Jiangsu Lopal Tech. Co., Ltd. (“Lopal Tech”, stock code: 2465.HK), an A-share listed company, successfully completed its listing on the Main Board of the Hong Kong Stock Exchange on October 30, 2024. In this H-share listing, Lopal Tech issued 100 million shares at an offering price of HKD 5.5 per share, raising approximately HKD 550 million. As part of the transaction, Lopal Tech introduced Harvest International Premium Value (Secondary Market) Fund SPC, acting on behalf of and for the account of Harvest Oriental SP, as a cornerstone investor with a total investment of HKD 110 million.

Founded in 2003, Lopal Tech is one of the world’s major Lithium Iron Phosphate (LFP) cathode material manufacturers and one of mainland China’s renowned automotive specialty chemical manufacturers. The company holds major market positions in the LFP cathode material industry and multiple sub-segments of the automotive specialty chemical industry. According to the industry consultant Frost & Sullivan’s report, in terms of sales volume in 2023, Lopal Tech is: the fourth largest LFP cathode material manufacturer in China and the world, with a global market share of 6.5%; the third largest diesel exhaust fluid manufacturer in mainland China, with a market share of 9.1%; and the third largest coolant manufacturer in mainland China, with a market share of 5.8%. The funds raised from this listing are expected to be partially used for expenses for the second phase of its Indonesia plant, for the new lithium-ion manganese iron phosphate (LMFP) production lines at its Xiangyang Plant in Hubei Province, and for other purposes.

Fangda Partners acted as the Hong Kong legal counsel to the joint sponsors and underwriters. Guotai Junan Capital Limited and Halcyon Capital Limited acted as joint sponsors. Guotai Junan Securities (Hong Kong) Limited, Halcyon Securities Limited and ICBC International Securities Limited acted as overall coordinators and joint global coordinators. Fangda is committed to advancing with TMT companies, witnessing their significant achievements in capital markets and becoming a loyal partner in their development, as well as fully collaborating with sponsor partners on every Hong Kong listing transaction.

Fangda’s Hong Kong team was led by partner Arnold PANG. Team members included associates Gloria IP, Evey FAN and Simon XU.