Founded on May 30, 2011 with a registered capital of 700 million yuan($101 million) (the registered capital was increased to 1.2 billion yuan in January 2016), Quzhou Huayou Cobalt New Material Co is a high-tech enterprise engaging in the melting of non-ferrous metals like cobalt and cooper and deep processing of new cobalt materials.

Its products include cobalto-cobaltic oxide, cobaltous oxide, cobaltous carbonate, cobaltous hydroxide, cobaltous oxalate, cobaltous sulfate and cobaltous oxide, which are mainly used in lithium-ion battery cathode materials, aerospace superalloy, cemented carbide, color glaze, magnetic materials, rubber adhesives and petrochemical catalysts. It held a market share of 43 percent in China and 21 percent worldwide in 2016, boasting the top comprehensive capacity of cobalt chemicals in the world.