ZhongSheng Technology Files for Shenzhen Main Board IPO
ZhongSheng Technology, which supplies over 80% of China's polysilicon cold hydrogenation reactors, is refiling for a Shenzhen main board IPO after a STAR Market bid.
A dominant share in polysilicon equipment
The company's cold hydrogenation reactors for polysilicon hold more than 80% of the domestic market. Of 22 new polysilicon projects above 50,000 tonnes that started production in China between 2023 and 2025, 13 used ZhongSheng reactors, representing about 1.39 million tonnes of capacity, or 56.73% of new domestic polysilicon capacity in the period.
In 2022, eight of the 10 major new polysilicon projects in China used its cold hydrogenation reactors. This is one of the few market segments in the prospectus and inquiry responses backed by precise statistics.
From heat pipe research to equipment manufacturing
Founded in November 2014 by ZhongSheng International Holdings (Singapore) and based in Nanjing, the company became a joint-stock company in September 2022. Its actual controllers, Guo Hongxin and Ma Ming, together control 35.9484% of voting rights.
Guo holds a doctorate in geotechnical engineering and began his career researching heat pipe technology at the Nanjing Institute of Chemical Technology. He served as deputy director of the university's heat pipe research institute from 1995 to 1998, then held roles including director of Jiangsu Shengnuo Heat Pipe Group and chairman of ZhongSheng Petrochemical. He has been chairman of ZhongSheng Group since 2004.
Clients and projects
ZhongSheng Technology supplies process equipment and engineering services to the petrochemical, chemical, polysilicon and energy industries, including tubular furnaces, reactors and heat exchangers. Its customers include BASF, Dow Chemical, Shell, BP, Saudi Aramco and SABIC.
In 2025, it delivered cold hydrogenation reactors to Hualu Industrial for a 100,000-tonne polysilicon project, adding about 68.68 million yuan in new contracts. Such large custom orders are typical of its revenue structure.
Its domestic projects center on flare gas recovery and polysilicon equipment. While providing heat exchanger upgrades for Yangzi Petrochemical, the company developed a patented water-seal valve technology for flare gas recovery. It later took on flare relocation and recovery projects for Jinan Steel, an acrylonitrile flare project for Shanghai Secco Petrochemical and a biogas flare and recovery project for Zhejiang Yisheng Petrochemical.
In 2024, its cold hydrogenation reactor technology was exported for the first time, to Oman, the first concrete case of Chinese-made polysilicon equipment technology reaching overseas markets.
Technical barriers
Cold hydrogenation reactors handle high-temperature, high-pressure hydrogenation of silicon tetrachloride and demand strict corrosion resistance and reaction efficiency. Its eighth-generation unit processes 360,000 tonnes a year, among the largest in the industry.
The company also makes LNG vaporization equipment and flare gas recovery equipment. It delivers integrated projects from process package design and equipment manufacturing to on-site installation and commissioning, requiring engineering design qualifications, large-equipment manufacturing capability and site management experience at the same time.
Financials
Revenue fell from 6.864 billion yuan in 2023 to 4.362 billion yuan in 2024 and 3.377 billion yuan in 2025. Net profit fell to 263 million yuan over the same period from 689 million yuan.
The company attributes the decline to the natural falloff after a period of concentrated delivery of large equipment projects, and says its order backlog is sufficient to support continued operations. Public filings do not yet disclose the specific backlog amount or the schedule for recognizing revenue in stages.
ZhongSheng filed for a STAR Market IPO in June 2023 and later withdrew. It refiled for the Shenzhen main board in June 2026. Its application is currently at the inquiry stage.
Patents and R&D
As of the 2026 prospectus, the company holds one overseas invention patent and 271 patents in China, including 98 invention patents and 173 utility models, plus 61 software copyrights. Key patents cover anti-corrosion and anti-fouling heat exchangers, enhanced heat transfer and LNG and polysilicon vaporization and condensation equipment.
ZhongSheng has led or participated in drafting national and industry standards. During its STAR Market application, it reported R&D spending ratios of 3.77%, 4.33% and 4.35% for 2020 to 2022, all above the peer average, with R&D staff at 14.5% of total employees at the end of 2022.
Registered capital reached 882.77 million yuan at the end of 2025. Beyond the 35.9484% controlled by Guo and Ma through holding platforms, ownership is dispersed, with no single shareholder holding 10% or more.
Use of proceeds
Of the 1.15 billion yuan sought, 930 million yuan will go to the first phase of a project to build 50,000 tonnes of annual clean-energy equipment capacity, and 220 million yuan will supplement working capital. The total is 42.5% smaller than the earlier STAR Market plan.
The company estimates the project will add about 207 million yuan in net profit a year once fully operational, according to its reply to Shenzhen Stock Exchange inquiries.