On September 19, "Pawa Shares," a portfolio company invested in by Qiancheng Capital—the sub-fund backed by the mother fund managed by Yuanhe Chencun Capital—officially listed on the STAR Market of the Shanghai Stock Exchange, with stock code: 688184.

Founded in 2014, Pava Co., Ltd. is a high-tech enterprise dedicated to driving growth through technological innovation. Its core business focuses on the research, development, production, and sales of ternary cathode material precursors for lithium-ion batteries. The company specializes in single-crystal, high-to-medium-nickel NCM ternary precursors—a niche market segment—and has established itself as a leading domestic producer of these advanced single-crystal NCM precursors. Its primary products are used in the manufacturing of ternary cathode materials, which ultimately find applications in key areas such as power batteries for new-energy vehicles, consumer electronics, and electric tools.

With years of deep industry expertise and a robust R&D team as its core strength, Pawar Shares has built strategic partnerships with leading domestic ternary cathode material manufacturers such as Xiamen Tungsten New Energy and Suncore Energy, leveraging its cutting-edge technology development capabilities, superior product quality, and reliable supply chain. As a result, Pawar Shares has successfully integrated into CATL's supply network.

Since its establishment, Pawar Corporation has consistently placed great emphasis on fundamental research and development as well as application-driven innovation, boasting a comprehensive R&D system for ternary precursor materials. Currently, the company has mastered a range of core technologies with independent intellectual property rights, including narrow-distribution single-crystal ternary precursor synthesis, technology for precisely controlling the primary particle arrangement, advanced methods for producing highly active petal-shaped ternary precursors, and wet-process doping techniques for precursors. The company holds an industry-leading position in the technical expertise required for high-nickel single-crystal ternary precursors, and the resulting single-crystal ternary cathode materials—sintered from the company’s proprietary single-crystal NCM precursors—demonstrate exceptional cycle stability and structural integrity. Additionally, Pawar has successfully scaled up production of polycrystalline high-nickel ternary precursors, earning strong recognition and achieving robust sales among its downstream customers. Meanwhile, Pava Shares also boasts extensive The ternary precursor preparation technology features advanced production processes and workflows. The company’s products boast exceptional performance, characterized by consistent quality, precise control of elemental ratios, low magnetic material content, and excellent management of impurity elements.

Regarding R&D patents, the prospectus reveals that as of June 14, 2022, Pawa Shares had accumulated a total of 36 invention patents, with 27 of these patents already contributing to the company's core business revenue.

In this IPO, Pawa Shares plans to use the raised funds of 1.259 billion yuan for a project that will annually produce 40,000 tons of ternary precursor materials.