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

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

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-technology" target="_blank" data-smartkarma-citation="entities:58788:1" rel="noopener">Guangzhou Tinci Materials Technology (TINCI HK)</a>, aims to raise up to US$500m in its H-share listing.</li>
<li>It is a global leading material company specialising in new energy materials and advanced materials. </li>
<li>In this note, we look at its PHIP update and valuation.</li>
</ul>



Guangzhou Tinci Materials Technology (TINCI HK), aims to raise up to US$500m in its H-share listing.
It is a global leading material company specialising in new energy materials and advanced materials. 
In this note, we look at its PHIP update and valuation.


Aequitas: Guangzhou Tinci Materials A/H Listing - PHIP Update: Strong Growth but A-Shares Weak

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

Shenton Research

Shenton 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.

<ul>
<li>Tinci, the world's largest lithium-ion battery electrolyte producer, is seeking an A+H listing. JPM, CITIC, and GF are the joint sponsors.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.</li>
<li>We think the deal is worth following as a rise in electrolyte prices lifted 1H26 gross margin to its highest level since 2023.</li>
</ul>


Tinci, the world's largest lithium-ion battery electrolyte producer, is seeking an A+H listing. JPM, CITIC, and GF are the joint sponsors.
While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
We think the deal is worth following as a rise in electrolyte prices lifted 1H26 gross margin to its highest level since 2023.


Tinci (天赐材料) A+H Pre-IPO: PHIP and 1H26 Results Update

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Biren Technology / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. </li>
<li>On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Jio Platforms is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. 
On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.


Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Hong Kong

Guangzhou Tinci Materials Technology Co., Ltd. is a global leading material company that specializes in new energy materials and advanced materials, providing comprehensive lithium-ion battery materials, daily chemicals, and specialty chemicals solutions worldwide. The company is currently listed on the Shenzhen Stock Exchange and is seeking a new listing on the Hong Kong Stock Exchange.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Guangzhou Tinci Materials Technology (TINCI HK)

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

Aequitas: Guangzhou Tinci Materials A/H Listing - PHIP Update: Strong Growth but A-Shares Weak

Guangzhou Tinci, aims to raise up to US$500m in its H-share listing. In this note, we look at its PHIP update and valuation.

Nicholas Tan

Tinci (天赐材料) A+H Pre-IPO: PHIP and 1H26 Results Update

Tinci is seeking an A+H listing and passed hearing. In this note we update the company's fundamentals and business development since our last...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 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

Aequitas: Guangzhou Tinci Materials A/H Listing - PHIP Update: Strong Growth but A-Shares Weak

Guangzhou Tinci, aims to raise up to US$500m in its H-share listing. In this note, we look at its PHIP update and valuation.

Nicholas Tan

Tinci (天赐材料) A+H Pre-IPO: PHIP and 1H26 Results Update

Tinci is seeking an A+H listing and passed hearing. In this note we update the company's fundamentals and business development since our last...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh