On November 30, China's securities regulator approved the initial public offering (IPO) application of CR Chemical Materials Technology Inc. (CR Chem-Mat) on the science and technology innovation board. It is the fourth Changzhou-based company approved to be listed on Shanghai Stock Exchange's sci-tech innovation board this year.

CR Chem-Mat, a wholly-owned subsidiary of CR Group, specializes in the R&D, production and sales of PET and other new materials. By the end of 2019, the company’s annual production capacity of bottle-grade PET pellets has reached 1.6 million tons, ranking among the top five in the world. Having high-quality customers like Coca-Cola, Evian, Nongfu Spring and Masterkong, its products are extensively used in industries of drinking water, hot-filled beverages, carbonated beverages, edible oil, medical blood collection tubes, films and sheets, etc.

With an expected profit between 620 and 650 million yuan in 2020, CR Chem-Mat plans to raise 1.45 billion yuan in funding.

The sci-tech innovation board, also known as the STAR market, was inaugurated on June 13 last year and designed to focus on companies in the high-tech and strategic emerging sectors, such as new-generation information technology, advanced equipment, new materials, new energy, energy-saving and environmental protection and biomedicine.