FSPG Hi-Tech Plans to Raise 4 Billion Yuan to Expand High-End Separator Capacity, Industry Association Warns of Overcapacity Risks

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FSPG Hi-Tech released a private placement plan on the evening of September 3, aiming to raise no more than 4 billion yuan for a green high-end wet-process separator project with annual capacity of 4 billion square meters at its Shaoguan base, a green high-end coated separator project with annual capacity of 4 billion square meters under Wuan Jinli New Energy, and supplementary working capital. The high-end wet-process project is expected to raise no more than 2 billion yuan, with total investment approaching 8 billion yuan. The expansion will be carried out by a project company funded by Jinli New Energy, a wholly owned subsidiary that FSPG Hi-Tech acquired for about 5 billion yuan and consolidated only in February this year. After consolidation, FSPG Hi-Tech's revenue for the first half of 2026 grew 259.61 percent year on year, while net profit attributable to the parent company surged 1,608.12 percent. The former shareholders of Jinli New Energy had pledged that net profit attributable to the parent company after deducting non-recurring items would be no less than 230 million yuan, 360 million yuan, and 610 million yuan for 2025, 2026, and 2027 respectively, totaling 1.2 billion yuan over three years. Meanwhile, the China Plastics Processing Industry Association issued a risk warning on September 7, calling on all parties in the supply chain to invest rationally. It noted that the separator industry is asset-heavy with long construction cycles, and if new capacity is released in a concentrated manner while demand growth fails to keep pace, it will bring oversupply risks. Industry leaders Semcorp and Putailai have also announced investments of 4 billion yuan and 5.6 billion yuan respectively to build separator projects, and the concentrated release of high-end capacity may have an adverse impact on product prices.

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FSPG Hi-Tech Co Ltd
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Subject of the story: plans a 4 billion yuan private placement to fund high-end separator capacity expansion, with strong H1 2026 revenue/profit growth from the Jinli consolidation.

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