On May 27, 2026, Zhejiang Jingtong New Materials Group Co., Ltd. (hereinafter referred to as “Jingtong New Materials”) officially submitted its main board listing application to the Hong Kong Stock Exchange, and the exclusive sponsor is CICC.
The prospectus shows that Jingtong New Materials is a new supplier of polymer decorative stone crystal composite materials, focusing on the research, development, production and sales of green and sustainable multi-purpose decorative plate products.
According to the Frost & Sullivan Report, Jingtong New Materials ranks first among all suppliers in the PVC decorative materials market in terms of total export value in mainland China in 2025; in terms of total export value to Europe in 2025, the company ranks first among all Chinese suppliers.
In terms of finance, Jingtong New Materials’ revenue has continued to grow in the past three years.
From 2023 to 2025, total revenue will be 1.598 billion yuan, 2.219 billion yuan and 2.307 billion yuan respectively.
During the same period, profits during the year were 230 million yuan, 337 million yuan and 361 million yuan respectively.
The overall gross profit margin remains at around 36%, and will be 36.8% in 2025.
Such good financial performance shows the company’s strong competitiveness and stable profitability in the market.
In terms of business, Jingtong New Materials mainly designs, produces and sells various flooring and wall panel products through ODM and OEM business models.
The company’s products have been sold to more than 60 countries and regions around the world, serving eight of the top ten home decoration retail groups in Europe.
In 2025, revenue from the European market will account for 85.3% of total revenue, which fully reflects the company’s high recognition and strong market share in the European market.
In terms of customer structure, Jingtong New Materials’ customer concentration is moderate.
In 2025, sales revenue from the top five customers will account for 42.7% of total revenue, of which the largest customer will account for 14.9%.
This shows that the company’s customers are widely distributed, reducing the risk of dependence on a single customer.
In terms of suppliers, Jingtong New Materials’ supplier concentration is on a downward trend.
In 2025, purchases from the top five suppliers will account for 32.6% of total purchases, of which the largest supplier will account for 13.2%. This will help the company maintain a certain degree of flexibility and stability in supply chain management.
The net funds raised by Jingtong New Materials from this listing are planned to be used in many aspects.
This includes investing in wall panel products to increase the production capacity of domestic wall panel products; building a modern green production base in Hungary that integrates PVC flooring, wall panel manufacturing and recycling; continuing to invest in the production base in Thailand, purchasing and upgrading existing production equipment, setting up a research and development center at the Tongxiang headquarters, and supplementing working capital and general corporate purposes.
These measures will help the company further expand its production scale, improve product quality and technical level, and enhance its competitiveness in the global market.
In general, Jingtong New Materials has significant advantages and good development prospects in the field of PVC decorative materials.
This impact on the Hong Kong stock market is expected to bring more financial support and development opportunities to the company, and promote it to achieve greater achievements in the global market.
