On April 22, 2026, Hunan Mingzhu Mining Chemical Technology Co., Ltd. (hereinafter referred to as "Mingzhu Chemical"), headquartered in the Youzhou Industrial Park of You County, Zhuzhou City, Hunan Province, filed its prospectus with the Hong Kong Stock Exchange, intending to list on the Main Board of the Hong Kong Stock Exchange.
Link to Mingzhu Chemical's prospectus:
https://www1.hkexnews.hk/app/sehk/2026/108457/documents/sehk26042201932_c.pdf
Main Business
Mingzhu Chemical, founded in 2010, has inherited the renowned "Night Pearl" brand in the mineral processing industry. As a provider of mineral processing reagent solutions serving both domestic and international markets, the company is primarily engaged in the research and development, production, and sales of flotation reagents, including collectors, modifiers, and frothers. Its products are mainly used in the mining of precious and non-ferrous metals, offering highly efficient, low-toxicity reagent formulations and lime-free flotation processes that enhance concentrate recovery while reducing the generation of hazardous waste.
According to data from Frost & Sullivan:
In 2024, based on revenue attributable to flotation reagent product sales within China, Mingzhu Chemical ranked second among Chinese flotation reagent companies, with a market share of 1.05%.
In 2024, based on sales revenue of yellow pharmaceutical products within China, Mingzhu Chemical ranked first among China's yellow pharmaceutical companies, with a market share of 15.57%.
Mingzhu Chemical's business model is rooted in technology collaboration rather than mere commodity supply, embodying the "one mine, one reagent" operating philosophy. The company develops customized formulations tailored to each customer's specific ore characteristics and provides end-to-end technical services that encompass pre-sales flotation testing and analysis, on-site implementation and dynamic optimization, as well as continuous post-sales process monitoring. By leveraging its technical expertise within customers' operations, Mingzhu Chemical helps improve concentrate grade and recovery rates, thereby maximizing the value of mineral resources. Since its establishment, Mingzhu Chemical has served more than 500 clients worldwide, with operations spanning over 20 provinces, municipalities directly under the central government, and autonomous regions in mainland China, and exports to more than 15 countries.
Mingzhu Chemical's product portfolio is primarily categorized into: (i) collectors, (ii) frothers, (iii) modifiers, and (iv) other reagents. Customers typically procure these reagents as integrated solutions, with collectors generally accounting for the largest share of the mix. In addition, the company provides comprehensive technical support services to help selected customers optimize their product application.
Shareholder Structure
The prospectus shows that, prior to Mingzhu Chemical's Hong Kong listing, the shareholder structure was as follows:
Ms. Diao Hualì holds 65.76% of the shares, making her the controlling shareholder.
Directors and Senior Executives
The Board of Directors of Mingzhu Chemical will consist of seven directors, including:
Four Executive Directors
Ms. Diao Huali (Chairperson);
Mr. Liu Da (General Manager);
Mr. Luo Ren (formerly known as Luo Yin), Deputy Marketing Manager;
Mr. Zhang Xiaofeng (Deputy General Manager);
Three independent non-executive directors
Professor Dai Zilin (Technical Advisor, Institute of Resource Utilization and Rare Earth Development, Guangdong Academy of Sciences);
Professor Liu Wei (Professor at Central South University and Chairman of Hunan Ruiyi Environmental Protection Co., Ltd.);
Ms. Luo Yunyi (Head of Internal Audit at Asia Pacific Satellite (01045.HK)).
In addition to the executive directors, the senior management includes:
Mr. Fu Maoxiang (Chief Financial Officer).
Company Performance
The prospectus shows that in 2023, 2024, and 2025, Mingzhu Chemical's operating revenue was RMB 230 million, RMB 259 million, and RMB 324 million, respectively, with corresponding net profits of RMB 43.989 million, RMB 49.424 million, and RMB 66.596 million, respectively.
Brokerage Team