BRIEF: Befar Hong Kong IPO advances with new filing, CSRC approval
Chemical maker Befar Group Co. Ltd. (601678.SH) filed for a Hong Kong IPO on Friday, the same day the listing received a key regulatory approval from the Chinese Securities Regulatory Commission (CSRC). According to the CSRC announcement registering Befar’s Hong Kong IPO plan, the company plans to sell about 405 million H-shares.
Befar is already listed in Shanghai, where it has a market cap of about 10.6 billion yuan ($1.55 billion). It is among a growing number of companies listed on China’s domestic markets in Shanghai and Shenzhen making second listings to Hong Kong’s more international investor pool to raise their global profiles.
Founded in 1968, Befar makes and sells three main types of chemicals: chlor-alkali chemicals, C3-C4 chemicals and wet electronic chemicals. Its products are used in applications such as alumina and epoxy resins.
The company’s revenue grew 45% last year to 14.8 billion yuan from 10.2 billion yuan in 2024, while its profit rose 8.3% to 235 million yuan from 218 million yuan. Befar plans to use proceeds from the IPO to construct a source-grid-loadstorage integrated project, a new high-end electronic chemicals production facility and to develop its overseas sales network.
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