significant policy benefits. Against this backdrop, Xingfu Electronics’ successful IPO is a clear demonstration of its alignment with the pulse of the times. With the help of the capital market, the company will further expand its market share and accelerate the realization of its strategic goal: “from being a Chinese leader to competing globally.”