Hengxing Shares (920107.BJ) began its subscription process on August 5, with an offering price of 16.02 yuan per share, a maximum subscription cap of 943,600 shares, and is listed on the Beijing Stock Exchange, with Caitong Securities serving as the sponsor.

According to the prospectus, Hengxing Shares is a high-tech enterprise specializing in the research, development, production, and sale of ultraviolet (UV) curing coatings and PUR hot melt adhesives. It is recognized as a national-level specialized and sophisticated "Little Giant" enterprise. Leveraging advanced R&D technology, extensive production experience, efficient sales network channels, and comprehensive after-sales service, the company provides customers with high-performance, environmentally friendly, and reliable coating and bonding solutions. The company's primary products are UV coatings and PUR hot melt adhesives. Coatings are materials applied to the surface of objects to form a film, serving to protect, decorate, or provide special functions such as insulation, rust prevention, mildew resistance, or heat resistance. UV curing is a coating solidification method where, under ultraviolet or visible light irradiation, a photoinitiator absorbs specific wavelengths, generating free radicals or cations that trigger polymerization and cross-linking reactions between monomers and oligomers, forming a network-structured polymer in a short time to achieve solidification. The products are mainly used for surface coating and bonding of light industrial products such as PVC flooring, woodware, and PVC edge bands. Additionally, the company is actively expanding its product applications into the consumer and automotive sectors. According to statistics from the Radiation Curing Professional Committee of the Chinese Society for Imaging Science and Technology, China's UV coating production in 2024 reached 216,500 tons. In 2024, the company's UV coating output was 18,400 tons, translating to an estimated domestic market share of approximately 8.5%.

In serving its clients, Hengxing Shares leverages its technological advantages to consistently provide stable, high-performance products and solutions, along with excellent service, securing a stable and high-quality customer base. These clients include Aili Home (603221.SH), Yihua Rundong, Taizhou Huali, Zhejiang Jingtong, Jiashi Yibao, Kently, Changzhou Beimei, Shanghai Jinjia, CFL Flooring, and Jiangsu Zhengyong. The company's "Xiang Hengxing" brand is a well-known trademark in Hunan Province. In 2022, its "PVC (Stone Plastic Composite) UV Curing Coating" was recognized as a national manufacturing champion product by the Ministry of Industry and Information Technology. In 2024, the company was named a "Three Products" benchmark enterprise in Hunan Province's raw materials industry. In 2025, the company won the second prize in the team category of the 14th China Innovation and Entrepreneurship Competition's Modern Petrochemical Professional Competition. In 2024, its "High Water-Resistant PVC Antibacterial Matte Waterborne Polyurethane UV Curing (UV) Coating" won the second prize for science and technology in Hunan Province's "Corrosion Protection and Coatings Industry." In 2017, its "Green High-Performance Waterborne Resin Synthesis Key Technology and Coating Application" won the Hunan Provincial Technology Invention Second Prize, and in 2016, its "Active Antistatic Agent and Antistatic UV Curing Coating" won the third prize in Yueyang City's Science and Technology Award. Hengxing Shares actively pursues patent protection and currently holds 18 patents, including 16 invention patents. It is a national high-tech enterprise, a national-level specialized and sophisticated "Little Giant" enterprise, a provincial-level enterprise technology center, a new materials enterprise in Hunan Province, and a standing council unit of the Hunan Province Enterprise and Industrial Economic Federation. It has also been awarded the titles of Postdoctoral Innovation and Practice Base, Postdoctoral Research Station Collaborative R&D Center, Hunan Province PVC (Stone Plastic Composite) UV Curing Coating Pilot Platform, and Hunan Province Green Factory. Furthermore, the company has established close cooperative relationships with several renowned universities, including Hunan University, Hunan Institute of Technology, Central South University of Forestry and Technology, Hunan Normal University, and Central South University. Currently, it serves as an industry-university-research cooperation demonstration base for environmentally friendly UV curing coatings and new adhesives with Hunan Normal University.

Financially, Hengxing Shares reported operating revenues of approximately 755 million yuan, 879 million yuan, and 814 million yuan for the fiscal years 2023, 2024, and 2025, respectively. Corresponding net profits were approximately 113 million yuan, 113 million yuan, and 111 million yuan over the same period.