Chengdu Ultra Pure Application Materials Co., Ltd., or Ultra Pure Application, began trading on the ChiNext board of the Shenzhen Stock Exchange on Tuesday under stock code 301717. The company issued 25.4615 million shares at 65.99 yuan each, raising 1.68 billion yuan.
On its debut, the stock opened at 450 yuan, up 582% from the offering price. It closed at 503 yuan, up 662%, giving the company a market capitalization of 51.2 billion yuan based on the closing price.
Cornerstone placement and lock-up terms
Shareholders that took part in the placement included Huatai Chaochun Gufen Jiayuan No. 1 ChiNext Employee Shareholding Collective Asset Management Plan, Shanghai Xinzhi Shidai Enterprise Management Co., Ltd., China National Nuclear Corporation Capital Holdings Co., Ltd., Chengdu Hi-tech Investment Electronic Information Industry Group Co., Ltd., Changcun Hongtu Equity Investment (Wuhan) Partnership (Limited Partnership), Beijing Electronics Holding Industry Investment Co., Ltd., Shenzhen Hi-Tech Investment Venture Capital Co., Ltd., and BYD Co., Ltd. Their lock-up period is 12 months.
- Huatai Chaochun Gufen Jiayuan No. 1 ChiNext Employee Shareholding Collective Asset Management Plan: 168 million yuan
- Shanghai Xinzhi Shidai Enterprise Management Co., Ltd.: 60 million yuan
- China National Nuclear Corporation Capital Holdings Co., Ltd.: 30 million yuan
- Chengdu Hi-tech Investment Electronic Information Industry Group Co., Ltd.: 35 million yuan
- Changcun Hongtu Equity Investment (Wuhan) Partnership (Limited Partnership): 70 million yuan
- Beijing Electronics Holding Industry Investment Co., Ltd.: 55 million yuan
- Shenzhen Hi-Tech Investment Venture Capital Co., Ltd.: 20 million yuan
- BYD Co., Ltd.: 30 million yuan
Business focus on specialty coatings and precision components
Ultra Pure Application focuses on specialty coating processes and related technologies and materials. It mainly serves chip manufacturing, precision optics, and other fields, supplying precision component products and services after material modification, precision surface processing, precision cleaning, and specialty coating treatment.
Its main products cover core components used in wafer fabrication, packaging, and silicon wafer manufacturing equipment. The company said it has built notable technical strengths in etching, lithography, metrology and inspection, annealing, and thin-film deposition equipment. In bonding, ion implantation, and diffusion equipment, it has either entered small-batch mass production or is undergoing customer-side validation. It also provides key component products for silicon epitaxial wafer manufacturing equipment.
Revenue and profit figures from the prospectus
The prospectus shows revenue of 169 million yuan in 2023, 260 million yuan in 2024, and 496 million yuan in 2025. Net profit was 64.805 million yuan, 82.26 million yuan, and 185 million yuan, respectively. Net profit excluding non-recurring gains and losses was 66.42 million yuan, 85.52 million yuan, and 200 million yuan.
For the first quarter of 2026, the company posted revenue of 147 million yuan, up 62% from 90.52 million yuan a year earlier. Net profit reached 61.93 million yuan, up 59% from 38.96 million yuan in the same period last year. Net profit excluding non-recurring items was 61.49 million yuan, up 50% from 40.96 million yuan.
Ultra Pure Application expects first-half 2026 revenue of 270 million yuan to 290 million yuan, compared with 206 million yuan a year earlier, representing growth of 30.86% to 40.56%. It forecast net profit of 103 million yuan to 110 million yuan, versus 60.82 million yuan in the same period last year, an increase of 68.69% to 81.19%. Net profit excluding non-recurring items is expected at 102 million yuan to 110 million yuan, compared with 83.23 million yuan a year earlier, up 22.95% to 32.08%.
Control structure centered on Chai Jie
The company’s controlling shareholder and actual controller is Chai Jie. According to the prospectus, Chai directly holds 41.89% of the company’s shares. Through Jiaze Hechang, where he serves as executive partner, he indirectly controls voting rights attached to 3.26% of the shares. Through Jiatian Hexin, also as executive partner, he indirectly controls voting rights attached to 3.08% of the equity. In total, Chai controls 48.23% of the voting rights and is the controlling shareholder and actual controller.
Chai Lin, Chai Jie’s brother, directly holds 20.61% of the company’s shares and is a person acting in concert with him. Together, the actual controller and concerted party control 68.84% of the voting rights.
Shareholding before and after the IPO
Before the IPO, SDIC Venture Capital held 6.33%, BYD held 4.58%, AMEC held 4.26%, Jidian Chanto held 3.37%, Jiaze Hechang held 3.26%, Jiatian Hexin held 3.08%, Jiaxing Xinchun held 1.81%, Tongling Fengrui held 1.7%, and Suzhou Woyan held 1.59%.
Yixing Tianxia held 1.13%. Ningbo Zhongxin and Gaoxin Xindongneng each held 0.93%. Wuhan Zesen and Wuhu Jianxiang No. 1 each held 0.75%. Zhenghai Yuanyu held 0.65%, Qiuyuan Zhenghai held 0.6%, Henan Shangqi held 0.56%, Huatai Zijin held 0.47%, Shenzhen Cornerstone held 0.38%, while Guotai Junan Venture Capital and Gaotou Dianzi each held 0.19%.
After the IPO, Chai Jie held 31.42%, Chai Lin held 15.46%, SDIC Venture Capital held 4.75%, BYD held 3.43%, AMEC held 3.19%, Jidian Chanto held 2.53%, Jiaze Hechang held 2.44%, Jiatian Hexin held 2.31%, Jiaxing Xinchun held 1.36%, Tongling Fengrui held 1.28%, and Suzhou Woyan held 1.19%.
Yixing Tianxia held 0.85%. Ningbo Zhongxin and Gaoxin Xindongneng each held 0.7%. Wuhan Zesen and Wuhu Jianxiang No. 1 each held 0.56%. Zhenghai Yuanyu held 0.49%, Qiuyuan Zhenghai held 0.45%, Henan Shangqi held 0.42%, Huatai Zijin held 0.35%, Shenzhen Cornerstone held 0.29%, and Guotai Junan Venture Capital and Gaotou Dianzi each held 0.14%.
The article was sourced from the WeChat account Leidi (ID: touchweb) and written by Lei Jianping.