Polymaker's Parent Company, Polyfusion Technology, Resumes A-Share IPO Counseling

On April 5, 2025, it was reported by Panda3dp.com that Suzhou Polyfusion Technology Co., Ltd.—the parent company of the renowned 3D printing materials brand Polymaker—reignited its IPO process on April 2. The company has appointed Huatai United Securities as its advisor and plans to pursue an initial public offering on the A-share market. Boldly speculating, Panda3dp.com predicts that Polyfusion’s revenue in 2025 may reach 1 billion yuan, with shipments of 3D printing materials exceeding 60,000 tons.

This is not Polyfusion Technology’s first attempt at going public. As early as June 2023, the company had already initiated IPO counseling, with Orient Securities acting as its advisor at the time. However, that effort was terminated in January 2025. Now, the company has once again embarked on its path to an IPO.

Since its founding in 2012, Polyfusion Technology has remained headquartered in Changshu, Jiangsu Province, with a long-standing focus on 3D printing materials and related technological applications. Leveraging its innovative technologies, the company has actively explored applications in areas such as lightweight automotive component manufacturing. Furthermore, through its environmentally friendly materials production initiative, it continues to enhance its capabilities in green manufacturing. Its product standards align with leading international benchmarks, positioning it as a global frontrunner in the field of extrusion-based 3D printing materials.

 According to Tianyancha, Polyfusion Technology has successfully completed seven rounds of financing. In 2012, it secured angel investment from Zhilang Venture Capital. In 2015, it raised 18 million yuan in Series A funding with participation from Legend Star, a subsidiary of Lenovo Holdings.

In March 2017, the company completed a Series B round totaling 30 million yuan, with listed company Wanma Co., Ltd. among its investors. Renowned investment firm IDG Capital took part in both the Series D and Series E rounds in 2021 and 2022, each exceeding 100 million yuan. In addition, Changshu Guofa Venture Capital participated in the Series E round, while Yuanhe Puhua contributed to the E+ round. The company is now valued at approximately 3 billion yuan. The revival of its IPO journey is expected to inject new capital into its R&D endeavors and further accelerate its market expansion.

Public records indicate that Polyfusion Technology was co-founded by four alumni of Fudan University: Luo Xiaofan, Qu Hang, Lu Pengyu, and Gu Jun. Each founder brings expertise across critical areas such as technology, sales, finance, and operations, forming a multidimensional professional entrepreneurial team. Luo Xiaofan earned his undergraduate degree from Fudan University’s Department of Polymer Science before pursuing a Ph.D. in the United States. Upon returning to China, he led the company’s technological innovation with his solid academic foundation. Qu Hang, with extensive experience in polymer and chemical sales, heads the company’s marketing and sales operations. Lu Pengyu, also a graduate of Fudan’s polymer program, assumed responsibility for financial affairs after gaining experience in both chemical and financial sectors. Gu Jun, a graduate of the university’s computer science department, oversees daily operations, drawing on his background in IT consulting.

In terms of ownership structure, Luo Xiaofan and Lu Pengyu are the company’s controlling shareholders, jointly holding 38.73% of the voting rights through direct shares and a concerted action agreement. The resumption of Polyfusion Technology’s IPO counseling has once again drawn capital market attention to the 3D printing materials sector, making its future trajectory one worth anticipating.