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Hefei Circuit Fabology Microelectronics Equipment Co.,Ltd. (stock code: 688630, stock abbreviation: CFMEE) recently released its financial report for the first three quarters of 2026.
The report shows that CFMEE's revenue for the first three quarters of 2026 was 1.781 billion yuan, up 90.84% year on year; net profit was 461 million yuan, up 132% year on year; and non-GAAP net profit was 455 million yuan, up 136% year on year.
CFMEE's third-quarter 2026 revenue was 676 million yuan, up 142% year on year; net profit was 180 million yuan, up 217% year on year; and non-GAAP net profit was 177 million yuan, up 212% year on year.
Just Listed in Hong Kong, Raising Over 3 Billion Hong Kong Dollars
As of September 30, 2026, Cheng Zhuo held 23.31%, HKSCC NOMINEES held 10.08%, Ningbo Yage Venture Investment Partnership (Limited Partnership) held 6.45%, Hong Kong Securities Clearing Company Limited held 3.05%, Ningbo Dingqing Venture Investment Partnership (Limited Partnership) held 1.34%, and China Life Insurance Company Limited - Traditional - Ordinary Insurance Product - 005L-CT001 Shanghai held 0.86%.
As of September 30, 2026, in CFMEE's equity structure, Fang Lin held 0.75%, National Social Security Fund Portfolio 117 held 0.6%, China Construction Bank Corporation - Founder Fubon Core Advantage Mixed Securities Investment Fund held 0.59%, and Industrial and Commercial Bank of China Limited - Fullgoal Innovation Technology Mixed Securities Investment Fund held 0.55%.
Cheng Zhuo is the executive partner of Ningbo Yage Venture Investment Partnership (Limited Partnership), and Yang Guoqing, executive partner of Ningbo Dingqing Venture Investment Partnership (Limited Partnership), is the spouse of Cheng Zhuo's older sister.
As of March 31, 2026, Cheng Zhuo held 25.92%, Ningbo Yage Venture Investment Partnership (Limited Partnership) held 7.17%, Hong Kong Securities Clearing Company Limited held 4.09%, Ningbo Dingqing Venture Investment Partnership (Limited Partnership) held 2.29%, China Merchants Bank Co., Ltd. - Xingquan Herun Mixed Securities Investment Fund held 1.44%, and Fang Lin held 0.83%.
As of March 31, 2026, in CFMEE's equity structure, Shenzhen Guolong Capital Equity Investment Management Co., Ltd. - Shenzhen Qifu Guolong Small and Medium Enterprise Equity Investment Fund Partnership (Limited Partnership) held 0.77%, Industrial and Commercial Bank of China Limited - Fullgoal Innovation Technology Mixed Securities Investment Fund held 0.76%, He Shaofeng held 0.62%, and Hefei Nagelith Management Consulting Partnership (Limited Partnership) held 0.57%.
The core reason for the change in CFMEE's equity structure is that CFMEE listed on the Hong Kong Stock Exchange on June 26, 2026, with an issue price of HK$252.73, issuing 12.83865 million shares and raising a total of HK$3.245 billion; after deducting HK$91.7 million in listing expenses payable, the net fundraising amount was HK$3.153 billion.
Victory Giant and Gaorong CPE Each Lose Over 20 Million on Paper
As of today's close, CFMEE's Hong Kong stock price was HK$161.5, down 8% from the previous day; based on the closing price, the company's market value was HK$23.7 billion.
CFMEE's Hong Kong stock price today has fallen 36% from its issue price.
CFMEE had numerous cornerstone investors at the time of listing, namely entities controlled by Hefei State-owned Assets Supervision and Administration Commission (Hefei Jianhui and Xinyao Investment), Nexchip Hong Kong, JPMorgan, Victory Giant Technology (Huizhou) Co.,Ltd. Hong Kong, CPE Chestnut, Lion Global, CICC FT (related to Greenwoods OTC swap), Gaorong HHLR, Huadeng Victorious, Montage HK under Montage Technology, Yonglian Investment, Monterey Park, Boshi International, China Universal (Hong Kong), Fullgoal Hong Kong and Fullgoal Fund, GF Fund, Haiyao Industrial, a wholly owned subsidiary of Tongfu Microelectronics, and Sungrow Hong Kong, which together subscribed US$200 million (approximately HK$1.581 billion). These cornerstone investors are sitting on severe paper losses.
Among them, Hefei Jianhui subscribed US$10.72 million, Xinyao Investment subscribed US$9.75 million, Nexchip Hong Kong subscribed US$7.8 million, JPMorgan and Victory Giant Technology (Huizhou) Co.,Ltd. Hong Kong each subscribed US$19.5 million, CPE Chestnut and Lion Global each subscribed US$17.55 million, and CICC FT (related to Greenwoods OTC swap) and Gaorong HHLR each subscribed US$11.7 million; Huadeng Victorious subscribed US$10.24 million, Montage HK under Montage Technology and Yonglian Investment each subscribed US$9.75 million, Monterey Park, Boshi International, China Universal (Hong Kong), Fullgoal Hong Kong and Fullgoal Fund, and GF Fund each subscribed US$6.82 million, and Haiyao Industrial and Sungrow Hong Kong each subscribed US$4.87 million.
Among them, JPMorgan and Victory Giant Technology (Huizhou) Co.,Ltd. Hong Kong each suffered paper losses of US$7.02 million (46.84 million yuan), CPE Chestnut and Lion Global each suffered paper losses of US$6.32 million (approximately 42.17 million yuan), and CICC FT (related to Greenwoods OTC swap) and Gaorong HHLR each suffered paper losses of US$4.21 million (approximately 28.09 million yuan).
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