Market+ (iPhone)

Market+ (Android)

US STOCKS

FUNDS

FX & CRYPTO

SH/SZ-HK

HK STOCKS

IPO Plus - IPO

To-be Listed

	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	Quantgroup 02685.HK	e-Commerce & Internet Services	8.8-9.8	500	4,949.42	2025/11/24	2025/11/26	2025/11/27
	Haiwei Electronic 09609.HK	Electrical Components & Equipment	14.28	200	2,884.80	2025/11/25	2025/11/27	2025/11/28

Summary

We are the second largest capacitor film manufacturer in China in terms of capacitor base film sales volume in 2024, according to CIC. Our capacitor film products include (i) capacitor base films and (ii) metallized films. These products are key components of film capacitors, a type of capacitor known for its outstanding voltage resistance, high-frequency stability and long lifespan. Film capacitors have a wide range of end-use application scenarios, including (i) NEV, (ii) new energy electricity system, (iii) industrial equipment and (iv) home appliances. In 2024, our market share in terms of revenue from capacitor base films in China was 10.9%. We are at the midstream segment of the industrial chain. Our customers primarily include (i) film capacitor manufacturers, and (ii) BYD, a well-known leading NEV company in China, which has started to manufacture its own film capacitors. The following sets forth the details of our two key products: ‧ Capacitor base films. Capacitor base films function as the dielectrics of film capacitors and determine the performance of film capacitors. Capacitor base films are the largest component of our revenue, representing 91.9%, 71.8%, 72.8%, 71.7% and 78.5% of our total revenue in 2022, 2023 and 2024, and the five months ended May 31, 2024 and 2025. ‧ Metallized films. Prior to being used in film capacitors, capacitor base films need to be coated with an metal layer on one side of the film, transforming them into metallized films. This metal layer functions as the electrodes of film capacitors. While our customers typically produce metallized films in-house using capacitor base films provided by us, they may procure metallized films from us directly due to the limitation of their production capacity. Our customers then manufacturing film capacitors by (i) winding metallized films into a roll, (ii) attaching leads to the roll and (iii) performing encapsulation to prevent moisture and damage. We began providing metallized films in 2023, primarily to diversify our product portfolio. Key Drivers for Our Business Growth We have specialized in the capacitor film industry for over 15 years. Our strategic focus enables us to accurately identify the industry’s development trends, address key pain points and deeply understand customer needs across diverse application scenarios. This allows us to provide customers with more targeted products to capture market opportunities: ‧ The market of our products is growing. On the demand side, the rapid growth of the NEV and the new energy electricity system industry present significant opportunities for us. With China’s “dual-carbon” goals and the implementation of carbon-neutral measures globally, the industry of NEV and the industry of new energy electricity system are expected to experience a steady and sustainable growth. According to CIC, in the capacitor base film industry, the market size of capacitor base films is widely used to represent the market size of capacitor film products. It is because most of the products from capacitor film manufacturers are delivered in the form of capacitor base films. According to CIC, China’s capacitor base film market size in terms of sales volume grew from 46.2 thousand tons in 2019 to 113.4 thousand tons in 2024, representing a CAGR of 19.7%, and is expected to reach 224.1 thousand tons in 2029, representing a CAGR of 14.1% from 2025 to 2029. In particular: ‧ The market size for capacitor base films used in NEV in terms of sales volume is expected to grow from 47.8 thousand tons in 2025 to 87.3 thousand tons in 2029, representing a CAGR of 16.2% from 2025 to 2029. ‧ The market size for capacitor base films used in new energy electricity system in China in terms of sales volume is expected to grow from 34.2 thousand tons in 2025 to 79.8 thousand tons in 2029, representing a CAGR of 23.6% from 2025 to 2029. ‧ Our R&D capabilities enable us to quickly capture market opportunities. On the supply side, our capabilities for production lines and product development position us to meet rapidly increasing customer demand: ‧ Self-design and development of production lines. According to CIC, among major capacitor film manufacturers in China, we are the only company with the capability to independently design and develop capacitor base films’ production lines. As of the Latest Practicable Date, all of our existing five production lines for capacitor base films were independently designed, developed and assembled by us. Our ability to design and develop production lines for capacitor base films enables us to overcome industry bottlenecks, laying a solid foundation for production capacity enhancement and cost control. Specifically: - The delivery time for our independently designed and developed production lines for capacitor base films is approximately eight months, which is significantly shorter than the industry average of three to five years for imported production lines, according to CIC; and - The investment cost of our newly-constructed production lines for capacitor base films is expected to be approximately RMB120.0 million, which is significantly lower than the industry average in China, according to CIC. ‧ Manufacturing techniques and product quality. Leveraging our industry expertise, we offer capacitor film products tailored to diverse customer needs by flexibly adjusting the parameters of the production lines. As of the Latest Practicable Date, our capacitor film products featured thickness range from 2.7 m to 13.8 m, covering a wide range of end-application scenarios. To capture future market opportunities, we are researching and developing the manufacturing techniques of capacitor base films with relatively thinner thickness, particularly those with thickness below 2.5 μm, as part of our technical reserves. This initiative is in response to the industry trend of capacitor base films becoming thinner, which is driven by the need to further reduce the size of film capacitors, according to CIC. We have strengthened the quality of these films by optimizing our manufacturing techniques. Specifically, we have enhanced environmental temperature controls in the longitudinal stretching process, thus improving the tensile strength and voltage endurance of such capacitor base films. We have also improved the pull roll stand in the traction process during production, reducing the likelihood of film breakage. Source: Haiwei Electronic (09609) Prospectus (IPO Date : 2025/11/20)
Listing Market	MAIN
Industry	Electrical Components & Equipment
Background	H Shares
Major Business Area	China

Corporate Information

Substantial Shareholders	Song Wenlan (Total share: 61.74%); (H share: 7.94%) Horizon Splendor Limited (Total share: 9.79%); (H share: 25.28%)
Directors	Song Wenlan (Chairman and Executive Director) Cao Chaozhi (General Manager and Executive Director) Sheng Zhixuan (Chief Financial Officer and Executive Director and Secretary to the Board) Liu Qingbin (Executive Director) Zhong Ying (Non-Executive Director) Gu Qun (Independent Non-Executive Director) Yu Qing (Independent Non-Executive Director) Zhang Hao (Independent Non-Executive Director)
Company Secretary	Sheng Zhixuan Tam Pak Yu, Vivien
Principal Bankers	Bank Of China Bank China Construction Bank
Solicitors	Jingtian & Gongcheng LLP Commerce & Finance Law Offices
Auditors	Deloitte Touche Tohmatsu
Registered Office	40/F, Dah Sing Financial Centre, 248 Queen’s Road East, Wanchai, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.haiwei.net
Email Address	hw@haiwei.net
Tel No	(86 0318) 431-2963
Fax No	(86 0318) 431-1858

SITEMAP

AASTOCKS.com

Members

Forgot Password

About Us

Email: support@aastocks.com

AASTOCKS.COM LIMITED (阿斯達克網絡信息有限公司) All rights reserved.

Disclaimer

You expressly agree that the use of this app/website is at your sole risk.

AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd, Nasdaq, Inc., their respective holding companies and/or any subsidiaries of such holding companies, their Sources and/or other third party data provider(s) endeavour to ensure the accuracy and reliability of the Information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co.Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) make any express or implied offers, representations or warranties (including, without limitation, any warranty or merchantability or fitness for a particular purpose or use) regarding the Information.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) will be liable to any Subscriber or any other party for any interruption, inaccuracy, error, or omission, regardless of cause, in the Information or for any damages (whether direct or indirect, consequential, punitive, or exemplary) resulting from its use by any party.

AASTOCKS.com Limited shall not be liable for any failure or delay in performance of its obligations under this Disclaimer because of circumstances beyond its reasonable control, including but without limitation, acts of God, typhoons, rainstorms, other natural disasters, government restrictions, strikes, wars, virus outbreak, network failures or telecommunications failures.

Morningstar Disclaimer: Copyright © 2020 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

The information and contents contained in this app/website are based on the analyses and interpretations of publicly available information obtained from sources believed to be reliable. Such analyses and information have not been independently verified and AASTOCKS.com Limited makes no guarantees to their accuracy, completeness, timeliness or correctness.

The information, financial market data, quotes, charts, statistics, exchange rate, news, research, analysis, buy and sell ratings, Education Center and other information on this app/website should be used as references only at your own discretion. Prior to the execution of a security or any other trade based upon the Information, you are advised to consult independent professional advice to verify pricing information or to obtain more detailed market information. AASTOCKS.com Limited is not soliciting any subscriber or app/website visitor to execute any trade. Any trades executed following the said information, commentaries and/or buy/sell ratings on this app/website are taken at your own risk for your own account.

AASTOCKS.com Limited provides the information and services on an "AS IS" basis. The information and contents on this app/website are subject to change without notice. AASTOCKS.com Limited reserves the right, in its sole discretion but without any obligation, to make improvements to, or correct any error or omissions in any portion of this app/website at any time.

The subscriber or app/website visitor agrees not to reproduce, retransmit, disseminate, distribute, broadcast, publish, circulate, sell or commercially exploit the information and contents on this app/website in any manner without the express written consent of AASTOCKS.com Limited.

Investment involves risk. You may make use of the Education Center of this website for academic reference purposes at your own discretion. AASTOCKS.com Limited cannot and does not give any assurance that the present or future buy/sell commentaries and signals on this app/website will be profitable. AASTOCKS.com Limited cannot guarantee, and the subscriber or app/website visitor should not assume, that the future performance will equal past performance.

AASTOCKS.com Limited may point to other sites that may be of interest to the subscriber or app/website visitor but for which AASTOCKS.com Limited has no responsibility and only provides this as a service to the subscriber or app/website visitor.

AASTOCKS.com Limited does not represent or endorse the accuracy or reliability of any information, advertisements or contents contained on, distributed through, or linked, downloaded or accessed from any of the services on this app/website. AASTOCKS.com Limited cannot and does not guarantee the quality or reliability of any products or information purchased or obtained by you as a result of an advertisement or any other information displayed on this app/website.

AATV is a video platform owned by AASTOCKS.com Limited.

You acknowledge that: (i) AATV is provided for information purposes only and, in particular, is not intended for trading purposes; (ii) AATV does not and none of the information contained in its program constitutes a solicitation, offer, opinion, or recommendation by us to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services whether or not regarding the profitability or suitability of any security or investment; and (iii) AATV is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation.

The financial analysis or opinion expressed in the AATV programs is for reference and discussion only, and does not represent AASTOCKS.com Limited. Investors must make their own investment decisions based on their own investment objectives and financial situation. AASTOCKS.com Limited shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (i) inaccuracies or errors in or omissions from AATV including, but not limited to, quotes and financial data; (ii) delays, errors, or interruptions in the transmission or delivery of AATV; or (iii) loss or damage arising therefrom or occasioned thereby, or by any reason of nonperformance.

AASTOCKS.com Limited reserves the right to change this Disclaimer at any time by posting changes online at this app/website. You are responsible for reviewing regularly information posted therein to obtain timely notice of such changes. Your continued use of this app / website after changes are posted constitutes your acceptance of this Agreement as modified by the posted changes.

The disclaimer herein shall be governed by the law of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong") and you agree to submit to the exclusive jurisdiction of the Hong Kong courts.

In the event of any discrepancy between the Chinese and English versions, the English version shall prevail.

Last updated on 6 January 2023.