Good News on Listing | Frost & Sullivan Assists Nanshan Aluminum International Holdings Limited to Successfully List on the Hong Kong Stock Exchange (2610.HK)

Nanshan Aluminum International Holdings Limited (hereinafter referred to as 'the Company') successfully listed on March 25, 2025. The Company plans to issue 88,235,300 H shares, of which 79,411,700 shares will be issued internationally and 8,823,600 shares will be publicly offered, with an additional 15% over-allotment rights. The issue price per share ranges from HK$26.60 to HK$31.50, and the net proceeds from the issuance will be between HK$2.347 billion and HK$2.779 billion.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

• The company's prominent position in the alumina industry enables it to benefit from soaring demand and strong investment momentum in the region;

   

• Relying on the company's strategic location, it benefits from stable raw material supply, strong policy support, and convenient transportation network, ensuring smooth and effective operations;

   

• The company's self-built comprehensive infrastructure and production facilities have improved productivity and operational efficiency, thereby bringing significant cost and profitability advantages;

   

• The company continuously improves and accumulates technical expertise to provide high-quality products and strengthen quality control;

   

• The company adheres to international ESG governance standards and promotes green and sustainable development;

   

• The company has an experienced management team with rich industry expertise, working hand in hand with the company's shareholders and strategic partners to create a new chapter in the industrial chain.

According to a report by Frost & Sullivan:

• In 2023, in the alumina industry of Southeast Asia, the company ranked first in design capacity;

   

• In 2023, the company ranked second in production volume in the alumina market of Indonesia and Southeast Asia;

   

• The market share of leading companies in the Southeast Asian alumina market is expected to continue to increase in the future.

Aluminum is an important raw material for economic development and has become one of the most widely used and critical metals globally due to its availability, cost-effectiveness, energy efficiency, and environmental sustainability. The usage and demand for aluminum are steadily increasing, especially in the construction, transportation, electrical, and packaging industries, accounting for 25%, 24%, 12%, and 9% of global aluminum consumption in 2023 respectively. The application of aluminum in these industries is expected to further increase due to the following factors:

Construction industryDue to its strong plasticity, ease of forming for various applications, and other unique properties, aluminum is becoming increasingly important in the construction industry. Its mechanical properties are affected by purity and processing state, and it has multifunctionality in cold and hot pressing processes, capable of producing aluminum foil as thin as 0.006 millimeters and fine aluminum wire through cold drawing. Therefore, aluminum can be cast into complex designs without compromising its structural integrity, providing architects with greater flexibility. In addition, compared to other metals, aluminum's energy-saving casting process stands out, making it particularly advantageous for large projects in terms of material cost and environmental impact. As a result, aluminum is widely used in construction structures, including window frames, door frames, etc.

Transportation industryAluminum has a low density of 2.72 grams per cubic meter, about one-third lighter than other metals, and has long been an indispensable part of the transportation industry. Therefore, more than 60% of spacecraft and 70% of aircraft are made of aluminum alloys. Recent measures towards carbon neutrality and strict fuel consumption and emission standards have further accelerated the application of aluminum in the transportation industry. New energy vehicles (NEVs) consume more than 220 kilograms of aluminum per vehicle, an increase of 46.7% compared to the typical 150 kilograms per vehicle of traditional internal combustion engine vehicles. In addition, aluminum's resistance to rust, corrosion, and oxidation improves the lifespan and durability of automotive components such as body panels and bumpers, thereby supporting sustainable development goals by reducing maintenance costs and extending service life.

Electrical industryAluminum stands out as a leading conductor, with a conductivity of 37.7 meg Siemens per meter, making it highly efficient for long-distance power transmission while minimizing energy loss. Therefore, aluminum is widely used in solar systems, including solar panel frames and mounting structures. Its lightweight performance helps improve the cost-effectiveness of transmission. In addition, aluminum's high thermal conductivity, durability, and corrosion resistance make it an ideal choice for applications such as heat exchangers and renewable energy technologies. The recyclability of aluminum enhances sustainability, making it a versatile choice to meet the needs of different electrical industries, in line with the global shift towards cleaner and more efficient electrical solutions.

Packaging industryAdopting sustainable and environmentally friendly global initiatives in production, consumption, and waste management has led to a reduction in the use of single-use plastics and an increase in the use of aluminum packaging (including aluminum foil, cans, and containers). Compared with the current mainstream packaging material—plastics, aluminum packaging has a higher recyclability rate and is more environmentally friendly. Currently, only 9% of plastic packaging is recycled, while the recycling rate for aluminum packaging is as high as 60%. Due to its higher recycling rate, aluminum packaging is widely used in food and beverage packaging. In addition to recyclability, aluminum packaging is becoming increasingly popular in the industry due to the growing preference for personalized and customized packaging solutions, which enhances brand uniqueness and strengthens consumer connections. The aesthetic appeal, reflective surface, and ease of decoration of aluminum packaging have increased its use in high-end and luxury packaging, such as perfume bottles and lotion bottles, cosmetic packaging boxes and powder packs, makeup boxes and tubes, thereby enhancing brand awareness and actively shaping consumer perception.

In addition to the increasing adoption rate of aluminum products across various industries, it is expected that downstream industries will also show strong growth in the coming years. The global construction industry will achieve robust growth, with an annual compound growth rate of 6.3% from 2023 to 2028. The Southeast Asian region will see even faster expansion, with an annual compound growth rate of 7.7% during the same period. Among these countries, Indonesia stands out in the Southeast Asian region, with an expected annual compound growth rate of 9.0% from 2023 to 2028. Similarly, driven by the growing demand for NEVs and automotive alternatives, the transportation sector is expected to grow steadily. Driven by the demand for expanding coverage and the adoption of renewable energy, the electrical industry is expected to grow, with an annual compound growth rate of 7.0% in Southeast Asia and 11.5% in Indonesia. Finally, stimulated by increased disposable income, the packaging industry is expected to continue growing, led by Southeast Asia and Indonesia, which will drive the global packaging industry growth, with annual compound growth rates of 5.3% and 8.1% from 2023 to 2028.

Downstream industries are increasingly adopting aluminum products, and coupled with the growth of related industries, it is expected to drive sustained growth in alumina demand. This will further reverse-engineer the expansion of the global alumina industry (especially in Southeast Asia including Indonesia).

Source: Indonesian Ministry of Industry, United Nations Statistics Division, Global Infrastructure Centre, International Energy Agency, International Aluminium Association, Frost & Sullivan analysis

A fully mature aluminum industry ecosystem includes multiple links, such as bauxite mining, alumina production, electrolytic aluminum processing, aluminum alloy manufacturing, semi-finished aluminum products manufacturing, end-use, and aluminum recycling. The aluminum production process begins with the extraction of alumina from natural mineral bauxite. To refine bauxite into alumina, 2 to 3 tons of bauxite are required to produce one ton of alumina. Then, alumina is electrolytically reduced to produce about 2 tons of aluminum per ton of electrolytic aluminum. The resulting electrolytic aluminum can be cast into alloy ingots. The downstream industry focuses on further processing these alloy ingots into various aluminum products, such as extruded aluminum products and aluminum foil, which are used in industries such as construction, transportation, electrical, and packaging. Given that the aluminum industry relies on resources and has relatively limited liquidity, efficiency may sometimes be lacking. To maintain supply and demand balance, commodity traders often participate in promoting transactions related to aluminum products, improving market liquidity and efficiency for producers and end-users.

The electrolytic aluminum industry is positioned upstream in the aluminum value chain, with its main output used to produce aluminum alloy ingots, which are further processed into various semi-finished aluminum products for various end applications. Our group is an alumina manufacturer, positioned upstream of the entire aluminum industry, while we are in the midstream of the electrolytic aluminum supply chain. From the perspective of the alumina industry, it is closely related to a highly concentrated supplier base. The industry's suppliers include important raw material suppliers such as bauxite, caustic soda, and coal, among which bauxite is the most critical raw material for producing alumina. Bauxite is a sedimentary rock and the main source of aluminum, mainly in three forms: gibbsite, boehmite, and diaspore. The Mohs hardness of gibbsite is between 2.5 and 3.5, softer than boehmite and diaspore, making bauxite more soluble and thus helping to reduce production costs. Differences in bauxite also involve its Al2O3 (aluminum oxide) and SiO2 (silicon dioxide) content. These contents represent the aluminum content and impurity content, respectively. A high Al2O3 content indicates a higher aluminum composition, while a lower SiO2 content means fewer impurities, reducing the demand for caustic soda and energy in alumina production.

As of 2023, the total global bauxite reserves amount to 30 billion tons, of which Southeast Asia accounts for more than 20%. The reserves from mines in Indonesia and Vietnam are particularly prominent. Indonesia is known for possessing some of the world's high-quality gibbsite, characterized by an aluminum content of 40% to 60%, with a moderate silica content of 3% to 8%. In contrast, Vietnam's bauxite reserves consist of a mixture of gibbsite and diaspore, which are more difficult to dissolve during refining compared to Indonesian bauxite, resulting in a lower Al2O3 content. In addition to bauxite, Indonesia also has one of the largest coal reserves in the world. Currently, more than 80% of the energy used for global alumina production comes from coal, and Indonesia's rich coal reserves are expected to further reduce production costs. In 2023, Indonesia's confirmed coal reserves reached about 37 billion tons, leading Southeast Asia and ranking sixth globally. Bauxite has a high aluminum content, few impurities, and strong solubility, combined with rich coal reserves, this excellent combination has helped Indonesia's alumina industry achieve success.

In the midstream of the electrolytic aluminum industry, alumina producers stand out with their production methods, which are crucial in determining efficiency, cost, and product quality. The main method for producing alumina is the Bayer process. The Bayer process, especially the low-temperature Bayer process, is the most efficient method. The calcination temperature of the low-temperature Bayer process is about 90 degrees lower than that of the standard Bayer process, simplifying the production process. This not only reduces calcination energy consumption and costs but also improves the quality and purity of alumina products. However, the low-temperature Bayer process requires high-quality bauxite that can dissolve in a low-temperature production environment. Therefore, Indonesian producers with high-quality bauxite sources and who implement the low-temperature Bayer process are more competitive in the industry.

Similar to upstream suppliers, due to the capital-intensive nature of production, the need for economies of scale, and the industry's dependence on long-term supply contracts, downstream participants in the electrolytic aluminum industry are highly concentrated. Electrolytic aluminum producers, as users of alumina products, extract pure aluminum metal from metallurgical-grade alumina through electrolysis. The quality of alumina is crucial for the efficiency, cost-effectiveness, and environmental sustainability of the electrolytic aluminum production process. High-quality alumina has characteristics such as fast dissolution rate, low impurity content, and uniform particle size, which can ensure the optimal feed rate and are essential for maintaining a stable and efficient electrolysis process. This highlights the industry's huge demand for high-quality alumina. Given the severe dependence of electrolytic aluminum production on high-quality alumina and the relatively low technical barriers to entering the electrolytic aluminum market, more and more alumina producers are beginning vertical integration, incorporating electrolytic aluminum production into their business expansion scope. Therefore, it is expected that by 2028, the electrolytic aluminum production in Southeast Asia and Indonesia will reach 4,348 kilotons and 2,773 kilotons respectively, with annual compound growth rates of 28.0% and 50.6% starting from 2024. The expected expansion of electrolytic aluminum capacity is expected to generate a large demand for alumina in Southeast Asia, laying the foundation for industry growth.

In 2023, Indonesia, as the country with the largest alumina production capacity in Southeast Asia, ranked fifth in the global alumina design capacity distribution, second only to China, Australia, Brazil, and India. Indonesia is the largest alumina producer in Southeast Asia, accounting for more than 70% of the region's production capacity. In 2023, the designed alumina production capacities in Southeast Asia and Indonesia reached 5,600 kilotons and 4,300 kilotons respectively, with annual compound growth rates of 21.1% and 34.9% from 2019 to 2023. By 2028, with the commissioning of new projects in Indonesia, the designed alumina production capacities in Southeast Asia and Indonesia are expected to reach 8,600 kilotons and 7,300 kilotons respectively, with annual compound growth rates of 6.8% and 8.3% from 2024 to 2028.

In 2023, soaring energy prices, coupled with ongoing geopolitical challenges, led to a slight decline in global alumina production. However, global alumina production is expected to increase in the future due to several key factors: 1) The continuous rise in demand for aluminum in industries such as construction, transportation, electricity, and packaging will stimulate industry participants to expand production and improve smelting efficiency; 2) Leading companies will focus on establishing flexible supply chains to ensure stable resource access and thus mitigate the impact of global uncertainties; 3) The expansion of emerging markets in Asia and Africa is expected to drive investment in new production facilities. Therefore, global alumina production is expected to increase from 14.25 million tons in 2024 to 15.20 million tons in 2028, with an annual compound growth rate of 1.6%. Compared to the global market, Southeast Asia (especially Indonesia), due to its rich resources and policy control, has significant growth potential in alumina production. From 2019 to 2023, Indonesia's alumina production increased from 1,074 kilotons to 4,091 kilotons, with an annual compound growth rate of 39.7%. From 2024 to 2028, Indonesia's alumina production will increase from 5,070 kilotons to 7,125 kilotons, with an annual compound growth rate of 8.9%, exceeding the global forecast annual compound growth rate of more than 7% during the same period. Driven by Indonesia's growth, it is expected that by 2028, Southeast Asia's alumina production will reach 8,515 kilotons. Despite production expansion, the region's demand for alumina will exceed supply, and by 2028, the region will face an alumina shortage of 180.8 kilotons, while demand will reach 8,696 kilotons.

The main demand for alumina stems from its application in electrolytic aluminum production. In 2023, the global designed production capacity for electrolytic aluminum was 7.9 million tons. China is the country with the largest distribution of designed production capacity for electrolytic aluminum globally, accounting for more than 50% of the global total. However, under the backdrop of the dual carbon initiative, the total Chinese electrolytic aluminum production capacity is subject to strict government restrictions. As a result, many Chinese companies have formulated plans to relocate their aluminum industry chain overseas and establish production plants in regions rich in bauxite resources and with suitable investment environments, represented by Indonesia. In 2023, Indonesia and Malaysia were the two regions in Southeast Asia with designed production capacity for electrolytic aluminum. In 2023, the designed production capacity for electrolytic aluminum in Southeast Asia and Indonesia reached 1,580 kilotons and 500 kilotons respectively. In the coming years, the new designed production capacity for electrolytic aluminum in Southeast Asia will mainly come from Indonesia. By 2028, with the gradual commissioning of Indonesian electrolytic aluminum plants, it is expected that the designed production capacity for electrolytic aluminum in Southeast Asia and Indonesia will reach 4,500 kilotons and 2,900 kilotons respectively, with annual compound growth rates of 28.9% and 51.5% from 2024 to 2028.

From 2019 to 2023, global electrolytic aluminum production increased from 6.32 million tons to 7.07 million tons, with an annual compound growth rate of 2.9%. Meanwhile, the production of electrolytic aluminum in Southeast Asia and Indonesia reached 1,529 kilotons and 449 kilotons in 2023 respectively, with annual compound growth rates of 10.9% and 15.9% since 2019. Looking ahead, driven by the continuous increase in electrolytic aluminum production capacity, it is expected that global electrolytic aluminum production will further increase to 7.74 million tons by 2028, with an annual compound growth rate starting from 2024 of 1.7%. With the maturity of Southeast Asia's supply chain, the expansion of downstream industries, and continuous government support, it is expected that more and more electrolytic aluminum companies will expand their production operations to Southeast Asia. By 2028, the production of electrolytic aluminum in Southeast Asia and Indonesia will increase to 4,348 kilotons and 2,773 kilotons respectively, with annual compound growth rates of 28.0% and 50.6% starting from 2024. This trend will lay the foundation for further development of the alumina industry in Southeast Asia.

● The growth in economic, population indicators, and infrastructure investment has driven continuous growth in alumina demand

Driven by economic development, population growth, urbanization, and infrastructure construction, the global and Southeast Asian demand for alumina has been on a continuous upward trend. Global GDP increased from $8.78 trillion in 2019 to $10.4 trillion in 2023, with an annual compound growth rate of 4.3%. Especially in Southeast Asia, as an emerging economic giant, it has made significant contributions, with its GDP rising from $2.7 trillion in 2019 to $3.3 trillion in 2023, a compound annual growth rate of 4.7%. Looking ahead, the GDP growth in Southeast Asia is expected to exceed the global average level, projected to increase from $3.5 trillion in 2024 to $4.7 trillion in 2028, with a compound annual growth rate of 7.1%. In addition, the population pattern in Southeast Asia is undergoing significant changes. The population was 4.752 million in 2019 and reached 4.867 million in 2023, with an expected further increase to 5.054 million by 2028. Notably, as the world's fourth most populous country and the most populous country in Southeast Asia, Indonesia's population increased significantly from 2.696 million in 2019 to 2.774 million in 2023, with an expected increase to 2.896 million by 2028. With rapid population growth, the urbanization rate is also steadily rising. The urbanization rate in Southeast Asia increased from 64.2% in 2019 to 66.0% in 2023, with an expected increase to 69.2% by 2028. The continuous urbanization of the region has led to increased demand for urban housing and energy, thereby driving demand for alumina. In addition, increased infrastructure investment globally (especially in developing regions such as Southeast Asia) is expected to promote aluminum consumption. From 2019 to 2023, infrastructure investment in Southeast Asia increased from $98.1 billion to $107.9 billion, with an annual compound growth rate of 2.4% during this period. It is expected that by 2028, it will further increase to $120.8 billion, with a compound annual growth rate of 2.3% starting from 2024. Projects such as transportation network construction, energy grid expansion, and urban infrastructure improvement all require a large amount of aluminum, thereby stimulating demand for alumina.

Civil consumption power has also improved. Over the past few years, global per capita disposable income has steadily increased, rising from $9,200 in 2019 to $10,400 in 2023, with an annual compound growth rate of 3.2% during this period. It is expected to increase from $10,800 in 2024 to $13,000 in 2028, with an expected annual compound growth rate of 4.9%. In Southeast Asia, per capita disposable income increased from $13,200 in 2019 to $15,700 in 2023, with an annual compound growth rate of 4.4%. It is expected to increase from $16,300 in 2024 to $18,800 in 2028, with an annual compound growth rate of 3.6%. At the same time, Indonesia's per capita disposable income increased from $3,100 in 2019 to $3,600 in 2023, with an annual compound growth rate of 3.9%. It is expected to increase from $3,800 in 2024 to $4,800 in 2028, with an annual compound growth rate of 5.7%. The significant population growth, coupled with a relatively young workforce and continuously improving consumption power, has laid a solid foundation for the growth of consumer goods and packaging industries, ultimately driving the development of the alumina industry in Southeast Asia.

● Government support policies for the alumina industry in Southeast Asia

Government support policies are crucial for the development of the alumina industry in Southeast Asia. Regional policies and agreements led by organizations such as the Association of Southeast Asian Nations (ASEAN) have significant influence. Within ASEAN, initiatives such as the ASEAN Economic Community (AEC) Blueprint 2025 prioritize sustainable industry development and advocate for sustainable consumption and production in national development plans. The ASEAN Free Trade Area promotes local trade and manufacturing within ASEAN countries by dismantling tariff barriers, thereby driving economic integration within the region and with international allies. In addition to the ASEAN Free Trade Area, the ASEAN Framework Agreement on Services aims to facilitate the free flow of trade in services within ASEAN.

In addition, the Regional Comprehensive Economic Partnership (RCEP) is an enhanced partnership established between ASEAN countries and other important Asian economies. The Master Plan on ASEAN Connectivity (MPAC) 2025 aims to achieve seamless connectivity and integration within ASEAN, enhancing competitiveness, inclusiveness, and a sense of belonging. Such regional policies encourage member states to leverage the benefits of free trade, adopt environmentally sustainable production methods, and align with global standards in the alumina industry. This encourages countries with high-quality bauxite resources, leading production technologies, and environmentally friendly processes to develop their potential. Indonesia has clearly stood out in this pattern, using its advantages to attract foreign investment. For example, the bauxite export ban implemented on June 10, 2023, indicates Indonesia's commitment to developing the domestic bauxite processing and alumina refining industries. This strategic move is similar to the successful nickel export ban implemented in 2020, supporting Indonesia's alumina industry by ensuring the availability of domestic bauxite at competitive prices.

At the same time, the Indonesian government has also issued policies to ensure the supply of coal, one of the key raw materials for alumina production. According to local laws and regulations promulgated by the Minister of Energy and Mineral Resources of Indonesia, at least 25% of coal production each year must be sold domestically. In addition, the Law No. 4 of 2008 regarding Mineral and Coal Mining also stipulates that holders of mining licenses (IUP) or special mining licenses (IUPK) must give priority to using domestic labor, goods, and services. These policies ensure that domestic demand is met first in times of energy shortages, greatly stabilizing the energy costs of alumina production. Ultimately, the combination of these supportive policies is not only beneficial to Indonesian alumina producers but also attracts foreign enterprises to build alumina production capacity in Indonesia, making Indonesia an important participant in the global alumina market.

●Infrastructure Barriers

For modern large-scale alumina manufacturers, synchronizing the construction and monitoring of infrastructure such as their own power plants, deep-water ports, reservoirs, and communities has become an inevitable choice in the industry. Own power plants can ensure the electricity required for alumina production, thereby avoiding production interruptions and cost increases due to unstable power supply. Deep-water ports can promote the external sales of alumina, thereby reducing the transportation costs of alumina products. In addition, reservoirs can provide sufficient water resources for alumina production, ensuring safe and normal operation. However, in Indonesia, the construction cycle of supporting facilities generally takes more than three years, plus time for project planning and waiting for approval. Therefore, newcomers (especially large-scale alumina manufacturers) face infrastructure barriers.

●Energy and resource barriers

The production cost of alumina is directly affected by the prices of raw materials such as bauxite, coal, and liquid alkali. Ensuring the purchase of high-quality bauxite and obtaining coal are crucial because they can significantly reduce production consumption. Large-scale supply of high-quality bauxite usually requires long-term cooperation and contract prices to establish trust and a stable supply of bauxite. In addition, a stable coal supply can ensure that alumina manufacturers have access to the electricity, steam, and coal gas they need for production. Therefore, alumina manufacturers establish strong relationships with procurement and processing agents to ensure favorable coal prices and a stable coal supply. For new entrants to the market, establishing a stable supply of high-quality bauxite is a major challenge, especially in countries with highly concentrated bauxite markets such as Indonesia. Moreover, due to challenges in ensuring a stable coal supply, these new participants face difficulties in stabilizing energy costs and create significant obstacles in energy and resource acquisition.

●capital investment barriers

Since the construction of an alumina plant involves the alumina production system, auxiliary production workshops, docks, reservoirs, ports, roads, self-owned power plants, communities, etc., the construction of an alumina plant is a capital-intensive project. When existing Indonesian alumina manufacturers plan to expand their scale in the future, their investments will be significantly reduced. Therefore, new entrants need to invest a large amount of assets to enter the Indonesian alumina industry, including purchasing expensive equipment, completing infrastructure construction, and other related work.

●Cost structure of alumina

The production cost of alumina mainly includes bauxite, caustic soda solution, thermal coal, and others. Bauxite accounts for 30% to 45% of the alumina production cost. Coal accounts for 20% to 25%, followed by caustic soda solution, which accounts for 15% to 25%. Other expenses, such as depreciation, water, labor, and other costs, account for 15% to 30%.

In 2023, the global alumina industry's production slightly decreased, from 1.422 billion tons in 2022 to 1.418 billion tons in 2023. Most of the production (about 94%) came from metallurgical-grade alumina, with the remaining 6% being non-metallurgical-grade alumina. The alumina market in Southeast Asia is characterized by high concentration, with the top three producers in the region accounting for about 94.6% of the total market share. In 2023, in terms of design capacity (referring to the maximum production achievable under optimal conditions), the company, together with Company A, became the largest producer in the region. Specifically, the company's design capacity is 200 million tons, accounting for 35.7% of the Southeast Asian alumina industry in 2023.

In 2023, the total output of the alumina industry in Southeast Asia was about 550 million tons. The market is highly concentrated with about seven alumina producers. Three of them are still in the planning and construction phase and are expected to gradually start production between 2025 and 2026. Therefore, in 2023, only four producers in Southeast Asia had active alumina production capacity. The top three producers accounted for about 98.0% of the total market share (based on 2023 output). The company is the second-largest producer in the Indonesian and Southeast Asian alumina markets, with a total output of 1,910 thousand tons.

Frost & Sullivan has extensive research experience in the chemical and materials industries, assisting well-known enterprises in successfully listing on the capital market. Successful listing cases include: Chifeng Gold (6693.HK), Biyou Group (9893.HK), Conch Materials Technology (2560.HK), Qiangbang New Materials (001279.SZ), Migao Group (9879.HK), Jihai Resources (2489.HK), Zhongbao New Materials (2439.HK), Shengneng Group (2459.HK), Jinli Yongci (6680.HK), Avia Avian (IDX: AVIA), Global New Materials (6616.HK), Dafeng Equipment (2153.HK), Yihai International (8659.HK), GHW (9933.HK), Sanhe Fine Chemicals (0301.HK), Xingyu Holdings (2346.HK), Xinghe Holdings (1891.HK), Xuyang Group (1907.HK), Long Resources (1712.HK), Shandong Gold (1787.HK), Henan Jinma (6885.HK), Xingye New Materials (8073.HK), Dongguang Chemicals (1702.HK), Zhongqi Group (1932.HK), Xinbang Holdings (1571.HK), Meigu Technology (8349.HK), Huajin International (2738.HK), Flatt Glass (6865.HK), Dinos (1452.HK), Caike Chemicals (1986.HK), Chang'an Renheng (8139.HK), Sansida (1337.TWSE), Born NYSE, CPC NYSE, Gu NYSX, Tianhe Chemicals (1619.HK), Yihua Holdings (2121.HK), Sijia Group (1863.HK), and others.