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Red Avenue New Material Group (RAChem) has filed for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on China's semiconductor photoresist market. In the first nine months of 2025, RAChem led Chinese suppliers in sales revenue for semiconductor photoresists.

The company has acquired Beijing Aashi Electronic Materials and a stake in Kempur Microelectronics, serving major wafer manufacturers. RAChem holds over 40% of China's KrF photoresist market, with significant growth in DUV applications, increasing revenue by over 50% year-on-year.