On March 7, local time, Graphex Group Limited officially submitted an initial public offering application to the American Stock Exchange Board (SEC) to be listed on the New York Stock Exchange, with the stock code GRFX. The company is currently listed on the Hong Kong Stock Exchange (6128) and the OTCQX Market (GRFXY).
The prospectus does not disclose information such as the issue price and the amount of the offering.
Founded in 1981 and headquartered in Hong Kong, Alkenite Tramway New Materials is an investment holding company. The company is a leading manufacturer of natural spherical graphite and specialty graphite products, primarily for lithium-ion batteries, typically for electric vehicles and clean energy storage solutions.
The company's Graphene Products business is headquartered in China, strategically located close to the world's largest source of high-quality natural graphite supply. Graphex currently has about 30 customers in China, mainly producing automotive batteries, conductive agents, refractories for the steel industry and radiator materials for precision electronic equipment. The company's other businesses include landscape design and design businesses, as well as catering businesses.
Financial data
In the first six months of 2021, revenue from alkenite tram new materials was US$23.41 million (approximately HK$183 million), compared to HK$155 million in the same period last year, and net losses for the period were US$9.59 million (approximately HK$74.83 million) and HK$60.55 million.
Shareholding structure
Before the IPO, Patrick Hing Tat Lau held 12.2%; Andross Yick Yan Chan holds 20.9% of the shares.
Jeffrey Abramovitz holds 51.3%; Pubang Landscape Architecture Co., Ltd. holds 15.5%; Xin Gao holds 6% of the shares.