New IPO Spotlight | AI-Related New Listing Surges Over 380% on Debut! Leading Global 'PCB Lithography Equipment' Maker Xinji Microelectronics Sees Strong Subscription Demand

2026 is shaping up to be a blockbuster year for Hong Kong IPOs. As of June 17,a total of 66 new listings have debuted, with only 7 trading below their offer price on the first day—the lowest first-day break-even rate since 2017.Among them, AI-focused hard tech listings have particularly stood out on their debut day:

In Q1 alone, Hong Kong IPO fundraising reached HK$109.9 billion, already surpassing the full-year total for 2022. Overall, investor appetite for subscribing to AI supply chain-related listings remains robust, supported by ample liquidity.

Recently, the company known as the 'lithography machine in PCB manufacturing,' $CFMEE (09630.HK)$$Circuit Fabology Microelectronics Equipment (688630.SH)$ has officially launched its Hong Kong IPO. Upon successful listing, it will be dually listed on both the A-share and Hong Kong markets (A+H dual listing), making it one to watch.

Industry Positioning and Core Business

Xinji Microelectronics does not manufacture PCBs; instead, itsupplies core production equipment to PCB manufacturers.

One critical step in PCB manufacturing involves exposing precise circuit patterns onto copper-clad laminates. Xinji’s Laser Direct Imaging (LDI) equipment is the core tool used for this process. Compared to traditional exposure machines, LDI offers higher precision, greater process stability, and improved yield.It is an irreplaceable production tool for high-end PCBs.

The link to AI is also straightforward: AI servers and high-performance computing equipment rely heavily on advanced PCBs—especially IC substrates and advanced packaging substrates—and the expansion of AI infrastructure means thatevery AI server built requires high-specification PCBs, which in turn require precision imaging equipment for their fabrication.

Xiner Micro-Equipment operates two business lines:

PCB Laser Direct Imaging equipment (core business). Based on projected 2025 revenue, it holds an 18.8% global market share,ranking first globally.Its closest competitor holds a 15.7% market share, giving Xiner a lead of approximately 3 percentage points. The top five players in the industry collectively account for about 59.1% of the market.

Semiconductor maskless lithography equipment (growth business).Applied in scenarios such as IC substrate, advanced packaging, photomasks, and next-generation displays, with a global market share of 9.4% in 2025,Ranked fourth globally.

The effective capacity utilization rate at Xinji Micro-Fabrication's Phase I factory in Hefei was 89.1% in 2023, 96.9% in 2024, and has already reached 100.2% in 2025, operating at full capacity. The Phase II factory in Hefei began trial operations in September 2025, adding new capacity including automated production lines and high-end PCB equipment, providing reserve capacity for future order fulfillment.

What is Xinji Micro-Fabrication's competitive moat, and why is its IPO worth watching?

In one sentence, Xinji Micro-Fabrication’s competitive moat is:It possesses a fully in-house developed technology ecosystem covering light sources, exposure engines, and precision wafer stages, making it one of the very few domestic companies capable of direct-write lithography for both PCBs and broader semiconductor applications—an integrated capability unlikely to be replicated in the short term.

Why is Xinji Micro-Fabrication’s Hong Kong IPO worth watching? Several reasons include:

1. It is a scarce listing on the Hong Kong exchange, with no directly comparable peers in PCB direct imaging equipment.

There are currently no direct competitors listed in Hong Kong operating in the same segment as Xinji. A+H ‘pick-and-shovel’ plays remain a scarce supply in the Hong Kong market. As an upstream equipment leader positioned to benefit simultaneously from PCB high-endization and advanced packaging expansion, Xinji has virtually no substitutes listed in Hong Kong—a scarcity that provides a basis for premium valuation.

2. The company is already profitable, distinguishing it from most AI-related IPOs on the Hong Kong exchange.

The company has been consistently profitable from 2023 to 2025, with a net profit of RMB 290 million in 2025, making it one of the few AI-related Hong Kong-listed companies that generated actual profits right after its IPO. Compared with Zhipu and MiniMax, which went public around the same time and are both incurring substantial losses, Xinji offers higher earnings visibility and is suitable for relatively risk-averse investors seeking profit-backed holdings.

3. The global direct-write lithography equipment market is growing at an average annual rate of 9.2%, with capacity just beginning to ramp up.

According to industry data cited in the prospectus, the global direct-write lithography equipment market is expected to grow from approximately RMB 11.2 billion in 2024 to about RMB 19.0 billion by 2030, representing a compound annual growth rate (CAGR) of 9.2%. Within this segment, the high-end PCB sub-market is projected to grow at a CAGR of 6.8%, outpacing the overall PCB market’s 4.6% growth rate. The company’s Phase I factory in Hefei is already operating at full capacity, and Phase II has commenced trial operations just ahead of this wave of demand expansion, aligning its supply timing well with market growth momentum.

4. Under the A+H structure, the H-share free float is relatively small, resulting in a tight initial public float.

Data as of noon Beijing time on June 18

The issuer (CICC) priced the H shares in the range of HKD 240–252, effectively choosing a price level around 50% of the A-share price—a typical A+H listing strategy designed to be sufficiently attractive to international institutional investors in Hong Kong without being so low as to negatively impact sentiment toward the A shares. The base offering for the H shares amounts to approximately 128 million shares. Relative to the A-share market capitalization of roughly RMB 50.6 billion, the H-share offering represents a relatively small proportion of the overall capital structure, resulting in a tight public float and potentially meaningful upside for IPO subscription premiums.

The above content is based on publicly available prospectus documents and financial disclosures, with data current as of June 17, 2026. Market conditions are subject to change at any time. This document does not constitute investment advice of any kind.

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