Tian Yuan's PRC and Hong Kong teams jointly advised Shandong Baogai New Materials Technology Co., Ltd. ("Baogai New Materials" or the "Company"), a National High-Tech Enterprise, China's leading manufacturer of composite trench covers, and a company listed on the National Equities Exchange and Quotations (NEEQ) since September 2024, on its successful listing on the GEM of The Stock Exchange of Hong Kong Limited on 8 July 2026 (Stock Codes: 8090.HK; 874551.NQ).

The share offer received an overwhelming market response, with the public offering oversubscribed by more than 3,016 times. Zhongtai International acted as the Sole Sponsor and Sole Overall Coordinator.

Since its establishment in 2009, Baogai New Materials has focused on the composite trench cover industry. Through continuous innovation and operational excellence, the Company has become the market leader in China's composite trench cover sector. In 2025, it ranked first in China by market share in both the cable trench cover market and the composite cable trench cover market, serving customers across the power, transportation, municipal infrastructure, water conservancy, real estate and petrochemical industries. Through its proprietary R&D framework integrating polymer materials science, applied mechanics and mechanical engineering, the Company has also led the development of multiple industry standards.

In this transaction, Tian Yuan's PRC and Hong Kong teams acted jointly as the PRC legal counsel and Hong Kong legal counsel to the sponsor and underwriters. Leveraging the firm's integrated cross-border service platform, extensive experience in Hong Kong capital markets, and in-depth understanding of the regulatory framework and market practice for NEEQ-listed companies seeking Hong Kong listings, the teams were deeply involved throughout the listing process. They successfully assisted the sponsor and underwriters in executing the transaction and provided high-quality legal services under both PRC and Hong Kong law, earning widespread recognition from the Company and all parties involved.

In this transaction, Tian Yuan's PRC team was led by Partners Wang Xiangping and Zhang Weimin, with support from Partner Zhang Yiming, Senior Associate Chen Jiarui, and Associates Quan Chengjin and Zhao Kaiyu. Tian Yuan's Hong Kong team was led by Partner William Ji, with support from Senior Consultant Phiona So, Senior Associate Joey Lam, Associates Abby Fan, Gloria Ho and Trina Zhang, as well as Rita Fang, Candice Liang, Helen Feng, Sabrina Shi and Rachel Tan, among others.