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Red Avenue New Material Group (RAChem) filed for a Hong Kong Stock Exchange IPO on February 13, focusing on the semiconductor photoresist market. In the first nine months of 2025, the company ranked first in China by sales revenue for semiconductor photoresists.

RAChem has expanded by acquiring Beijing Aashi Electronic Materials and a controlling stake in Kempur Microelectronics, serving major 8-inch and 12-inch wafer manufacturers. It holds over 40% of the domestic KrF photoresist market and has seen over 50% year-on-year revenue growth in its DUV photoresist segment, generating nearly RMB 200 million in the first half of 2025.