An LED materials company has been listed on the Shenzhen Stock Exchange, supplying products to Mulinsen and Zhaochi.

On September 1, Suzhou Betley Polymer Materials Co., Ltd. (stock abbreviation: Betley; stock code: 301697) was officially listed on the ChiNext Board of the Shenzhen Stock Exchange, marking the company’s formal entry into the capital markets.

Betley issued a total of 65.7 million shares in this public offering, with all shares being newly issued at an offering price of RMB 12.10 per share, raising RMB 795 million. Following the offering, the company’s total share capital stands at 262.7 million shares. At the close of trading that day, the stock closed at RMB 35.90 per share, up 196.69% and with a total market capitalization of approximately RMB 9.431 billion.

(Image source: Shenzhen Stock Exchange)

According to available information, the company’s core business involves the research, development, production, and sales of electronic materials and advanced chemical materials. As a pioneer and practitioner of domestic substitution in the field of functional polymer new materials, Betley has been deeply engaged in the industry for more than two decades. Since its inception, the company has consistently focused on niche segments characterized by significant domestic substitution potential but relatively late industrialization in China. Through continuous product innovation, it has helped shift related materials from reliance on imports toward independent, controllable supply chains.

Its product portfolio covers three major categories: conductive materials, silicone materials, and coating materials. The company’s products are widely used in photovoltaics, 3C electronics, advanced silicone processing, electronic packaging, medical devices, new-energy vehicles, and other sectors.

In particular, its LED encapsulation adhesives—primarily phenyl‑silicone‑based formulations—boast high refractive indices, excellent light transmittance, superior resistance to thermal shock, heat, sulfurization, and moisture, as well as outstanding adhesion to various substrates, making them ideal for LED chip encapsulation. Specialty silicone rubbers are mainly employed in 3C peripheral products, wires and cables, smart wearables, display panels, LED strip lighting, and similar applications.

Betley’s breakthroughs in domestic production have reshaped the industry landscape, which had long relied on imported LED encapsulation adhesives. The company notes that by achieving independent production of LED encapsulation adhesives, it has significantly reduced costs and accelerated the commercialization of LED lighting products in China.

Notably, the company has already integrated into the supply chains of leading LED manufacturers such as MLS and Zhaochi Shares, holding a substantial domestic market share in the specialized segment of silicone‑based LED encapsulation adhesives.

The prospectus indicates that, according to data from Zhongyan Puhua, Betley is projected to capture approximately 13% of the domestic silicone‑based LED encapsulation adhesive market (measured by sales revenue) and about 2% of the broader LED encapsulation adhesive market (also measured by sales revenue) by 2025, leaving considerable room for further expansion.

Meanwhile, the company is actively expanding into the markets for Mini‑LED encapsulation adhesives and epoxy‑based LED encapsulation adhesives.

In addition, in the 3C electronics sector, its products are extensively used in branded devices from Lenovo, Huawei, Xiaomi, and others; in the new‑energy vehicle space, its solutions have successfully entered the supply chains of automakers such as Li Auto and BYD.

According to Betley, the company holds 121 invention patents, with several core technologies recognized as internationally advanced. It is a national-level high-tech enterprise and a provincial-level “specialized, refined, distinctive, and innovative” SME. Its subsidiary, Dongguan Betley, has been designated a national-level “Little Giant” enterprise, while Jiangxi Betley has earned recognition as a national green factory, continuously fostering new productivity through technological innovation.

At the same time, the company’s ongoing R&D projects target high-growth areas. For example, the development of conductive copper powder and conductive copper paste directly addresses the photovoltaic industry’s trend toward “less silver” or “silver‑free” technologies, paving the way for next-generation, low-cost photovoltaic metallization solutions. Similarly, the R&D efforts on Mini‑LED encapsulation adhesives and medical silicone gel dressings precisely target blue‑ocean markets such as Mini‑LED displays and high-end medical devices. Meanwhile, the development of magnesium‑aluminum, weather‑resistant automotive coatings and silk‑feel UV‑protective coatings aims to tap into the rapidly growing market for interior components in new‑energy vehicles.

In terms of financial performance, Betley reported operating revenues of RMB 2.273 billion, RMB 2.521 billion, and RMB 3.646 billion for 2023, 2024, and 2025, respectively, with net profits of RMB 86 million, RMB 97 million, and RMB 116 million, respectively.

Standing at this new starting point in the capital markets, Betley reaffirms its corporate vision: to become a globally leading new‑materials enterprise. The company plans to continue deepening its expertise in conductive materials, silicone materials, and coating materials, while simultaneously pursuing both domestic substitution and technological breakthroughs.