Xinhengtai Lists on Beijing Stock Exchange with 130% Opening Gain: Revenue and Net Profit Expected to Double in 2025, Chairman's Wife and Son Both Serve as Vice Presidents

Rui Cai Jing Wang Min On March 20, N Xin Heng Tai (BJ: 920028) was listed on the Beijing Stock Exchange, with Zhongshan Securities as the sponsor. The stock opened up 130%, with a total market value of 3.45 billion yuan.

According to the prospectus, Xin Heng Tai focuses on the research, manufacturing, and sales of functional polymer foam materials. Its main products include chemically cross-linked polyethylene foam (PEFoam), electron beam cross-linked polyethylene foam (IXPE), polypropylene microcellular foam (MPP), as well as polyurethane microcellular foam and non-foamed PVC wear-resistant layers.

In terms of performance, from 2023 to 2025, the company’s operating revenue is projected to be 679 million yuan, 774 million yuan, and 836 million yuan, respectively, with net profits of 101 million yuan, 92 million yuan, and 111 million yuan. Both revenue and profit are expected to grow in 2025.

The company expects its operating income for January to March 2026 to be approximately 175 million to 190 million yuan, an increase of 2.13% to 10.88% year-on-year; net profit attributable to the parent company’s owners to be about 21 million to 23 million yuan, up 2.67% to 12.44%; and net profit after deducting non-recurring gains and losses to be approximately 19 million to 21 million yuan, an increase of 2.51% to 13.30% year-on-year.

Before the IPO, Chen Chunping, the Jin Wei couple, and their son Chen Junhua controlled 75.04% of the voting rights, making them the company’s controlling shareholders and actual controllers. Among them: Chen Chunping directly holds 36.41% of the shares and indirectly controls 1.22% through Jiaxing Xihong; Jin Wei directly holds 30.24% and indirectly controls 2.43% through Jiaxing Liquan; Chen Junhua directly holds 4.74%.

Chen Chunping, male, born September 1971, Chinese nationality, no permanent residence abroad, holds an EMBA degree. From March 1999 to August 2013, he served as the legal representative of Heng Tai Shoe Materials; since June 2017, he has been the executive director and manager of Wenzhou Jintai; since September 2021, he has been the executive partner of Jiaxing Xihong; from August 2008 to October 2022, he was the executive director and general manager of Xin Heng Tai Limited, and since October 2022, he has been the chairman and general manager of the company.

Jin Wei, female, born December 1971, Chinese nationality, no permanent residence abroad, high school education. From March 1999 to August 2013, she served as sales manager at Heng Tai Shoe Materials; since January 2005, she has served as chairman and executive director of Wenzhou Ruihong; since June 2017, she has been a supervisor at Wenzhou Jintai; since September 2021, she has been the executive partner of Jiaxing Liquan; from April to October 2024, she served as director of Heng Tai Singapore; from August 2008 to October 2022, she was vice president of Xin Heng Tai Limited, and since October 2022, she has been a director and vice president of the company.

Chen Junhua, male, born December 1992, Chinese nationality, no permanent residence abroad, bachelor’s degree. From May 2018 to April 2021, he served as executive director of Shanghai Mingmi Import and Export Co., Ltd.; from April to October 2024, he served as director of Heng Tai Singapore; from July 2018 to October 2022, he was vice president of Xin Heng Tai Limited, and since October 2022, he has been vice president of the company.