Recently, Sinopec Capital, as the lead investor, has completed the pre-IPO investment in TOYI Carbon.

As a leading player of high-performance carbon fiber companies in China, TOYI Carbon mainly engages in two business segments, asphalt-based carbon fiber and thermal insulation materials. Its feedstock oil slurry is supplied by Sinopec, demonstrating great synergy with Sinopec's industrial chain.

Through years of technological research, TOYI Carbon has realized the localization of the equipment and technology of high-performance asphalt-based carbon fiber production. Its high thermal conductivity mesophase asphalt-based carbon fiber products have filled the gaps in China. Supported by many national major scientific research projects, TOYI Carbon is the fourth batch of the Ministry of Industry and Information Technology’s "little giants" firms（specialized and sophisticated enterprises that produce new and unique products）, and has won the second prize of the National Scientific and Technological Progress Award in 2020. It has applied for nearly 100 patents, of which more than 70 have been granted, owning complete and independent intellectual property rights from process technology to equipment design. The funds raised will be mainly used for enriching TOYI Carbon’s product matrix, expanding its application of products, as well as the preliminary preparation of the expectant IPO fundraising projects.In order to structure an ample business portfolio, Toyi plans to accelerate their investment in high-performance asphalt-based carbon materials, high-value comprehensive utilization of oil slurry and third-generation semiconductor thermal field materials and other carbon-based new materials. In this way TOYI Carbon will be able to enhance its brand awareness and market value.

Carbon-based new materials, as the "jewel in the crown" product in the new material industry and one of SINOPEC's upgrading directions to high-end new chemical materials, are of excellent mechanical, electrical and thermodynamic properties, and widely used in dozens of industries such as lithium-ion battery, wind power, photovoltaic, nuclear power, aviation/aerospace, metallurgy, transportation, machinery and so on. Sinopec and TOYI Carbon will further deepen cooperation in the field of carbon-based new materials.