On January 9, Anhui Conch Material Technology Co., Ltd., a subsidiary of Conch Group, was listed on the Hong Kong Stock Exchange, but on the first day of listing, the company's share price suffered "Waterloo". The company's shares were issued at HK $3, and as of the close, the stock was at HK $1.57, down 48%, almost "cut in half". According to the
prospectus, Conch Material Technology ranks first in China in terms of sales and revenue of cement admixtures in fiscal year 2023, with market share of about 28.3% and 32.3%, 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. According to
the data, 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. Conch Material Technology's revenue from its largest customer , Conch Cement Group, was approximately 808 million yuan, 765 million yuan, 762 million yuan and 339 million yuan, respectively, accounting for approximately 52.5%, 41.6%, 31.8% and 30.7% of the total revenue during the period.
