Circuit Fabology Microelectronics Equipment Co., Ltd., a semiconductor equipment manufacturer already listed on the Shanghai Stock Exchange's STAR Market, has officially submitted a listing application to the Main Board of the Hong Kong Stock Exchange. The move marks a significant step towards the company's goal of establishing dual capital platforms. The sole sponsor for this offering is China International Capital Corporation Limited.
According to its prospectus, the company is a high-tech enterprise specializing in the research and development, production, and sales of direct imaging and direct-write lithography equipment centered on micro-nano direct-write lithography technology. A report from CIC Consulting indicates that based on 2024 revenue, the company is the world's largest supplier of direct imaging equipment for printed circuit boards (PCBs), holding a market share of 15.0%. As of December 31, 2025, it was the only company globally with commercialized products covering all applications in PCBs, IC substrates, advanced packaging, and photomasks.
The company's product portfolio primarily includes PCB direct imaging equipment and automated line systems, as well as semiconductor direct-write lithography equipment and automated line systems. In 2025, PCB-related equipment contributed 76.7% of total revenue, while semiconductor-related equipment accounted for 16.6%. By the end of 2025, the company had provided nearly 100 types of equipment to over 600 global customers, including all of the world's top ten PCB manufacturers and 70% of the top 100 global PCB manufacturers.
The company operates a production base in Hefei, China, consisting of two facilities: Phase I and Phase II. The utilization rates for the effective production capacity of the Phase I facility were 78.0%, 116.3%, and 145.3% for the years 2023, 2024, and 2025, respectively, indicating a trend towards full capacity utilization. The Phase II production base commenced initial trial operations in September 2025, aiming to further enhance high-end product manufacturing capabilities.
In terms of research and development, the company invested 131 million yuan in R&D expenses in 2025, representing 9.3% of its operating revenue. By the end of 2025, it employed over 280 R&D personnel, constituting approximately one-third of its total workforce, and held more than 290 granted patents and software copyrights.
Financial data reveals strong growth momentum. The company's operating revenue for 2023, 2024, and 2025 was 829 million yuan, 954 million yuan, and 1.408 billion yuan, respectively. The compound annual growth rate from 2019 to 2025 exceeded 37%. Net profit for the same periods was 179 million yuan, 161 million yuan, and 290 million yuan, respectively.
Despite this strong performance, the company faces certain risks. PCB direct imaging equipment remains the primary revenue source, while its semiconductor business holds only a 1.5% market share, showing a significant gap compared to international leaders. Customer concentration has been increasing, with the top five customers contributing 41.6% of revenue in 2025; the largest single customer accounted for 13.7%. Regarding the supply chain, purchases from the top five suppliers represented 42.2% of the total in 2025, with the largest supplier accounting for 21.2%, presenting potential supply risks amid U.S. tariff policies.
The net proceeds from the Hong Kong listing are intended primarily to strengthen R&D capabilities, expand overall production capacity, pursue strategic investments or acquisitions, grow global sales operations and develop overseas networks, and supplement working capital.
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