Circuit Fabology Microelectronics Equipment Co.,Ltd. (09630) has initiated its public offering in Hong Kong, with the subscription period running from June 17, 2026, to June 23, 2026. The company plans a global offering of 12,838,650 H shares, with 10% allocated to the Hong Kong public offering and 90% to the international offering, both subject to reallocation. An over-allotment option of up to 15% is also available.
The offer price is set between HK$240.09 and HK$252.73 per share, with a board lot size of 50 shares. Trading of the H shares is expected to commence on the Stock Exchange at 9:00 a.m. on Friday, June 26, 2026.
Key Backing from Strategic Investors
The company has entered into cornerstone investment agreements with a consortium of prominent investors. These include entities controlled by the Hefei State-owned Assets Supervision and Administration Commission (Hefei Jianhui, Xinyao Investment, Jinghe Integrated Hong Kong), alongside major institutions such as JPMAMAPL, Shenghong Technology Hong Kong, CPE Chestnut, Lion Global, CICC FT, HHLR, Huadeng Victorious, Montage HK, Yonglian Investment, Monterey Park, Bosera International, HTF (Hong Kong), Fullgoal Hong Kong and Fullgoal Fund, GF Fund, Haiyao Industrial, and Sungrow Power Hong Kong.
These cornerstone investors have agreed to subscribe for shares amounting to approximately US$202 million, equivalent to about HK$1.581 billion.
Use of Proceeds from the Offering
Assuming the over-allotment option is not exercised and the final offer price is set at HK$246.41 per share, the net proceeds from the global offering are estimated to be approximately HK$3.0733 billion.
The company intends to allocate these funds as follows: approximately 25% will be used to enhance research and development capabilities, which is central to its long-term innovation strategy; around 18% is earmarked for expanding overall production capacity; about 27% is designated for strategic investments and/or acquisitions aimed at strengthening the company's position across the industry value chain, although no specific acquisition targets have been identified as of the latest practicable date; roughly 20% will support the expansion of international sales operations and the development of overseas sales and service networks; and the remaining 10% will serve as working capital and for other general corporate purposes.
Market Position and Business Overview
The company is recognized as the world's largest supplier of PCB direct imaging equipment and provides semiconductor direct-write lithography equipment in the AI era. Leveraging its core capabilities in high-precision micro-nano lithography technology R&D and its proven ability to apply proprietary technology across innovative applications, the company is dedicated to manufacturing, selling, and maintaining direct imaging and direct-write lithography equipment for a global clientele.
According to CIC data, based on 2025 revenue, the company ranked fourth among global direct-write lithography equipment suppliers, holding a market share of 9.4%. The global PCB direct imaging equipment sector, a key segment within the broader direct-write lithography industry, is relatively concentrated. The top five suppliers collectively held approximately 59.1% of the market share in 2025.
Specifically, the company was the world's largest PCB direct imaging equipment supplier by revenue in 2025, commanding an 18.8% market share. Its closest competitor held a 15.7% share, with other major competitors holding similar shares.
As of December 31, 2025, the company is the only global supplier with commercialized products covering all applications in PCB, IC substrate, advanced packaging, and photomask. It is one of only two domestic companies with products covering advanced packaging applications and one of only three domestic companies with products covering photomask applications.
Recent Financial Performance
For the years 2023 through 2025, the company reported revenues of RMB 829 million, RMB 954 million, and RMB 1.408 billion, respectively. Gross profit margins for these years were 40.9%, 35.5%, and 39.1%. Annual profits were approximately RMB 179 million, RMB 161 million, and RMB 290 million, respectively.
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