A Shenzhen company, having just concluded its share offering and preparing for its stock market debut, was publicly named by an investor group at the final hour of its Hong Kong IPO. This has added a contentious note to the otherwise hot narrative of the "first consumer-grade 3D printing stock."
01 Publicly Targeted by Investor Group Shenzhen Creality 3D Technology Co., Ltd. (Creality) is set to list on the Hong Kong Stock Exchange under stock code 03388.HK. The company conducted its public offering from May 20 to 26, which has now concluded. It is expected to commence trading on the HKEX on May 29. Creality plans to issue 73.42755 million H shares at an offer price of HK$18.8 per share, aiming to raise approximately HK$1.38 billion. The board lot subscription fee is HK$2,848.44. The prospectus shows that 15 cornerstone investors, including Taikang Life Insurance, CITIC Xingye International (a subsidiary of CITIC Limited, 00267.HK), CPE Yuanfeng, and Jump Trading, have collectively subscribed to shares worth about $88 million (approximately HK$689 million). According to the latest market information, by the morning of May 26, the public offering portion had recorded margin financing subscriptions of about HK$350.99 billion. Against a public offering size of HK$138 million, this represents an oversubscription of approximately 2,541.6 times. Currently, the subscription for Creality's H shares appears quite robust. However, the company was recently publicly challenged by a Hong Kong investor group. According to a May 24 report, the Hong Kong Investor Rights Concern Group publicly called on the HKEX to suspend Creality's IPO. The report stated that the Concern Group questioned the adequacy and timeliness of disclosures in Creality's prospectus regarding intellectual property litigation and related legal risks. The Concern Group pointed out that Creality's prospectus states the company is not involved in any legal, arbitration, or administrative proceedings it believes would have a material adverse impact. However, the group argues there are significant flaws in Creality's disclosure concerning a U.S. patent infringement lawsuit involving Luxembourg-based 3D scanning technology company Artec Europe. This patent infringement lawsuit between the parties remains ongoing, with case number 1:22-cv-01676. Public information shows the case has lasted over four years, and recent partial rulings by the U.S. court have been unfavorable to Creality. The Concern Group contends that Creality's prospectus merely highlights the company has filed a motion for summary judgment, stating the case could be terminated if the motion is granted. It fails to adequately disclose that the court has already dismissed motions related to two core patents, rejected its invalidity defense, excluded key technical expert testimony, and that the case has been left entirely for a jury trial. Apart from this overseas lawsuit, Creality is also entangled in another copyright dispute with a domestic peer. The Concern Group noted there is a user model copyright dispute between Creality's Creality Cloud and Bambu Lab's MakerWorld platform. MakerWorld has filed a lawsuit alleging Creality Cloud engaged in unauthorized copying and commercial use of thousands of user-generated 3D models. The group believes these two incidents directly concern Creality's core 3D scanning technology and its ongoing development of a cloud or platform ecosystem. The Chairman of the Hong Kong Investor Rights Concern Group stated that Hong Kong must not lower listing standards merely to boost IPO numbers, as this would harm public investors' interests. The group called on the HKEX to suspend Creality's IPO. It demanded the company have all material intellectual property risks and litigation information verified and fully disclosed by independent experts, and also called for a comprehensive review of the due diligence work conducted by professional intermediaries.
02 Number Two in Consumer 3D Printing Creality was founded in 2014 by four individuals born after 1985: Chen Chun, Liu Huilin, Ao Danjun, and Tang Jingke. At startup, the four had only 300,000 yuan in seed capital and four backup credit cards. In its founding year, working from a roughly 20-square-meter office, they developed their first-generation 3D printer, the CR-i3, sold it to Hong Kong, and earned their first pot of gold. In 2015, the CR-7 entered mass production and topped the Taobao sales chart in its launch month. The CR-8, successfully developed the same year, nearly doubled printing precision and speed. The launch of these initial products was a modest start. What truly propelled Creality to global recognition was the CR-10 in 2016. This new-generation 3D printer, priced around five to six hundred dollars, quickly captured the mid-to-high-end market with its high cost-performance ratio, becoming a global hit with shipments reaching 17,000 units that year. In 2020, driven by the global work-from-home and DIY trends, consumer-grade 3D printing began entering ordinary households in Europe and America, achieving a genuine "breakout." Riding this wave, Creality sold many products. From 2020 to 2024, the company's global shipments of consumer-grade 3D printers exceeded 4.4 million units, securing the top global market share of 27.9%. According to CIC data, based on estimated 2025 GMV, Creality holds approximately 11.2% of the global consumer 3D printer market, ranking second globally. Ahead of it is Bambu Lab, with a market share as high as 42.7%. Currently, the company's product portfolio covers 3D printers, 3D printing materials, 3D scanners, laser engravers, and various accessories, alongside developed software and online platforms. Among these, Creality Cloud is its key integrated 3D printing platform, launched in March 2020, primarily offering a 3D model library, workbench, and community interaction features. As of the end of 2025, by registered users and number of experienced designers, Creality Cloud has become one of the world's largest online 3D printing communities. Additionally, the company launched the Nexbie platform in August 2025, attempting to enter the 3D printed finished goods trading market. Financially, Creality's revenue continues to grow, but its profitability has declined. From 2023 to 2025, the company's revenue reached 1.883 billion yuan, 2.288 billion yuan, and 3.127 billion yuan, respectively, with gross margin maintained around 31%. During the same period, net profit was 129 million yuan, 89 million yuan, and a loss of 182 million yuan, respectively. Creality explained that the 2025 loss was primarily due to the issuance of shares to investors and the distribution of a 240 million yuan dividend. Excluding this factor, its 2025 net profit would have been 58 million yuan, still lower than 2024. Creality completed its Series A financing in 2021, which remains its only funding round, raising 508 million yuan. This round attracted notable investors, including Qianhai Fund of Funds, Shenzhen Capital Group, and Tencent Venture Capital (a subsidiary of Tencent Holdings, 00700.HK). To date, these investors hold approximately 5.8%, 4.4%, and 2.2% equity interests, respectively, in Creality's total issued share capital. At the end of December 2023, Creality sought a Mainland A-share listing and underwent five phases of listing guidance before April 2025. However, in early August 2025, Creality terminated its A-share IPO guidance agreement and decisively switched course to the Hong Kong Stock Exchange. At the end of August 2025, Creality submitted its first listing application to the HKEX. In early March this year, the company submitted a second application, pushing hard to become Hong Kong's "first consumer-grade 3D printing stock," culminating in passing the listing hearing this month.
Comments