Conch Material Technology broke on its first day of listing in Hong Kong, falling 45% at one point.
It is reported that Conch Material Technology is a fine chemical material supplier that produces and sells cement admixtures, concrete admixtures and related upstream raw materials. Conch Kechuang is the largest shareholder of Conch Material Technology, holding 48.62% of the shares, while Conch Kechuang is 100% controlled by Anhui Conch Group.
According to Frost & Sullivan, the company ranked first in China in terms of sales volume and revenue of cement admixtures in fiscal year 2023, with a market share of about 28.3% and 32.3%, respectively (specifically, the company ranked first in China in terms of sales volume and revenue of cement grinding AIDS in fiscal year 2023. Their market shares were approximately 34.6% and 34.1% respectively). In terms of
performance, in the six months of fiscal year 2021, fiscal year 2022, fiscal year 2023 and fiscal year 2024, Conch Material Technology realized revenue of about 1.538 billion yuan, 1.840 billion yuan, 2.396 billion yuan and 1.103 billion yuan, respectively; Profits for the year were approximately 127 million yuan, 92.4 million yuan, 144 million yuan and 60.2 million yuan respectively.
During each of the Track Record Periods, Conch Material's revenue from Conch Cement Group, its largest customer , was approximately 808 million yuan, 765 million yuan, 762 million yuan and 339 million yuan, respectively. They accounted for approximately 52.5%, 41.6%, 31.8% and 30.7% of the total revenue for the corresponding years/periods, respectively.
