Li Zekai's Fuwei Group submitted an application for listing to the Hong Kong Stock Exchange, with Goldman Sachs Group, Morgan Stanley, Xiaomo and China Banking International as co-sponsors.
From 2020 to 2022, the company achieved revenue of $7.682 billion, $9.302 billion and $7.866 billion (more than 50 billion yuan) respectively, with a sharp decline in revenue, corresponding to a loss of $740 million (about 5.1 billion yuan) in 2022.