
Keshun Waterproof Technologies Co., Ltd.
Keshun
Keshun Waterproof Technologies Co., Ltd. is a Chinese waterproofing materials manufacturer and one of China's leading building waterproofing enterprises, founded in 1996 and headquartered in Foshan, Guangdong Province. Listed on the Shenzhen Stock Exchange under the ticker 300737, Keshun specializes in the full spectrum of waterproofing products including modified bitumen membranes, synthetic polymer (PVC/TPO/HDPE) waterproof sheets, polyurethane and cementitious waterproof coatings, sealants, and auxiliary materials. With estimated 2025 revenue of ¥6.04 billion and over 6,000 employees, Keshun operates 10+ large production bases across China and has been expanding into Southeast Asian markets as part of the Belt and Road Initiative. The company has been consistently ranked among China's Top 500 Building Materials Enterprises and holds extensive certifications including CRCC (railway) and numerous national-level waterproofing qualifications.
Strengths: Keshun's primary competitive strength is its deep specialization in waterproofing technology — unlike diversified conglomerates, Keshun's product portfolio is entirely focused on waterproofing, giving it technical depth comparable to global specialists. The company has built extensive government and infrastructure project relationships in China, supplying waterproofing solutions for major national projects including high-speed railways, subway systems, airports, and large-scale municipal infrastructure — projects that require CRCC and other national certifications that foreign competitors cannot easily access. Keshun's cost-competitive manufacturing base in China provides significant pricing advantages in both domestic and international markets. The company's comprehensive product line — covering APP/SBS modified bitumen membranes, PVC/TPO/HDPE synthetic sheets, polyurethane coatings, cementitious waterproof materials, and sealants — allows it to provide complete waterproofing solutions for projects of all scales. Keshun has strong R&D capabilities with multiple provincial-level engineering technology centers and holds hundreds of active patents in waterproofing technology.
Weaknesses: Keshun's revenue and operations are highly concentrated in China, with international markets representing a small fraction of total business. The company faces intense competitive pressure in China's fragmented waterproofing market, where thousands of smaller manufacturers compete primarily on price, compressing margins across the industry. Keshun's brand recognition outside of China is limited, making it difficult to command premium pricing in developed markets where established global brands like Sika, MAPEI, and RPM are preferred. The company's profitability has been under pressure due to rising raw material (asphalt, polymer resin) costs and increasing competition. While Keshun has strong technical capabilities in standard waterproofing products, it has less advanced technology in high-performance firestop sealants and fire-rated joint systems compared to global leaders like Hilti and 3M. The company's dependence on the Chinese real estate market exposure creates vulnerability to the ongoing correction in China's property development sector.Read MoreShow Less
Strengths: Keshun's primary competitive strength is its deep specialization in waterproofing technology — unlike diversified conglomerates, Keshun's product portfolio is entirely focused on waterproofing, giving it technical depth comparable to global specialists. The company has built extensive government and infrastructure project relationships in China, supplying waterproofing solutions for major national projects including high-speed railways, subway systems, airports, and large-scale municipal infrastructure — projects that require CRCC and other national certifications that foreign competitors cannot easily access. Keshun's cost-competitive manufacturing base in China provides significant pricing advantages in both domestic and international markets. The company's comprehensive product line — covering APP/SBS modified bitumen membranes, PVC/TPO/HDPE synthetic sheets, polyurethane coatings, cementitious waterproof materials, and sealants — allows it to provide complete waterproofing solutions for projects of all scales. Keshun has strong R&D capabilities with multiple provincial-level engineering technology centers and holds hundreds of active patents in waterproofing technology.
Weaknesses: Keshun's revenue and operations are highly concentrated in China, with international markets representing a small fraction of total business. The company faces intense competitive pressure in China's fragmented waterproofing market, where thousands of smaller manufacturers compete primarily on price, compressing margins across the industry. Keshun's brand recognition outside of China is limited, making it difficult to command premium pricing in developed markets where established global brands like Sika, MAPEI, and RPM are preferred. The company's profitability has been under pressure due to rising raw material (asphalt, polymer resin) costs and increasing competition. While Keshun has strong technical capabilities in standard waterproofing products, it has less advanced technology in high-performance firestop sealants and fire-rated joint systems compared to global leaders like Hilti and 3M. The company's dependence on the Chinese real estate market exposure creates vulnerability to the ongoing correction in China's property development sector.
Listed market data
300737 · SZSE · weeklyHistory →- Market cap
- $725 M
- Share price
- CNY 3.86
- 1Y change
- -22.4%
- Recent change
- -0.5%
- IPO price
- -41.8%
- Revenue (TTM)
- ¥6.04B (2025 est)
11-02 → 11-03
CNY 9.95 · from 2018-01-25
Financial history
Full market history- 2026-11CNY 3.86$725 M+0.3%
- 2026-10CNY 3.85$723 M-20.3%
- 2026-09CNY 4.83$907 M-1.2%
- 2026-08CNY 4.89$918 M+0.2%
- 2026-07CNY 4.88$916 M-25.7%
- 2026-06CNY 6.57$1.2 B-9.5%
- 2026-05CNY 7.26$1.4 B+6.6%
- 2026-04CNY 6.81$1.3 B+9.7%
- 2026-03CNY 6.21$1.2 B-17.2%
- 2026-02CNY 7.50$1.4 B+5.3%
- 2026-01CNY 7.12$1.3 B+29.5%
- 2025-12CNY 5.50$1 B—
Ownership & Control
Latest available filings- Controlling entity
- Publicly held — no controlling shareholder disclosed
- Company type
- Manufacturer
- Insiders
- 52.24%
- Institutions
- 3.91%(34 holders)
- Free float
- 8.18%
Percentages are of total shares outstanding, aggregated from 13F-style filings via Yahoo Finance. Institutional figures reflect US-filed positions and may undercount owners filing elsewhere. No figure is shown where none is disclosed.
In the press
All coverage →4 latest headlines1- Top 10 Silicone Waterproof Coating OEM Factories in China 2026: T - The National Law Reviewnatlawreview.com2026-08-26
- vietnam Waterproofing Membrane Market Size, Share,Trends, Growth Analysis Report, 2030 - MarketsandMarketswww.marketsandmarkets.com2026-08-03
- Smart Asia Seal RM10 Million Pact To Waterproof Malaysia’s Future - BusinessToday Malaysiawww.businesstoday.com.my2025-05-16
- Smart Asia Chemicals teams up with Keshun to develop chemicals solutions - The Starwww.thestar.com.my2025-05-16
Quick Facts
Headquarters
Foshan, Guangdong, China
Founded
1996
Employees
6,000
Revenue
¥6.04B (2025 est)
Market cap
$725 M
Factories
10+ large production bases
Presence
Southeast Asia and Belt & Road countries
Listing
SZSE: 300737
Categories
11 categories · scroll for more
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Data Sources & Methodology
This corporate profile is compiled from publicly available sources including company annual reports, SEC/regulatory filings, official press releases, and verified third-party industry databases. Financial figures reflect the most recent fiscal year disclosures and are cross-validated across multiple independent references.
VerityRank Score is calculated using a proprietary multi-dimensional model evaluating market presence, financial strength, operational scale, innovation capacity, and brand influence. Individual dimension scores are normalized against industry peers and updated quarterly.
Disclaimer: This profile is for informational purposes only. VerityRank makes no warranties regarding completeness or timeliness. This content does not constitute investment advice or endorsement.
Key references: Official Website SZSE: 300737 , fortunebusinessinsights.com, intelmarketresearch.com, sphericalinsights.com, six-group.com
