IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) |
|---|---|
| Other Market Stock Code | 688630 |
| H-Share Offer Price | HK$ 252.73 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Cfmee |
|---|---|
| Stock Code | 09630 |
| Company Full Name | CIRCUIT FABOLOGY MICROELECTRONICS EQUIPMENT CO., LTD. |
| Industry | Information Technology |
| Principal Activities | We are the world's largest supplier of PCB direct imaging equipment, providing PCB direct imaging equipment and semiconductor direct-write lithography equipment in the AI era, and are committed to manufacturing, selling and maintaining direct imaging and direct-write lithography equipment for customers worldwide. Our products include PCB direct imaging equipment and automated line systems, semiconductor direct-write lithography equipment and automated line systems, and after-sales maintenance and support services. |
| Listing Date | 2026-06-26 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國安徽省合肥高新技術產業開發區長寧大道789號1號樓 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1915室 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | cfmee.cn |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 252.73 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 12,636 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-06-17 to 2026-06-23 |
| Global Offering Shares | 12,838,650 shares |
| HK Public Offer Shares (Initial) | 1,283,900 shares (10.0%) |
| Public Offer Lots (Initial) | 25,678lots (Pool A12,839lots，Pool B12,839lots) |
| International Placing Shares (Initial) | 11,554,750 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 144,579,366 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 50.0% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 3,244,712,014 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 12,636 |
| 2 lots | 100 | HK$ 25,273 |
| 3 lots | 150 | HK$ 37,910 |
| 4 lots | 200 | HK$ 50,546 |
| 5 lots | 250 | HK$ 63,182 |
| 6 lots | 300 | HK$ 75,819 |
| 7 lots | 350 | HK$ 88,456 |
| 8 lots | 400 | HK$ 101,092 |
| 9 lots | 450 | HK$ 113,728 |
| 10 lots | 500 | HK$ 126,365 |
| 12 lots | 600 | HK$ 151,638 |
| 14 lots | 700 | HK$ 176,911 |
| 16 lots | 800 | HK$ 202,184 |
| 18 lots | 900 | HK$ 227,457 |
| 20 lots | 1,000 | HK$ 252,730 |
| 30 lots | 1,500 | HK$ 379,095 |
| 40 lots | 2,000 | HK$ 505,460 |
| 50 lots | 2,500 | HK$ 631,825 |
| 60 lots | 3,000 | HK$ 758,190 |
| 70 lots | 3,500 | HK$ 884,555 |
| 80 lots | 4,000 | HK$ 1,010,920 |
| 90 lots | 4,500 | HK$ 1,137,285 |
| 100 lots | 5,000 | HK$ 1,263,650 |
| 120 lots | 6,000 | HK$ 1,516,380 |
| 140 lots | 7,000 | HK$ 1,769,110 |
| 160 lots | 8,000 | HK$ 2,021,840 |
| 180 lots | 9,000 | HK$ 2,274,570 |
| 200 lots | 10,000 | HK$ 2,527,300 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 400 lots | 20,000 | HK$ 5,054,600 |
| 600 lots | 30,000 | HK$ 7,581,900 |
| 800 lots | 40,000 | HK$ 10,109,200 |
| 1,000 lots | 50,000 | HK$ 12,636,500 |
| 1,200 lots | 60,000 | HK$ 15,163,800 |
| 1,400 lots | 70,000 | HK$ 17,691,100 |
| 1,600 lots | 80,000 | HK$ 20,218,400 |
| 1,800 lots | 90,000 | HK$ 22,745,700 |
| 2,000 lots | 100,000 | HK$ 25,273,000 |
| 4,000 lots | 200,000 | HK$ 50,546,000 |
| 6,000 lots | 300,000 | HK$ 75,819,000 |
| 8,000 lots | 400,000 | HK$ 101,092,000 |
| 10,000 lots | 500,000 | HK$ 126,365,000 |
| 12,839 lots | 641,950 | HK$ 162,240,024 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 3.31B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 35,625,299,286 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | Net profit RMB 289.9 million |
| Period-End Cash Balance | RMB 442.71 million |
| Listing Expenses | ~HK$ 90,300,000 |
| Listing Expenses / Funds Raised | ~2.9% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approximately 25% will be used to strengthen research and development capabilities, approximately 18% to expand overall production capacity, approximately 27% for strategic investments and/or acquisitions, approximately 20% to expand international sales business and overseas sales and service network, and approximately 10% for working capital and other general corporate purposes. |
Underwriting Syndicate
Sole Sponsor (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Sponsor cum Overall Coordinator (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894(sole)
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (4)
Joint Lead Managers (5)
Capital Market Intermediaries (3)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 德恒律师事务所 Ashurst Tokyo (Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo) |
| Legal Advisor to Sponsors/Underwriters |
欧华律师事务所 通商律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识企业管理咨询（上海）有限公司 |
| Compliance Advisor | Rainbow Capital (HK) Limited CE BPB716 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 股份的股本的股份的股本的合肥市国资委控制的实体合肥建汇 | 10,720,000 USD | 340,950 | 2.66% | 0.24% | 6 months | 2026-12-26 |
| 2 | 芯耀投资 | 9,750,000 USD | 309,950 | 2.41% | 0.21% | 6 months | 2026-12-26 |
| 3 | 晶合集成香港 | 7,800,000 USD | 247,950 | 1.93% | 0.17% | 6 months | 2026-12-26 |
| 4 | JPMAMAPL | 19,500,000 USD | 619,950 | 4.83% | 0.43% | 6 months | 2026-12-26 |
| 5 | 胜宏科技香港 | 19,500,000 USD | 619,950 | 4.83% | 0.43% | 6 months | 2026-12-26 |
| 6 | CPE Chestnut | 17,550,000 USD | 557,950 | 4.35% | 0.39% | 6 months | 2026-12-26 |
| 7 | Lion Global | 17,550,000 USD | 557,950 | 4.35% | 0.39% | 6 months | 2026-12-26 |
| 8 | CICC FT（与景林场外掉期有关） | 11,700,000 USD | 371,950 | 2.90% | 0.26% | 6 months | 2026-12-26 |
| 9 | HHLR | 11,700,000 USD | 371,950 | 2.90% | 0.26% | 6 months | 2026-12-26 |
| 10 | Huadeng Victorious | 10,240,000 USD | 325,450 | 2.53% | 0.23% | 6 months | 2026-12-26 |
| 11 | Montage HK | 9,750,000 USD | 309,950 | 2.41% | 0.21% | 6 months | 2026-12-26 |
| 12 | 永联投资 | 9,750,000 USD | 309,950 | 2.41% | 0.21% | 6 months | 2026-12-26 |
| 13 | Monterey Park | 9,270,000 USD | 294,750 | 2.30% | 0.20% | 6 months | 2026-12-26 |
| 14 | 博时国际 | 6,820,000 USD | 216,950 | 1.69% | 0.15% | 6 months | 2026-12-26 |
| 15 | 汇添富（香港） | 6,820,000 USD | 216,950 | 1.69% | 0.15% | 6 months | 2026-12-26 |
| 16 | 富国香港及富国基金 | 6,820,000 USD | 216,950 | 1.69% | 0.15% | 6 months | 2026-12-26 |
| 17 | 广发基金 | 6,820,000 USD | 216,950 | 1.69% | 0.15% | 6 months | 2026-12-26 |
| 18 | 海燿实业 | 4,870,000 USD | 154,950 | 1.21% | 0.11% | 6 months | 2026-12-26 |
| 19 | 阳光电源香港 | 4,870,000 USD | 54,950 | 1.21% | 0.11% | 6 months | 2026-12-26 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 程卓 | Cheng Zhuo |
| Company Secretary / Executive Director | 魏永珍 | Wei Yongzhen |
| Non-Executive Director | 赵凌云 | Zhao Lingyun |
| Independent Non-Executive Director | 周亚娜 | Zhou Yana |
| Executive Director | 方林 | Fang Lin |
| Non-Executive Director | 周驰军 | Zhou Chijun |
| Independent Non-Executive Director | 钟琪 | Zhong Qi |
| Non-Executive Director | 刘锋 | Liu Feng |
| Independent Non-Executive Director | 王乐得 | Wong Lok Tak |
Major Shareholders
| Major Shareholders & Holdings | The controlling shareholder group includes Ms. Cheng Zhuo (direct shareholding of 25.92%), 亞歌創投, 合光刻 and 納光刻, holding in aggregate approximately 34.13% of the equity interests. |
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