According to disclosures by the Hong Kong Stock Exchange (HKEX) on August 31, Jiangxi Tongbo Technology Co., Ltd. (hereinafter referred to as "Tongbo Technology") has once again submitted an application for listing on the Main Board of the HKEX, with Guojin Securities (Hong Kong) serving as its exclusive sponsor.
According to Zhitong Finance, disclosures from the Hong Kong Stock Exchange (HKEX) on August 31 revealed that Jiangxi Tongbo Technology Co., Ltd. (hereinafter referred to as "Tongbo Technology") has once again submitted a listing application for the Main Board of the HKEX, with Guojin Securities (Hong Kong) serving as its exclusive sponsor.
Company Overview
According to the prospectus, the Company is a provider of electrolytic copper foil solutions in China, focusing on the design, research and development, production, and sales of high-performance electrolytic copper foil. During the track record period, the Group's revenue was primarily derived from the sales of lithium battery copper foil products and electronic circuit copper foil products. In light of the upward trends and strong demand in downstream industries such as artificial intelligence and high-performance computing, the Group is strategically focusing on its electronic circuit copper foil business, including Reverse Treated Foil (RTF) and Hyper Very Low Profile (HVLP) copper foil products, which are expected to become key growth drivers for the Group in the future. According to Frost & Sullivan, the Company ranked as the tenth largest producer of electrolytic copper foil globally by sales volume in 2025, with a market share of approximately 2.3%.
Leveraging its technological foundation and industry expertise, the Company provides customized solutions and tailored products to meet the evolving needs of various downstream customers across diverse application scenarios and industries. The Company's technical capabilities enable it to supply key core materials required to support the development of the new energy and electronic information industries. The Company supplies lithium battery copper foil, a critical component in various lithium batteries used in new energy vehicles (NEVs), energy storage systems (ESS), and consumer electronics. It also supplies advanced electronic circuit copper foil, which is essential for manufacturing printed circuit boards (PCBs) and copper-clad laminates (CCLs), widely used in markets such as artificial intelligence and high-performance computing, 5G/6G communications, consumer and automotive electronics, and commercial aerospace. Furthermore, the Company supplies RTF and HVLP products to several leading domestic PCB and CCL manufacturers, targeting the AI and high-performance computing industries, and has sent samples of new anode current collectors dedicated to solid-state and semi-solid-state batteries to leading global battery manufacturers.
Adhering to the principle of creating value for customers, the Company focuses on enhancing its core competitiveness through research and development, improvement of product quality, strengthening of service response capabilities, and optimization of cost efficiency. This comprehensive approach enables the Company to transcend traditional supplier relationships and evolve into a collaborative partner. By engaging early in the customer development cycle and understanding their technology roadmaps, the Company participates in co-development to provide customized, high-value products. These collaborations have enabled the Company to establish long-term relationships with industry-leading customers, helping to improve demand visibility, support joint product development, and consolidate its competitive position in the market. As of the Latest Practicable Date (August 25, 2026), the Company had established long-term cooperative relationships with seven of the top ten global lithium battery manufacturers (including four Chinese companies and three South Korean companies).
Financial Information
Revenue
In 2023, 2024, 2025, and for the six months ended June 30, 2026, the Company's revenue was approximately RMB 3.163 billion, RMB 3.212 billion, RMB 4.212 billion, and RMB 3.403 billion, respectively.
Profit
In 2023, 2024, 2025, and for the six months ended June 30, 2026, the Company's profit and total comprehensive income for the year/period were approximately RMB 63.057 million, RMB 20.58 million, RMB 93.834 million, and RMB 165 million, respectively.
Industry Overview
Electrolytic copper foil is a metallic foil material produced by depositing copper ions onto a cathode through the electrolysis of copper sulfate solution. The base foil undergoes a series of surface treatments based on its application scenarios to enhance performance before being slit into finished products. It is an indispensable key basic material in fields such as new energy lithium batteries and the electronic information industry. Based on core performance requirements of downstream applications, electrolytic copper foil is mainly categorized into lithium-ion battery (LIB) copper foil and electronic circuit copper foil. Depending on thickness, LIB copper foil can be divided into ultra-thin copper foil (<6μm) and very thin copper foil (6-10μm). Additionally, tensile strength and elongation are key physical indicators of LIB copper foil, reflecting its resistance to fracture and deformability; high strength and good elongation ensure that downstream products are less prone to breaking during manufacturing and use. Electronic circuit copper foil can be classified into thin copper foil (10-18μm), standard copper foil (>18-70μm), and thick copper foil (>70μm). The lower roughness of electronic circuit copper foil allows signal current to flow more smoothly across the copper surface, reducing scattering and reflection, thereby lowering signal transmission loss.
The global market size of electrolytic copper foil expanded from RMB 70.2 billion in 2021 to RMB 179.9 billion in 2025, representing a compound annual growth rate (CAGR) of 26.5%. It is projected to further grow to RMB 449.2 billion by 2030, maintaining a CAGR of 18.7% from 2026 to 2030. In 2025, the global market size for LIB copper foil was RMB 128.4 billion, expected to reach RMB 364.4 billion by 2030, with a CAGR of 21.1% from 2026 to 2030. The market size for PCB-grade copper foil is projected to grow from RMB 51.5 billion in 2025 to RMB 84.8 billion in 2030, with a CAGR of 10.5% from 2026 to 2030. The simultaneous rapid growth in end-use applications—including AI and high-performance computing, drones, eVTOLs, embodied AI robots, electric construction machinery, electric agricultural machinery, and electric ships, as well as NEVs, ESS, and 5G/6G communications—coupled with continuous technological upgrades, is driving the steady expansion of the global electrolytic copper foil market. Among these, LIB copper foil benefits from the booming new energy vehicle and energy storage industries, while electronic circuit copper foil benefits from technological advancements in AI and high-performance computing, 5G/6G communications, and embodied robotics.
The market size of electrolytic copper foil in China grew from RMB 42.2 billion in 2021 to RMB 124.2 billion in 2025, with a CAGR of 30.9%. It is expected to reach RMB 292.8 billion by 2030, with a CAGR of 18.5% from 2026 to 2030. In 2025, the market size for LIB copper foil in China was RMB 89.3 billion, expected to grow to RMB 230.4 billion by 2030, with a CAGR of 20.7% from 2026 to 2030. Furthermore, the market size for PCB-grade copper foil in China is projected to grow from RMB 34.9 billion in 2025 to RMB 62.4 billion in 2030, with a CAGR of 12.1% from 2026 to 2030.
Board Information
The Board of Directors of the Company comprises nine Directors, including four executive Directors, one non-executive Director, and four independent non-executive Directors. The Board of Directors is responsible for and holds general powers to manage and operate the business.
Equity Structure
As of the Latest Practicable Date, pursuant to the acting-in-concert agreement, Mr. Li Xianyang and Mr. Li Siyang collectively had the right to exercise voting rights attached to approximately 64.0% of the total issued share capital of the Company. Specifically, Mr. Li Xianyang had the right to exercise voting rights attached to approximately 39.3% of the total issued share capital of the Company through his direct interest in 91,545,000 shares; and Mr. Li Siyang had the right to exercise voting rights attached to approximately 24.7% of the total issued share capital of the Company through his direct interest in 57,375,209 shares. Furthermore, Mr. Li Siyang is the executive partner of Zhuhai Xinyan, a limited liability partnership that held approximately 7.1% of the total issued share capital of the Company as of the Latest Practicable Date.
In light of the above, Mr. Li Xianyang, Mr. Li Siyang, and Zhuhai Xinyan collectively had the right to exercise voting rights attached to approximately 71.1% of the total issued share capital of the Company as of the Latest Practicable Date, and are regarded as a group of controlling shareholders.
Intermediary Team
Sole Sponsor: Guojin Securities (Hong Kong) Limited;
Legal Advisers: Junxuan Zhou & Partners in association with Commerce & Finance Law Offices; Beijing DeHeng Law Offices;
Legal Adviser to the Sole Sponsor: Sullivan & Cromwell LLP (Hong Kong) Limited Liability Partnership; Fangda Partners (Shenzhen);
Auditor and Reporting Accountant: Ernst & Young;
Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.