CNGR Advanced Material Co., Ltd. (02579.HK) has launched its Hong Kong initial public offering (IPO), with the subscription period running from November 7 to November 12, 2025. The company plans to issue a total of 104,225,400 H-shares, including a 15% overallotment option. The offer price is set between HK$34.00 and HK$37.80 per share, with 200 shares per board lot and a minimum subscription cost of approximately HK$7,636.24. CNGR is expected to debut on the Main Board of the Hong Kong Stock Exchange on November 17, 2025. Morgan Stanley and Huatai International are the joint sponsors of the IPO.

CNGR Advanced Material: A Global Leader in Battery Cathode Precursors

The offering comprises approximately 10% for the Hong Kong public offering (10,422,600 shares) and 90% for the international placement (93,802,800 shares).

Offer price: HK$34.00–HK$37.80 per share

Lot size: 200 shares per lot

Minimum investment: Around HK$7,636.24

Subscription period: November 7–12, 2025 (expected pricing date: November 13)

Listing date: November 17, 2025

Joint sponsors: Morgan Stanley, Huatai International

Company Overview

CNGR Advanced Material Co., Ltd. is a high-tech enterprise specializing in new energy battery materials, primarily focused on the research, production, and sales of precursor materials for cathode active materials (pCAM), along with other new energy metal products.The company is recognized as a global leader in nickel- and cobalt-based pCAM for lithium-ion batteries, ranking No.1 worldwide in shipment volume for five consecutive years since 2020, with a global market share of 20.3% and 28.0% in 2024, respectively.CNGR operates a vertically integrated supply chain spanning mining, smelting, material production, and recycling, with production bases across China, Indonesia, Morocco, and South Korea.

Financial Information

According to the prospectus, CNGR Advanced Material reported revenues of approximately RMB 30.344 billion, RMB 34.273 billion, and RMB 40.223 billion in 2022, 2023, and 2024, respectively, with net profits of RMB 1.539 billion, RMB 2.100 billion, and RMB 1.788 billion in the same periods. In the first half of 2025, the company achieved revenue of approximately RMB 21.323 billion and net profit of approximately RMB 706 million. Assuming the offering price is set at the median price of HK$35.90 per share and no over-allotment is exercised, CNGR expects to raise a net amount of approximately HK$3.628 billion. The funds will be used for expanding production and supply chain capabilities (about 50%), R&D of new energy battery materials and digitalization (about 40%), and working capital and other general corporate purposes (about 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for CNGR Advanced Material via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select CNGR Advanced Material, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)