Qinghai Lihao, a Solar-Energy Materials Supplier, Is Said to Prepare for Hong Kong IPO

(Bloomberg) -- Chinese solar-energy materials supplier Qinghai Lihao Semiconductor Material Co. is considering a Hong Kong initial public offering as early as the second half of 2025, according to people familiar with the matter. 

The IPO of the company, which is backed by venture capital firm IDG Capital and manufactures silicon material used for solar cells, could raise around 1 billion yuan ($138 million), the people said, asking not to be identified discussing a private matter. Deliberations are ongoing and details of the offering may change, they said. 

The company didn’t respond to an email requesting comment, while calls made to a telephone number listed on its website went unanswered. 

Qinghai Lihao’s potential offering comes as share sales have staged a rebound in Hong Kong in recent months. The city’s IPOs have raised more than $9 billion in 2024, surpassing last year’s total but far below the bumper levels in previous years, according to data compiled by Bloomberg. 

Investor mood about Chinese equities had turned brighter after Beijing rolled out a stimulus blitz in late September but has started souring again in recent weeks amid disappointment with a lack of stronger fiscal measures. Donald Trump’s recent election win, which rekindled concerns about trade tensions, also weighed on the country’s stocks.  

Qinghai Lihao, set up in 2021, raised 2.2 billion yuan in series B financing in 2022, with investors including the China-Belgium Direct Equity Investment Fund, Oceanpine Capital and IDG Capital.

--With assistance from Jing Jin.

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