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Richard Chen

Chinese lithography and integrated circuit manufacturer Circuit Fabology Microelectronics Equipment (CFMEE) is set to launch a Hong Kong listing next week, as China continues its drive for semiconductor self-sufficiency amid US sanctions.
The company, based in Hefei, Anhui province, said on Wednesday that it would offer more than 12.8 million H shares globally at a price range of HK$240.09 to HK$252.73 apiece, raising up to HK$3.2 billion (US$410 million).
The offer period will run until next Tuesday, with trading expected to begin on the Hong Kong stock exchange on June 26.
The IPO in Hong Kong has attracted 17 cornerstone investors, which have subscribed for at least 43 per cent of the offer. They include entities affiliated with the Hefei municipal government, JPMorgan Asset Management (Asia-Pacific), and HHLR Advisors under Hillhouse Investment.
CMFEE, which listed on Shanghai’s Star Market in 2021, saw its A shares close 2.6 per cent higher at 475.77 yuan on Wednesday after rising as much as 493 yuan in intraday trading.
According to its prospectus, 27 per cent of the iPO proceeds would be used for strategic investments and acquisitions to “strengthen [its] position across the industry value chain”. A further 25 per cent would be allocated to research and development, while 18 per cent was earmarked for production capacity expansion.
The company’s largest business is direct imaging equipment and automation systems used in the production of printed circuit boards (PCBs), which provide the physical foundation for integrated circuits by mechanically supporting and electrically connecting electronic components.

CFMEE was the world’s largest supplier of PCB direct imaging equipment in 2025, with a market share of 18.6 per cent, according to China Insights Consultancy.
The company has also emerged as a domestic developer of lithography technology at a time when China faces growing restrictions on access to advanced foreign equipment. However, CFMEE focuses on so-called direct-write lithography, a technology that generally offers lower precision and throughput than ASML’s mainstream systems.
CFMEE reported net profit of nearly 290 million yuan (US$43 million) in 2025, an increase of 80 per cent from a year earlier, reversing a decline of about 10 per cent in 2024.
The company said the 2024 earnings drop was mainly due to inventory writedowns linked to product upgrades. It attributed the rebound last year to higher sales volumes, stronger demand from domestic and overseas customers, and growing adoption of its products in AI server and advanced-packaging applications.
CFMEE has also expanded its international footprint. Revenue from markets outside mainland China accounted for nearly 20 per cent of total sales in both 2024 and 2025, up from 7 per cent in 2023. Its major overseas markets include Thailand, Japan and Taiwan.


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Chinese chip-equipment maker CFMEE targets US$410 million in Hong Kong IPO

Circuit Fabology Microelectronics Equipment's headquarters in Hefei, Anhui province. The chip-equipment maker is heading to Hong Kong's stock market amid China's drive for semiconductor self-sufficiency. Photo: CFMEE 

CFMEE plans to offer 12.8 million H shares globally through its Hong Kong IPO, ranging from HK$240.09 to HK$252.73 per share. Photo: Handout

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Chinese researchers recently developed this highly parallel optical computing chip named Meteor-1.  Photo: Handout

An engineer works on an ASML Twinscan DUV lithography system at the company’s headquarters in Veldhoven, The Netherlands, on June 16, 2023. Photo: Reuters

China’s top lithography bet shifts gears: SMEE sells subsidiary in strategic pivot

China’s state-backed lithography champion Shanghai Micro Electronics Equipment (SMEE) has reshuffled its business. Photo: Reuters 

SMEE has transferred 100 per cent of its subsidiary Shanghai Weiyao Industrial to AMIES Technology. Photo: Handout

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The Hefei-based firm has attracted 17 cornerstone investors and plans to use proceeds for R&D, acquisitions and expansion


The Hefei-based firm has attracted 17 cornerstone investors and plans to use proceeds for R&D, acquisitions and expansion.


Chinese chip-equipment maker CFMEE targets US$410 million in Hong Kong IPO

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The Hefei-based firm has attracted 17 cornerstone investors and plans to use proceeds for R&D, acquisitions and expansion

The Hefei-based firm has attracted 17 cornerstone investors and plans to use proceeds for R&D, acquisitions and expansion