The prospectus indicates that Jinan Jianbang Metal Materials Co., Ltd. is a well-known supplier of silver powder in China.
Zhitong Finance APP learned that, according to disclosures by the Hong Kong Stock Exchange on July 14, Jinan Jianbang Metal Materials Co., Ltd. (formerly known as Jianbang Materials Co., Ltd.) has submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with China Securities International as its sole sponsor. The company had previously filed listing applications on May 2, 2025, and November 6, 2025.
Company Profile
According to the prospectus, Jinan Jianbang Metal Materials Co., Ltd. is a well-known supplier of silver powder in China, with more than a decade of operational experience and integrated capabilities in research, development, production, and sales. The company's silver powder products are primarily used in the manufacture of photovoltaic silver paste—the key raw material for producing photovoltaic cells. During the track record period, one of the company's major strengths has been its ability to produce high‑end silver powders, which are ultimately employed in the fabrication of next‑generation photovoltaic cells and their components, including front fine grids for PERC cells, front fine grids and back high‑copper pastes for TOPCon cells, as well as conductive grids for HJT cells and xBC cells.
According to Frost & Sullivan, based on China's photovoltaic silver paste sales revenue, the company ranked first, third, and third among all domestic manufacturers as of December 31 of 2023, 2024, and 2025, respectively, with market shares of 10.0%, 9.8%, and 9.3%. Furthermore, in terms of sales revenue for silver paste used in xBC solar cells in China in 2025, the company ranked first among all photovoltaic silver paste producers.
Jinan Jianbang Metal Materials Co., Ltd. traces its origins back to March 2010, when its operating subsidiary, Jianbang Colloidal Materials, was established with a focus on high‑tech new energy and advanced materials. In December 2012, the company launched a collaborative R&D project dedicated to the commercial production of silver powder for photovoltaic applications. According to Frost & Sullivan, this positioned Jianbang among China's earliest pioneers in the research, development, production, and sales of photovoltaic‑grade silver powder. In March 2014, leveraging proprietary technology, the company built one of China's first silver‑powder production lines; in January 2019, it became one of the industry's first enterprises to achieve industrial-scale production of a single batch exceeding 100 kilograms of silver powder; and in the fourth quarter of 2023, it joined the ranks of the first domestic companies capable of producing silver powder compatible with LECO technology for TOPCon cells. By January 2025, the company had become a leading domestic supplier of silver powder tailored for xBC cell applications; and in 2026, its nano‑silver powder successfully passed customer validation for use in high‑copper paste formulations.
Jinan Jianbang Metal Materials Co., Ltd.'s product portfolio primarily comprises a diverse range of silver powders, which are ultimately used in the production of photovoltaic cells. The company's offerings include standard photovoltaic silver powders as well as high‑end photovoltaic silver powders designed for manufacturing more advanced photovoltaic cells or their components. A small portion of the company's silver powder products is also employed in non‑photovoltaic applications, mainly for high‑quality electronic components such as semiconductor packages and printed circuit boards (PCBs).
Financial Information
Income
For the five-month periods ended May 31, 2023, 2024, 2025, and 2026, the company reported revenues of approximately RMB 2.782 billion, RMB 3.95 billion, RMB 5.067 billion, and RMB 4.05 billion, respectively.
Profit for the year/period
The company reported year-to-date profits of approximately RMB 59.89 million, RMB 79.082 million, RMB 169 million, and RMB 55.713 million for the five-month periods ending May 31, 2023, 2024, 2025, and 2026, respectively.
Mao Li
For the five-month periods ended May 31, 2023, 2024, 2025, and 2026, the company reported gross profits of approximately RMB 107 million, RMB 131 million, RMB 236 million, and RMB 80.764 million, respectively.
Industry Overview
With growing demand from downstream industries and stable average selling prices, silver powder sales are steadily increasing. Global revenue from silver powder is projected to reach RMB 391.1 billion by 2030, reflecting a compound annual growth rate (CAGR) of 14.9% from 2025 to 2030. Meanwhile, China's silver powder revenue is expected to hit RMB 315.8 billion by 2030, with a CAGR of 15.3% over the same period.
Global silver powder sales increased from 11.6 thousand tonnes in 2021 to 22.2 thousand tonnes in 2025, reflecting a compound annual growth rate (CAGR) of 17.6%. Over the same period, China's silver powder sales rose from 8.1 thousand tonnes in 2021 to 17.7 thousand tonnes in 2025, with a CAGR of 21.6%. By 2030, global silver powder sales are projected to reach 29.6 thousand tonnes, corresponding to a CAGR of 5.9% from 2025 to 2030. Meanwhile, China's silver powder sales are expected to climb to 24.0 thousand tonnes by 2030, at a CAGR of 6.3% over the 2025–2030 period.
Global photovoltaic silver paste production increased from 3.2 kilotons in 2021 to 6.7 kilotons in 2025, reflecting a compound annual growth rate (CAGR) of 20.3%. During the same period, China's photovoltaic silver paste output rose from 1.0 kiloton in 2021 to 6.0 kilotons in 2025, with a CAGR of 56.5%. As Chinese manufacturers' technological capabilities continue to converge with international cutting-edge standards, the localization rate of China's photovoltaic silver paste industry has been steadily rising. Looking ahead, global photovoltaic silver paste production is projected to reach 10.2 kilotons by 2030, with a CAGR of 8.8% from 2025 to 2030. Meanwhile, China's photovoltaic silver paste output is expected to climb to 9.3 kilotons by 2030, at a CAGR of 9.2% over the same period.
Board Information
The Board currently comprises seven directors, including three executive directors, one non-executive director, and three independent non-executive directors. Directors serve three-year terms and are eligible for re-election.
Equity structure
Mr. Chen Zichun will serve as the controlling shareholder of the company. Mr. Chen is also an executive director and the chairman of the board.
Brokerage team
Exclusive Sponsor: CITIC Securities (International) Financing Co., Ltd.
Corporate Legal Counsel: Li Weibin Law Firm, Deheng Law Firm, and Maipuda Law Firm (Hong Kong) Limited Liability Partnership
Legal Counsel to the Sole Sponsor: Junhe Law Firm and Jingtian & Gongcheng Law Firm
Auditor and Reporting Accountant: Ernst & Young Accounting Firm
Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch
Compliance Advisor: China-Thailand International Financing Co., Ltd.