Red Avenue

What Red Avenue does

Red Avenue (彤程新材料集团股份有限公司, Tongcheng New Materials Group Co., Ltd.) is a Shanghai-based specialty chemicals manufacturer founded in 1999 and listed on the Shanghai Stock Exchange (ticker: 603650). Originally established as a supplier of rubber chemicals for automotive tire manufacturing, the company has expanded into electronic materials for the semiconductor industry. Headquartered in Shanghai's Pudong New Area with production operations at the Shanghai Chemical Industry Park (上海化工区), the firm employs 501-1,000 people and reported 3.26 billion yuan (~US$450 million) in 2024 revenue, up 11% year-on-year.

The company's product portfolio spans two principal business segments. The legacy tire and rubber chemicals segment supplies vulcanization additives, resin additives, and industrial phenolic resins to automotive tire manufacturers. The strategic growth engine is electronic materials, which grew from 19.1% of revenue in 2023 to 27.8% in 2024 and includes semiconductor photoresists (g-line, i-line, and ArF), display photoresists, CMP polishing pads (which achieved mass production breakthrough in 2024), electronic-grade high-purity phenolic resins, and electronic-grade high-purity solvents (EBR, PMA). The company also produces green polymer materials for consumer, food, and agricultural applications, and trades a portfolio of chemical products. R&D capability is anchored by CNAS-certified national laboratories and strategic research partnerships with Peking University, Tsinghua University's School of Integrated Circuits, and multiple Chinese universities focused on chemistry, materials science, and chemical engineering.

Red Avenue operates a traditional B2B direct sales model targeting semiconductor fabs, automotive tire manufacturers, and industrial chemical buyers, primarily in China. The company is filing for a secondary listing in Hong Kong to fund further semiconductor chemicals expansion, broke ground on its first overseas production base in 2025, and markets primarily through industry events (SEMICON China, China International Rubber Technology Exhibition) plus its investor relations website. Demand is structurally aligned with China's state-led semiconductor self-reliance initiative, which provides sustained government-backed demand for domestically produced photoresists, CMP pads, and high-purity solvents. Pricing details are not publicly disclosed, and revenue is recognized on a transactional B2B basis rather than subscription or licensing.

Name

Red Avenue

Legal name

彤程新材料集团股份有限公司

Website

https://rachem.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Red Avenue (彤程新材料集团) is a Shanghai-listed specialty chemicals manufacturer supplying rubber chemicals for tire makers and electronic materials—including photoresists, CMP polishing pads, and high-purity solvents—for semiconductor manufacturers in China.

Ownership category

akta.pro rank

Product category

Specialty Chemicals

NAICS

Chemical Manufacturing (325), Resin and Synthetic Rubber Manufacturing (32521), Synthetic Rubber Manufacturing (325212)

SIC

Chemicals & Allied Products (2800), Industrial Organic Chemicals (2860), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Display & Optoelectronics Chemicals (OLED/LCD materials, polarizer chemicals) (IMAEAKAN)

akta.pro secondary industries

Plasticizers & Solvents (Phthalates/Alternatives, Commodity Solvents) (IMAEADAK), Engineering Plastics & Performance Resins (PC, PA, POM, PBT, PMMA) (IMAEADAI)

Keywords

• Specialty chemicals
• Semiconductor materials
• Photoresist chemicals
• Tire rubber chemicals
• Electronic grade materials

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Electronic Materials (Semiconductor Chemicals): Semiconductor manufacturing chemicals including photoresists, electronic-grade resins, CMP pads, and high-purity solvents. This segment accounts for 27.8% of total revenue (up from 19.1% in 2023), making it the main growth engine as the company transitions away from tire chemicals. Growth driven by China's state-led semiconductor self-reliance push.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Red Avenue is a diversified specialty chemicals manufacturer producing tire rubber chemicals and electronic materials for semiconductor manufacturing. Core offerings include electronic-grade high-purity phenolic resins, semiconductor photoresists (g-line, i-line, ArF), display photoresists, CMP polishing pads, and electronic-grade high-purity solvents (EBR, PMA). The company also produces green polymer materials, industrial phenolic resins, catalysts, and chemical intermediates such as p-tert-butylphenol.

Product overview

Red Avenue New Materials Group is a Shanghai-listed company operating as a diversified chemical materials manufacturer with two main business segments: traditional tire chemicals and the rapidly growing electronic materials sector. The traditional segment includes automotive tire rubber chemicals, resin additives, and industrial chemicals (p-tert-butylphenol, catalysts, phenolic resins), while the electronic materials segment encompasses semiconductor materials, electronic special resins, photoresist products (including display photoresist), and electronic grade high-purity solvents (EBR/PMA). The company also produces green polymer materials for daily life, food, and agricultural applications. Electronic materials now account for 27.8% of total revenue (up from 19.1% in 2023), positioning the company as China's state-led push for semiconductor self-reliance intensifies. The company has also achieved mass production breakthrough in CMP polishing pads.

Differentiator

Problem solved

Functional benefit

Brands

• Sinolegend: Brand that received EcoVadis Gold and Platinum certifications for sustainability performance.

Products and services

• Automotive Tire Rubber Chemicals Rubber chemicals specifically formulated for automotive tire manufacturing, serving as a core legacy product category for the company.
• Resin Additives Resin-based additive products used in various industrial applications, supporting tire and rubber compound formulations.
• Electronic Special Resins Specialized electronic-grade resins designed for semiconductor and electronic manufacturing applications, including high-purity phenolic resins.
• Semiconductor Photoresists Photoresist materials for semiconductor lithography processes, including g-line, i-line, and advanced ArF formulations.
• Display Photoresist Specialized photoresist products designed for display panel manufacturing processes.
• EBR/PMA Electronic Grade High-Purity Solvents Electronic grade high-purity solvents (EBR and PMA) used in semiconductor manufacturing cleaning and development processes.
• CMP Polishing Pads Chemical mechanical polishing pads for semiconductor wafer planarization, achieving mass production in 2024.
• Green Polymer Materials Environmentally-friendly polymer materials for daily life applications, food-related products, and agricultural uses including biodegradable mulch films.
• p-tert-butylphenol Industrial chemical intermediate used in various chemical synthesis applications.
• Catalysts Industrial catalyst products for chemical manufacturing processes.
• Industrial Phenolic Resins Industrial-grade phenolic resins for various manufacturing applications beyond electronic-grade use.
• Trading Products Trading business segment distributing various chemical products.

Quantifiable outcome

• Electronic materials revenue grew from 19.1% (2023) to 27.8% (2024) of total revenue, reflecting successful business transformation.
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core, major and minor.

• Peking University School of Materials Science and Engineering and School of Chemistry and Molecular EngineeringcoreStrategic or Co-development PartnerStrategic development partnership for joint research in materials science and chemistry, focusing on advanced materials development for semiconductor and specialty chemical applications.
• Tsinghua University School of Integrated CircuitscoreStrategic or Co-development PartnerStrategic partnership for integrated circuit materials research, supporting development of semiconductor materials and electronic chemicals for domestic chip manufacturing.
• China Petroleum and Chemical Industry FederationmajorStrategic or Co-development PartnerStrategic alignment and cooperation with the national industry federation supporting China's petroleum and chemical industry development and policy alignment.
• Beijing University of Chemical TechnologymajorStrategic or Co-development PartnerAcademic partnership for talent development and joint research in chemical engineering and materials science.
• South China University of TechnologyminorStrategic or Co-development PartnerAcademic partnership for collaborative research and talent cultivation in chemical and materials engineering.
• Qingdao University of Science and TechnologyminorStrategic or Co-development PartnerAcademic partnership for research collaboration and talent development in polymer and chemical engineering.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• SI Group: Global specialty additives and rubber chemicals supplier serving tire and rubber compounding markets. Most directly comparable competitor to Red Avenue's traditional tire rubber chemicals business.
• Lanxess AG: Global specialty chemicals company with strong rubber chemicals and tire additives portfolio. Direct competitor to Red Avenue's legacy tire rubber chemicals business.
• Shanghai Sinyang Semiconductor Materials: Chinese supplier of electronic-grade chemicals, semiconductor packaging materials, and wet-process chemicals for chip manufacturing. Comparable product portfolio and customer base to Red Avenue's electronic materials segment.
• Anji Microelectronics Technology: China-based semiconductor materials supplier specializing in CMP slurries and polishing solutions for chip manufacturing. Most direct competitor to Red Avenue's CMP polishing pad business and shares exposure to China's domestic substitution theme.

Broad incumbents

• Shin-Etsu Chemical: Diversified Japanese chemical major with leading positions in photoresists, silicon wafers, and rare-earth magnets. Comparable broad specialty-chemical platform with strong semiconductor materials exposure.
• JSR Corporation: Japanese global leader in photoresists (ArF, EUV) and semiconductor materials. Represents the established incumbent Red Avenue must displace in advanced photoresist categories at leading-edge fabs.
• Sumitomo Chemical: Japanese diversified chemicals company with photoresist and display materials businesses. Comparable breadth across rubber chemicals, specialty chemicals, and optoelectronic materials.
• Tokyo Ohka Kogyo (TOK): Global leader in photoresists and semiconductor process chemicals with decades of fab qualification. Sets the technical benchmark for the g-line, i-line, and ArF photoresist categories Red Avenue competes in.
• Cabot Corporation: Global specialty chemicals and performance materials company serving rubber, plastics, and electronics end markets. Comparable diversified specialty chemicals platform with some overlap in tire and electronic-grade materials.
• Eastman Chemical Company: US-based specialty chemicals manufacturer serving rubber additives, performance materials, and advanced materials markets. Comparable product breadth across tire chemicals and engineered specialty materials.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Red Avenue