ewsba.se
Chaozhou Three-Circle Group aims to raise up to $1 billion in a Hong Kong listing, according to Reuters, citing two unnamed sources familiar with the matter.
Regulatory clearance from the China Securities Regulatory Commission is still pending for the Shenzhen-listed maker of small ceramic components found in smartphones, automobiles, data centers, and telecommunications gear. Once approval comes through, the transaction could get underway quickly, with June-end cited as a possible earliest timeline, the sources said. China Galaxy International is the sole sponsor of the transaction.
Three-Circle is located in Chaozhou, Guangdong province. Its ceramic components help with heat regulation, signal transmission, and electrical storage, and are used in markets like fiber-optic networks and data centers. In a draft prospectus filed in December 2025, according to Reuters, the company cited Frost & Sullivan research that named Three-Circle a global leader in advanced electronic ceramic materials and components.
Proceeds from the listing are earmarked for plant construction, capacity expansion, and automation work at overseas sites in Thailand and Germany, along with funding for R&D activities and general working capital needs, the prospectus showed.
Three-Circle's shares on the Shenzhen exchange have risen 87% this year, bringing its market value to about $24 billion. In the first quarter, net profit was 790.9 million yuan ($115.8 million), up 48.5% from a year earlier, and revenue grew 46.3% to 2.68 billion yuan. For all of 2025, net profit increased 19.5% to 2.62 billion yuan, while revenue rose 22.1% to 9.01 billion yuan, according to company filings.
A $1 billion listing would add to a strong year for Hong Kong's IPO market. In the first quarter of 2026, Hong Kong led the world in IPO proceeds, with HKEX data showing 40 deals that raised a total of HK$110.4 billion ($14.1 billion).