HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Guangzhou Tinci Materials Technology / Equity Capital Markets

Guangzhou Tinci Materials Technology (TINCI HK)

<ul>
<li>26H1 profit increase has a one-off nature. Once the price of lithium hexafluorophosphate drops below 80,000 yuan per ton, the profit elasticity will rapidly reverse. This is the biggest challenge.</li>
<li>Against the backdrop of the rapid elimination of tail-end production capacity in the lithium battery industry, the cathode material production lines lacking cost advantages may become a long-term burden.</li>
<li>Due to its larger size/stronger cyclical nature, the valuation of Tinci would be lower than that of<a href="https://www.smartkarma.com/entities/shenzhen-capchem-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:11149:1" rel="noopener"> Capchem Technology</a>. Based on 2026 profit forecast, comfortable valuation could be 8-10x P/E</li>
</ul>


26H1 profit increase has a one-off nature. Once the price of lithium hexafluorophosphate drops below 80,000 yuan per ton, the profit elasticity will rapidly reverse. This is the biggest challenge.
Against the backdrop of the rapid elimination of tail-end production capacity in the lithium battery industry, the cathode material production lines lacking cost advantages may become a long-term burden.
Due to its larger size/stronger cyclical nature, the valuation of Tinci would be lower than that of Capchem Technology. Based on 2026 profit forecast, comfortable valuation could be 8-10x P/E


Pre-IPO Guangzhou Tinci Materials Technology (PHIP Updates) - Some Points Worth the Attention

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Guangzhou Tinci Materials Technlgy / Equity Capital Markets

Guangzhou Tinci Materials Technlgy (002709 CH)

<ul>
<li>Tinci is seeking an A+H listing. JPM, CITIC, and GF are the joint sponsors.</li>
<li>We look at the company's two core segments: battery materials and daily and specialty chemicals.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Tinci is seeking an A+H listing. JPM, CITIC, and GF are the joint sponsors.
We look at the company's two core segments: battery materials and daily and specialty chemicals.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Tinci (天赐材料) A+H Pre-IPO: Early Thoughts

<ul>
<li>Tinci is the only enterprise in the world that has achieved full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain.This deep integration ensures supply chain security and reduces production costs. </li>
<li>Tinci enjoys an absolute cost advantage, which is the deepest moat. During the industry downturn, Tinci remained profitable. During the price increase cycle, profit elasticity far exceeded that of peers.</li>
<li>Reasonable valuation of Tinci could be lower than the average valuation of comparable A-share companies, but slightly higher than that of some lithium battery material enterprises lacking integrated capabilities.</li>
</ul>


Tinci is the only enterprise in the world that has achieved full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain.This deep integration ensures supply chain security and reduces production costs. 
Tinci enjoys an absolute cost advantage, which is the deepest moat. During the industry downturn, Tinci remained profitable. During the price increase cycle, profit elasticity far exceeded that of peers.
Reasonable valuation of Tinci could be lower than the average valuation of comparable A-share companies, but slightly higher than that of some lithium battery material enterprises lacking integrated capabilities.


Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangzhou-tinci-materials-technlgy" target="_blank" data-smartkarma-citation="entities:20975:1" rel="noopener">Guangzhou Tinci Materials Technlgy (002709 CH)</a>, aims to raise over US$1bn in its H-share listing.</li>
<li>It is a global leading material company specializing in new energy materials and advanced materials. </li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Guangzhou Tinci Materials Technlgy (002709 CH), aims to raise over US$1bn in its H-share listing.
It is a global leading material company specializing in new energy materials and advanced materials. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Guangzhou Tinci Materials A/H Listing - Downcycle Bottomed; Strong AI Demand Growth

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangzhou-tinci-materials-technology" target="_blank" data-smartkarma-citation="entities:58788:1" rel="noopener">Guangzhou Tinci Materials Technology (TINCI HK)</a>, the world’s largest lithium-ion battery electrolyte supplier, is premarketing an H-share offering, which could raise about US$400–500 million.</li>
<li>It makes electrolytes and their core compositions (LiPF6, LiFSI, and additives), cathode materials, and battery adhesives for EV, energy storage (ESS), and consumer battery makers.</li>
<li>The investment case is cautious: Tinci is an integrated, low-cost leader in a growing market, but 1H26 earnings reflect a price spike, revenue is concentrated, and the FCF turned negative.</li>
</ul>



Guangzhou Tinci Materials Technology (TINCI HK), the world’s largest lithium-ion battery electrolyte supplier, is premarketing an H-share offering, which could raise about US$400–500 million.
It makes electrolytes and their core compositions (LiPF6, LiFSI, and additives), cathode materials, and battery adhesives for EV, energy storage (ESS), and consumer battery makers.
The investment case is cautious: Tinci is an integrated, low-cost leader in a growing market, but 1H26 earnings reflect a price spike, revenue is concentrated, and the FCF turned negative.


Tinci Materials H Share Listing: The Investment Case

China

Guangzhou Tinci Materials Technology Company Limited develops, manufactures and sells fine chemicals and new materials. The Company's main products include personal care materials, lithium-ion battery materials, and organic silicon rubber materials.

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Guangzhou Tinci Materials Technlgy (002709 CH)

Pre-IPO Guangzhou Tinci Materials Technology (PHIP Updates) - Some Points Worth the Attention

Once lithium hexafluorophosphate price drops below RMB80,000/ton,Tinci's profit elasticity will rapidly reverse.Due to overcapacity, sustainability...

Xinyao (Criss) Wang

Tinci (天赐材料) A+H Pre-IPO: Early Thoughts

Shenzhen-listed Tinci is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle

Tinci's full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain offers cost advantage/supply chain security, making it...

Xinyao (Criss) Wang

Aequitas: Guangzhou Tinci Materials A/H Listing - Downcycle Bottomed; Strong AI Demand Growth

Guangzhou Tinci, aims to raise over US$1bn in its H-share listing. In this note, we look at its past performance and other deal dynamics that might...

Nicholas Tan

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Pre-IPO Guangzhou Tinci Materials Technology (PHIP Updates) - Some Points Worth the Attention

Once lithium hexafluorophosphate price drops below RMB80,000/ton,Tinci's profit elasticity will rapidly reverse.Due to overcapacity, sustainability...

Xinyao (Criss) Wang

Tinci (天赐材料) A+H Pre-IPO: Early Thoughts

Shenzhen-listed Tinci is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle

​Tinci's full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain offers cost advantage/supply chain security, making it...

Xinyao (Criss) Wang

Aequitas: Guangzhou Tinci Materials A/H Listing - Downcycle Bottomed; Strong AI Demand Growth

Guangzhou Tinci, aims to raise over US$1bn in its H-share listing. In this note, we look at its past performance and other deal dynamics that might...

Nicholas Tan

Tinci Materials H Share Listing: The Investment Case

Tinci Materials, the world’s largest lithium-ion battery electrolyte supplier, is premarketing an H-share offering, which could raise about...

Arun George

Tinci's full self-supply of "liquid lithium hexafluorophosphate - electrolyte" chain offers cost advantage/supply chain security, making it...