KoJian Co., Ltd.'s IPO is unremarkable; its partner's 'complicated story' constitutes the biggest uncertainty factor.

It is evident that KoJian Co., Ltd.’s current IPO application is unremarkable, and its fundraising amount is modest. Reviewing the application documents reveals numerous noteworthy aspects—and also many uncertainties—regarding the company’s financial performance, products, gross margin, and planned fundraising projects. Moreover, the acquisition of its key trading product supplier, Stahl, by a competitor, coupled with changes in controlling ownership and personnel turbulence at its major customer, Europe-based MAGE Company, have significantly impacted KoJian’s supply chain and sales. Business and technology under scrutiny; trading product supplier now controlled by a competitor The company’s product portfolio is extensive, and it faces strong domestic and international competitors. The proportion of self-manufactured products has been declining gradually, while trading products are also undergoing stress tests. KoJian classifies its products into six categories: butyl adhesives, silicone adhesives, other adhesive products, water-based coatings, home decoration sealing products, and others—with butyl adhesives forming the foundational category. Its products serve industries including automotive, construction, composite material molding, telecommunications and power, and home decoration, meeting downstream demands for sealing, bonding, damping, noise reduction, mildew resistance, flame retardancy, and structural reinforcement. Adhesives are formulation-based products; their core technologies primarily reside in proprietary formula development and mastery of production processes—with formulations taking center stage. During the reporting period, revenue generated from KoJian’s core technologies accounted for 66.39%, 66.39%, 61.23%, and 63.02%, respectively. Notably, foreign multinationals still dominate the adhesive industry. Key overseas peers include Henkel, H.B. Fuller, 3M, Dow Inc., and Bostik. Overall, the share of revenue from KoJian’s self-manufactured products has been slowly declining, while revenue from outsourced manufacturing and trading activities has risen—from 31% to 36%. Trading operations are currently under pressure, particularly concerning the critical trading product “automotive sealant coating,” whose supplier has been acquired by a competitor. KoJian relies on Stahl for its automotive sealant coating, acting as a distributor for this product via trading operations. In 2023, 2024, and 2025, revenue from this business line accounted for 16.70%, 20.49%, and 20.83% of KoJian’s total operating revenue, respectively—highlighting a significant single-product procurement risk. Of note, Stahl holds prominent industry influence. As a global leader in specialty chemicals for coatings and surface treatments, Stahl possesses high technical capabilities and industry recognition, enabling premium pricing for its products. According to interview records with Stahl, the Chinese market size for water-based automotive sealant coatings is approximately RMB 300 million, with Stahl commanding an estimated 30–40% market share. On February 4, 2026, Henkel AG & Co. KGaA—headquartered in Germany—announced the acquisition of a majority stake in Stahl, including 68.5% held by French investment firm Wendel, 16.1% held by BASF, and 14.6% held by Clariant. Henkel is one of KoJian’s strongest foreign competitors. Multi-dimensional scrutiny of financial performance: authenticity, sustainability, customer stability, and revenue recognition In the first and second rounds of regulatory inquiries, the primary focus centered on “financial performance,” covering topics such as sustainability of revenue growth and stability of authorized distributor partnerships; customer stability and compliance of revenue recognition; authenticity of overseas sales; sustainability of revenue growth and sales authenticity; accuracy of revenue recognition and adequacy of verification procedures.

Henkel announces acquisition of Stahl, forging a powerful alliance to jointly expand new horizons in specialty coatings.

Waalwijk, Netherlands, February 4, 2026 — Stahl, a leading global provider of specialty coatings for flexible materials, together with its shareholders Wendel (holding 68.5%), BASF (16.1%), and Clariant (14.6%), officially announced today that it has entered into a definitive agreement to be acquired by Henkel Group for an enterprise value of €2.1 billion. Upon completion of the transaction, Wendel will conclude its two-decade-long controlling stake in Stahl, and Henkel will formally assume control—ushering in a new chapter of synergistic development between the two companies. Shared Vision: Customer-centricity, Innovation, and Sustainability as Common Drivers Henkel and Stahl share highly aligned strategic visions, both consistently prioritizing deepened customer collaboration, unwavering commitment to innovation, and leadership in ESG practices. Rooted in the European industrial ecosystem, both companies maintain similar end-market footprints globally and possess complementary specialty product portfolios—laying a solid foundation for future synergy. Integration will propel Stahl into a new phase of development across customer service depth, technological capability, and global market influence. Leveraging Henkel’s robust strengths in materials science and innovation systems, Stahl will further enhance its competitiveness in the specialty coatings segment for flexible materials. Maarten Heijbroek, CEO of Stahl, stated: “We sincerely thank Wendel Group for its long-term support over the past two decades. Under Wendel’s stewardship, Stahl completed a pivotal strategic transformation, evolving into a focused specialty coatings company with a comprehensive global footprint and a solid foundation for sustainable growth. These achievements will reliably underpin our next phase of expansion.” Heijbroek added: “Today, Stahl and Henkel embark on an exciting new chapter together. We believe this integration will further strengthen Stahl’s position in the specialty coatings market for flexible materials. Henkel’s formidable innovation capabilities will enable us to deliver greater value to our customers, while the strong alignment in vision and culture makes this partnership both natural and highly promising.” Smooth Transition: Business and Organizational Operations Remain Uninterrupted Notably, to safeguard the core interests of employees, customers, and partners, Stahl’s operations will continue uninterrupted throughout the transition period preceding closing. Stahl will retain its existing organizational structure and continue normal operations, rigorously fulfilling all commercial commitments and operational responsibilities to ensure continuity and stability of service—and minimizing disruption arising from integration to the greatest extent possible.

Henkel Completes Acquisition of Dutch Specialty Coating Company Stahl

Oct 9, 2026

German chemical giant Henkel has completed its €2.1 billion acquisition of Dutch specialty coatings firm Stahl. This move strengthens Henkel's adhesive technology portfolio and unlocks new growth opportunities in the specialty coatings market.

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2026-02-04

Henkel to Acquire Specialty Coatings Firm Stahl for €2.1B

2026-10-09

Henkel Completes Acquisition of Dutch Specialty Coating Company Stahl

Henkel Completes Acquisition of Dutch Specialty Coating Company Stahl

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