Chinese ceramics maker Three-Circle seeks up to $1 billion Hong Kong listing

Chaozhou Three-Circle Group is moving to tap Hong Kong for as much as $1 billion, a listing that could turn a little-known ceramic components supplier into a fresh test of investor demand for Chinese advanced manufacturing. The company’s parts sit deep inside the technology economy, where they help manage heat, carry signals and store electric charge in products ranging from smartphones and telecom gear to electric cars and data-center systems.

The timing matters. Hong Kong Exchanges and Clearing Limited said the market kept its position as the world’s top IPO venue by funds raised in the first quarter of 2026, with 40 new listings bringing in HK$110.4 billion. HKEX also said 431 listing applications were under processing as of March 31, a sign that mainland companies were still looking to the city for capital even as global markets remained uneven.

Three-Circle has already had a strong run on the Shenzhen market. Its shares were up 87% year to date, giving it a market value of about $24 billion, and its first-quarter 2026 results showed net profit rising 48.5% from a year earlier to 790.9 million yuan, while revenue increased 46.3% to 2.68 billion yuan. The performance suggests investors have been willing to price in continued growth for a company that makes highly specialized industrial components rather than consumer-facing products.

Founded in 1970 and listed in Shenzhen in 2014 under stock code 300408, the company has spent decades building a global footprint. It said in late October 2025 that it planned to issue H-shares in Hong Kong to expand its overseas financing channels and support international projects. The company now has subsidiaries in Hong Kong, Germany and Thailand, and it plans to use new funds for overseas construction, expansion and automation projects in Thailand and Germany, along with research and development and working capital.

The product mix helps explain why Three-Circle matters beyond its own balance sheet. CCTC says its ceramic substrates are used in chip resistors, IGBTs and other high-power modules, while its multilayer ceramic capacitors are used in household appliances, automobiles, mobile communications, computers and LED power supplies. That places the company squarely in the supply chains that underpin the broader electronics and electrification boom, making its Hong Kong offering a small but revealing signal about the health of Chinese manufacturing and the capital markets that fund it.