HONG KONG, June 26, 2026 — CIC extends our warmest congratulations to Circuit Fabology Microelectronics Equipment Co., Ltd. (09630. HK) on its successful listing on the Hong Kong Stock Exchange (HKEX) today.
CIC's Collaborative Journey to the Listing
Throughout the listing process, CIC provided end-to-end support to the company and its sponsors:
Drafted and compiled the industry overview chapter of the prospectus, laying a solid research foundation for the formal listing application.
Assisted in responding to inquiries from regulatory authorities, ensuring comprehensive and accurate disclosure.
Refined listing application materials continuously to meet stringent market and regulatory requirements.
IPO Highlights
Global offering: 12.839 million H shares.
Investor demand: The offering drew strong market attention amid robust investor appetite for AI and semiconductor capital equipment plays.
Cornerstone roster: A high-profile lineup of strategic industry investors including Nexchip, Victory Giant Technology and Tongfu Microelectronics, alongside leading global and domestic institutions such as JPMorgan, Hillhouse Capital, Bosera Fund, E Fund, Fullgoal Fund and GF Fund.
Company & Market Leadership of CFMEE
Founded in 2015, CFMEE is anchored in proprietary direct-write lithography technology, with a strategic focus on building a world-leading high-end equipment platform for PCB manufacturing and semiconductor sectors. The company supplies core manufacturing equipment to underpin the advancement of the advanced information technology industry in the AI era.
Market Position of CFMEE
Ranked by 2025 revenue, CFMEE is the world’s No.1 supplier of PCB direct imaging equipment, with an 18.8% global market share.
As of end-2025, CFMEE remains the only company globally with coverage across four core application scenarios: PCB manufacturing, IC substrate manufacturing, advanced packaging and photomask fabrication.
Global Direct-Write Lithography Equipment Market: Steady Growth Driven by AI & Semiconductor Expansion
Surging global investment in AI infrastructure has been a major catalyst for equipment demand across the PCB manufacturing value chain. Meanwhile, as direct-write lithography technology finds expanding adoption in advanced semiconductor processes and specialty manufacturing, semiconductor-related segments have emerged as a powerful new growth engine for the sector.
According to CIC research, the global direct-write lithography equipment market will grow from approximately RMB 14 billion in 2025 to around RMB 24.6 billion by 2030, representing a CAGR of 11.9% over the forecast period.
Four key growth drivers and structural trends shaping the advanced information technology industry:
1. Industrial Transformation Fuels Demand for Micro-Nano Manufacturing Equipment
The global industrial landscape is undergoing profound transformation, driven by AI, 5G communications and the Internet of Things. Booming sectors including AI servers, new energy vehicles and industrial robotics are raising requirements for both the volume and performance of micro-nano devices. As a foundational manufacturing tool for micro-nano components, lithography equipment is set to benefit continuously from global industrial upgrading and emerging industry expansion.
2. Technological Advances Broaden Application Boundaries
The commercial maturation of key technologies — including multi-beam parallel writing, deep ultraviolet (DUV) light sources and AI-powered real-time pattern correction — is enabling direct-write lithography to deliver higher throughput and finer line-width resolution. These technical improvements are expanding the use cases of direct-write lithography equipment beyond PCB manufacturing into advanced packaging, IC substrates and other high-growth semiconductor segments.
3. New Materials & Processes Accelerate Technology Adoption
Wider deployment of innovative manufacturing processes and materials — such as mSAP, PLP, 2.5D/3D packaging and glass substrates — is placing higher demands on substrate dimension control, warpage management and multi-layer alignment accuracy. Thanks to its superior material and size compatibility, as well as its inherent mask-free manufacturing architecture, direct-write lithography is well positioned to address these evolving production requirements, supporting steady demand growth.
4. Policy Support & Industrial Geographic Shift Underpin Market Expansion
In August 2020, China’s State Council issued policies to explicitly support R&D in core integrated circuit equipment. In March 2024, authorities rolled out a nationwide action plan to drive large-scale equipment upgrading across key industries, with priorities including energy efficiency, digital transformation and intelligent manufacturing upgrades.
Parallel to policy support, the ongoing geographic shift of global PCB and semiconductor production capacity to mainland China and Southeast Asia is driving new industrial chain investment and corresponding equipment demand in these regions.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, with global experience in advising "first-in-sector" IPOs in cutting-edge technology sectors
From IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to CFMEE, CIC has supported leading enterprises in successful listings both domestically and overseas, including Hans CNC, MiniMax, Huaqin, Horizon Robotics.
CIC Reports are now available on Bloomberg and FactSet portals.
About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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