What Hangjin Technology does

Hangjin Technology Co., Ltd. (航锦科技股份有限公司, Shenzhen Stock Exchange 000818) is a Chinese state-owned, publicly listed technology holding company controlled by the Wuhan State-owned Assets Supervision and Administration Commission (Wuhan SASAC). Its predecessor, Jinxi Chemical General Plant, was established in 1939 and was historically recognized as the "cradle of new China's chemical industry"; the company listed in Shenzhen in 1997 and relocated its headquarters from Huludao (Liaoning) to Wuhan in 2021 following the return to state ownership. The group operates 30 wholly-owned and controlled enterprises across three business pillars: chlor-alkali chemicals, military electronics, and an AI/optical-networking segment, with total assets of approximately RMB 6 billion.

The company's core products span two distinct technology stacks. The chemical pillar produces caustic soda, propylene oxide (two 120,000-ton/year plants), polyether (two 170,000-ton/year plants), polyvinyl chloride, chlorobenzene, and a new 99.999%-purity hydrogen product from the 3000Nm3/h filling station. The military electronics pillar — built through the 2017-2018 acquisitions of Changsha Shaoguang Semiconductor and Shenzhen Weike Electronics — delivers military-grade integrated circuits covering bus interface circuits, special FPGAs, non-volatile memory (each sole-sourced for designated PRC equipment models), the proprietary SG6931 GPU, LTCC-MCM hybrid integration technology, and thick-film hybrid ICs for weapons-platform miniaturization. The group also holds a provincial-level technology R&D center, four patented polyether formulations, a registered IC layout design, and ISO 9001/14001/45001 certifications.

Hangjin generates revenue through direct B2B sales in two channels: (i) quote-based, contract-style supply of chlor-alkali products and polyols to industrial chemical manufacturers and polyurethane producers via a dedicated sales hotline, and (ii) hardware supply of military-grade chips and electronic modules to defense contractors in aerospace, aviation, shipbuilding, weapons, and electronics through established procurement relationships, supplemented by hydrogen-energy distribution to industrial gas customers such as Liaoning Jiahua New Energy. Revenue is concentrated in domestic (Northeast and Central China) markets; the historical revenue base of RMB 3.5-3.8 billion (2018-2020) inflected upward in 2021 with management guidance of RMB 700-900 million in attributable net profit on the back of military-electronics scale-up and product-mix improvement.

Name

Hangjin Technology

Legal name

航锦科技股份有限公司

Website

https://hangjintechnology.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hangjin Technology is a Wuhan SASAC-controlled, Shenzhen-listed holding company (000818) operating three pillars: chlor-alkali chemicals (caustic soda, propylene oxide, polyether), military electronics (sole-source ICs, FPGAs, GPUs via Changsha Shaoguang and Weike Electronics), and high-purity hydrogen, serving PRC defense contractors and industrial chemical customers.

Ownership category

akta.pro rank

Product category

Diversified Industrial & Defense Electronics Manufacturing

NAICS

Chemical Manufacturing (325)

SIC

Industrial Organic Chemicals (2860), Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) (2820), Semiconductors & Related Devices (3674)

akta.pro primary industry

Chlor-Alkali & Derivatives (IMAEAAAC)

Keywords

• Chlor-alkali chemicals
• Military integrated circuits
• Polyurethane raw materials
• Specialty gas production
• Optical network solutions

Headquarters

HQ city

Huludao

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Chemical Products: Traditional chemical business producing caustic soda, epoxy propane, polyether, polyvinyl chloride, chlorobenzene and other chemical products. Products sold to industrial customers with pricing affected by market conditions and raw material costs.
2. Military Electronics: Special military integrated circuits, chips, and electronic components supplied to defense contractors. Includes products from subsidiaries Changsha Shaoguang (integrated circuit design, packaging, testing) and Weike Electronics (thick-film hybrid integrated circuits). Revenue generated through direct B2B sales to military procurement channels.
3. Hydrogen Energy: By-product hydrogen from caustic soda production is refined and sold. New 3000Nm3/h high-purity hydrogen station expected to generate 40-50 million RMB annual revenue at current market prices.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Hangjin Technology is a diversified holding company operating three business segments: chlor-alkali chemicals (caustic soda, propylene oxide, polyether, PVC, chlorobenzene) manufactured at its Huludao production base; military electronics (integrated circuits, bus interface circuits, special FPGA, non-volatile memory, GPU chips, thick-film hybrid ICs, LTCC-MCM modules) supplied through subsidiaries Changsha Shaoguang and Weike Electronics; and AI/optical network solutions. The company also operates a high-purity hydrogen filling station derived as a by-product of chlor-alkali production.

Product overview

Hangjin Technology (航锦科技股份有限公司) is a diversified technology company with three main business segments: Chemical (化工), Electronics/Military (电子), and Artificial Intelligence (人工智能). The Chemical segment is the traditional core business producing chlor-alkali products including caustic soda, propylene oxide, polyether, PVC, and chlorobenzene, while actively expanding into hydrogen energy with a 3000Nm3/h high-purity hydrogen filling station. The Electronics segment operates through subsidiaries Changsha Shaoguang and Weike Electronics, focusing on military-grade integrated circuits, thick-film hybrid ICs, LTCC-MCM technology, and specialized chips including the SG6931 GPU for military加固 computers. The company also provides optical network solutions under its AI segment. Products range from bulk chemicals to high-value military electronics, with strategic focus on localization and self-controllable military chip supply.

Differentiator

Problem solved

Functional benefit

Brands

• 航锦化工: Chemical business segment of Hangjin Technology, specializing in chlor-alkali chemicals, hydrogen energy, and polyurethane products.
• 长沙韶光 (Changsha Shaoguang)
• 威科电子 (Weike Electronics)

Products and services

• Caustic Soda (烧碱/Sodium Hydroxide)

Quantifiable outcome

• 2021 net profit 700-900 million RMB, up 196-281% year-on-year
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered minor and core.

• 鞍钢集团 (Ansteel Group)minorStrategic or Co-development Partner · 1 December 2019Signed cooperation agreement with Ansteel Group, one of China's largest steel producers, for potential industrial collaboration.
• 14 Strategic Partner Units (十四家单位)coreStrategic or Co-development Partner · 17 September 2019Company signed strategic cooperation agreements with 14 units at one time, demonstrating broad industry partnerships and collaborative relationships across multiple sectors.
• 辽宁佳华新能源有限公司 (Liaoning Jiahua New Energy)coreStrategic or Co-development Partner · 1 July 2019Signed high-purity hydrogen supply strategic cooperation framework agreement. Strategic cooperation for hydrogen energy industry chain development leveraging company's hydrogen by-product from caustic soda production.
• 清华大学 (Tsinghua University)minorStrategic or Co-development Partner · 1 January 2019Engaged Professor Han Minfang and team from Tsinghua University's Department of Energy and Power Engineering to provide hydrogen energy comprehensive utilization technical consulting and development services.
• 九强讯盾信息技术有限公司 (Jiuzhang Xundun Information Technology)coreStrategic or Co-development Partner · 12 November 2018Changsha Shaoguang invested 8 million RMB to acquire 51% stake in Jiuzhang Xundun after it absorbed Jiuzhang Zikong. Jiuzhang Xundun specializes in computer technology development and software services with over 100 high-level technical staff. The two companies have highly synergistic positions in the defense electronics equipment supply chain, combining to develop domestically-controlled reinforced computers for weapons equipment.
• 深圳技术大学 (Shenzhen Technology University)minorStrategic or Co-development Partner · 26 October 2018Established 'Ultra Large Scale Digital Integrated Circuit Design Joint Laboratory' for collaborative research in integrated circuit design, production and application. Joint laboratory provides platform for long-term university-industry cooperation with mutual benefits.

Scale indicators15 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Xinjiang Zhongtai (Chalco Shandong) Chemical: Xinjiang Zhongtai is a major Chinese PVC and chlor-alkali producer, comparable to Hangjin in core chlor-alkali capacity, integrated PVC operations, and commodity chemical revenue base. Both serve overlapping industrial customers in the polyether and PVC value chain.
• Tongling Chemical (Jiangxi Tongling): Tongling Chemical is a Chinese chlor-alkali and fine chemicals producer. Comparable to Hangjin on chlor-alkali and chemical specialty production, serving similar industrial B2B customers in polyurethane and downstream chemical manufacturing.
• Kingfa Sci & Tech: Kingfa is a leading Chinese modified plastics and polymer materials producer with significant polyether polyol production. It directly overlaps Hangjin's polyether polyol product line for polyurethane foam customers and shares the same Innovation Pioneer recognition from the China Polyurethane Industry Association.
• Nanjing Chemical Industry (Sinorgchem / Yuxiang): Nanjing Chemical produces polyether polyols and other specialty chemicals used in polyurethane manufacturing. Directly comparable to Hangjin's polyether business and shares similar B2B polyurethane foam customer base.
• Tangshan Sanyou Chemical Industries: Tangshan Sanyou is one of China's largest chlor-alkali producers, manufacturing caustic soda, PVC, and downstream chemicals. It is directly comparable to Hangjin's traditional chemical segment in terms of product mix, scale (multi-billion RMB revenue), and exposure to chlor-alkali cycles.
• Jiangsu Changjiang Electronics Technology (JCET): JCET is China's largest outsourced semiconductor assembly and test (OSAT) provider. Its IC packaging, testing, and assembly operations are directly analogous to what Changsha Shaoguang and Weike Electronics perform for Hangjin's military electronics segment, making it a directly comparable chip packaging peer.
• Inner Mongolia Junzheng Energy & Chemical Group: Inner Mongolia Junzheng is a large-scale chlor-alkali and PVC producer with diversified downstream chemicals. It is a direct peer to Hangjin's chemical segment and is comparable on chlor-alkali scale, polyether output, and hydrogen side businesses.

Broad incumbents

• China Electronics Technology Group (CETC) subsidiaries: CETC is a Chinese state-owned defense electronics conglomerate with numerous IC design and military electronics subsidiaries. It is a broader incumbent in the same defense electronics category where Hangjin's Shaoguang and Weike compete, and represents the dominant state-backed competitor for sole-source defense chip positions.
• China Resources Microelectronics (CR Micro): China Resources Microelectronics is a major diversified Chinese semiconductor manufacturer producing power devices, analog ICs, and smart-sensor chips. It overlaps with Hangjin's military/industrial IC business as a broad domestic incumbent in the Chinese chip ecosystem.

Others

• Liaoning Jiahua New Energy: Liaoning Jiahua is Hangjin's strategic partner in high-purity hydrogen and a regional hydrogen player tied into the company's new 3000Nm3/h filling station. They are not direct competitors but an adjacent/ecosystem participant in Hangjin's emerging hydrogen vertical.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Hangjin Technology