Shanghai Union Technology Co., Ltd. (UnionTech) has submitted an application for a main board listing on the Hong Kong Stock Exchange, with Haitong International Capital Limited acting as the sole sponsor.
UnionTech is a leading provider of integrated industrial-grade 3D printing solutions in China. The company leverages AI and digital technologies to enhance 3D printing, aiming to advance the industry from prototyping to process optimization and ultimately accelerate the shift towards mass customization of end-use functional parts and products, thereby building comprehensive digital manufacturing delivery capabilities.
Business Overview and Market Position
The company's operations span the entire industrial 3D printing value chain, offering self-developed industrial-grade 3D printing equipment integrated with its proprietary digital software, high-performance printing materials, and digital, intelligent 3D printing services based on a cloud factory model.
As one of China's earliest participants in 3D printing technology, UnionTech has over two decades of experience in the sector, accumulating deep expertise in technological development and industrial application, and continuously promoting the large-scale adoption of industrial 3D printing.
According to data from Frost & Sullivan, the company achieved the following: it ranked first among Chinese companies in China for industrial-grade 3D printing equipment shipments in 2025, with a market share of approximately 25%. It ranked fourth globally among companies providing integrated industrial-grade 3D printing solutions by revenue in 2025. It is one of the few Chinese firms covering mainstream industrial 3D printing technologies and an industry leader with integrated capabilities across printing equipment, consumables, and printing services.
Technology and Manufacturing Network
The company covers the entire upstream, midstream, and downstream segments of the 3D printing industry. It is one of the few equipment manufacturers globally possessing a full-process software and algorithm system for industrial 3D printing, having developed its industrial software in-house.
A notable feature of its business model is distributed manufacturing, fully enabled by AI and digital capabilities for its printing services. Through its self-developed Unionfab Cloud platform, the company effectively connects its own and external cooperative 3D printing equipment, forming a hybrid production network.
To facilitate capacity coordination within this distributed network, Unionfab connects both company-owned and customer-owned equipment, optimizing internal production resources and the utilization of installed customer capacity during idle periods to provide printing services. As of December 31, 2025, Unionfab had cumulatively connected approximately 1,800 devices (including both company-owned and end-user-owned equipment), supporting large-scale operation of the distributed manufacturing network.
Financial Performance
For the years 2023, 2024, and 2025, the company generated revenues of approximately RMB 515 million, RMB 521 million, and RMB 563 million, respectively.
Gross profit for those years was approximately RMB 153 million, RMB 121 million, and RMB 165 million, corresponding to gross margins of 29.7%, 23.2%, and 29.2%.
Annual losses for 2023, 2024, and 2025 were RMB 29.008 million, RMB 84.773 million, and RMB 31.391 million, respectively.
Industry Outlook
The global market for integrated 3D printing solutions has expanded significantly, with the total market size growing from RMB 1,044 billion in 2021 to RMB 1,392 billion in 2025, representing a compound annual growth rate (CAGR) of 7.5%. The industrial-grade segment remains dominant.
The market is projected to reach RMB 2,360 billion by 2030, with a CAGR of 11.1% from 2025 to 2030. The industrial-grade solutions market is expected to grow to RMB 1,539 billion by 2030 (CAGR 10.5%), while the consumer-grade market is forecast to reach RMB 821 billion (CAGR 12.4%).
Corporate Governance and Shareholding
The board of directors will consist of 11 members, including three executive directors, four non-executive directors, and four independent non-executive directors.
As of the latest practicable date, a consortium acting in concert, comprising several consulting entities and individuals, collectively controlled approximately 18.12% of the company's total issued share capital, representing the single largest shareholder group.
Advisor Team
The sole sponsor is Haitong International Capital Limited. The company's legal advisors are Clifford Chance (for Hong Kong and U.S. law), Shanghai AllBright Law Offices (for PRC law), and Squire Patton Boggs (US) LLP (regarding international sanctions and U.S. export control laws). The reporting accountants and auditor is Ernst & Young. The industry consultant is Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch, and the compliance advisor is Valuable Capital Limited.
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