Abstract: 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.
GUANGZHOU TINCI MATERIALS TECHNOLOGY, CNGR ADVANCED MATERIAL, TIANQI LITHIUM, GANFENG LITHIUM, GANFENGLITHIUM
Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.
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