We are pleased to announce that on 4th February 2026, China Merchants Securities (HK) Co., Limited (“CMS (HK)”, a subsidiary of China Merchants Securities International Company Limited), acting as the Sole Sponsor, Sponsor-Overall Coordinator, Joint Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager of Qingdao Gon Technology Co., Ltd. (“the Company”, stock code: 2768.HK), successfully assisted the Company to commence trading of its shares on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEx”). A total of approximately 30 million H shares are issued and offered under the Global Offering, at an offer price of HK$36.00 per share, raising a total of approximately HK$1.08 billion.
As Sole Sponsor, CMS (HK) provided all-round support for the successful issuance of the project. During the transaction, CMS (HK) arranged over 70 NDR roadshows and reverse roadshows, connecting with more than 60 investors of various types. Leveraging its precise assessment of the market window and profound understanding of the Company’s investment narrative, CMS (HK) conducted thorough early-stage investor outreach and systematic marketing initiatives, effectively attracting strong participation from leading long-only funds, large public funds, private equity funds and multi-strategy funds. This laid a solid foundation for the Company’s robust bookbuilding momentum and successful offering, ensuring a complete execution of the transaction.
The Company was well received by the capital markets, securing subscriptions from eight cornerstone investors. Among them, CMS (HK) secured 6 cornerstone investors who subscribed to approximately US$40.95 million. The cornerstone investor cohort comprised a number of well-known domestic institutions, including Nice First Investments (Qingdao City Construction Investment), SLD International Enterprises (Shen Zhenyu), Cheng A International, Shenwan Hongyuan Securities, First Seafront Fund (First Seafront Asset Management), Fullgoal Asset Management and other renowned investors, demonstrating strong recognition and confidence from global professional institutional investors. The international offering was ultimately covered approximately 10.0 times, while the Hong Kong public offering was subscribed approximately 2,251.9 times.
About Qingdao Gon Technology Co., Ltd.
The company is a PRC-based supplier of new chemical materials and upstream and downstream products derived from gelatin and collagen. Serving the chemical industry and the health and wellness industry, the company primarily engages in the R&D, production, and sales of its products for industrial and commercial use. For its chemicals segment, the company’s customers include manufacturers from downstream industries (such as automobiles, new energy and home appliances) and supply chain solution providers of downstream manufacturers. For its health and wellness segment, the company’s customers mainly include medical and pharmaceutical manufacturers who use the company’s products as raw materials for their production of downstream products such as supplements and medicines.
In the field of chemicals, the company focuses on marking its footprints along the new chemical materials industry chain that the company has a product offering that covers upstream (i.e. the company’s green petrochemical materials, such as alkenes aromatics, styrene, polystyrene) and midstream (i.e. organic polymer modified materials and organic polymer composite materials) of the industry value chain; and the company’s downstream customers utilise the company’s products as raw materials for their product manufacturing and performance optimisation. Laying its foundation on its organic polymer material modification business, the company has expanded upstream into the R&D and production of green petrochemical materials such as styrene, polystyrene (PS), expandable polystyrene (EPS), and polypropylene (PP). Meanwhile, the company continues to strengthen its downstream layout by exploring diverse applications in downstream industries such as electronics and appliances, automotive, new energy, and energy storage industries. According to Frost & Sullivan, in 2024, the company ranked as China’s second-largest organic polymer modified materials and organic polymer composite materials enterprise by sales revenue with a market share of 2.5%. Additionally, the company is China’s largest polystyrene enterprises by production capacity in 2024.
In the field of health and wellness, the company focuses on natural bone collagen and vertically extend to the downstream of the industry chain. Over the last few decades, the company’s major subsidiary, Dongbao Bio-Tech has vertically extended from collagen to “collagen+” with a product portfolio that covers collagen peptides-based/derived raw materials to end products, gradually exploiting the niche segments of the health and wellness industry which allow the company to enjoy economies of scale. According to Frost & Sullivan, in terms of production, the company was the second-largest bone gelatin producer in the Chinese market and the largest domestic bone gelatin producer in China in 2024. Furthermore, the company was also the second-largest domestic empty capsules producer in China in 2024.