HONG KONG, July 9th, 2026 — CIC extends our warmest congratulations to Zhejiang DKE Electronic Co., Ltd. (01770. HK) on its successful listing on the Main Board of 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.
DKE: Global Leader in Smart IoT E-Paper Display Solutions
Founded in 2005, DKE is one of the earliest domestic enterprises to enter the e-paper display sector in China. With over two decades of deep expertise in the R&D, manufacturing and sales of smart IoT e-paper display modules, the company has established itself as a leading player in global smart IoT e-paper display solutions.
DKE offers a comprehensive product portfolio spanning full-size, full-color e-paper display modules, including black-and-white, tri-color, quad-color, full-color ACeP, and OTFT flexible series. Its solutions are widely deployed across five major commercial verticals: smart retail, smart office, smart education, smart logistics and smart transportation, while also expanding into consumer and emerging scenarios such as e-readers, wearables, digital hardware wallets and intelligent robots.
Global Smart IoT E-Paper Display Solutions Industry Overview
The global smart IoT e-paper display solutions industry encompasses an integrated hardware-software ecosystem built around e-paper display technology, covering display solutions, application solutions and supporting services. Unlike traditional active-emission display technologies such as LCD, LED or OLED, e-paper operates on a reflective display principle, consuming power only during image refresh while maintaining near-zero power consumption in static display states. This bistable characteristic endows e-paper with unique advantages including ultra-low power consumption, paper-like display quality, eye-friendly viewing, lightweight durability and bendable form factors. In the smart IoT era, e-paper display solutions have become the preferred technology pathway for information display across smart retail, smart office, smart education, smart logistics and smart transportation applications.
The global industry is currently at a critical inflection point, transitioning from policy-driven adoption to mainstream commercial demand. By revenue, the global e-paper-related solutions market reached RMB 32.3 billion in 2021. Benefiting from accelerated iteration of core e-paper technologies and continuously improving supply chain synergy across the upstream and downstream ecosystem, the market grew to RMB 74.0 billion in 2025, representing a compound annual growth rate (CAGR) of 23.1% from 2021 to 2025. As low-power display technologies continue to advance and various smart application scenarios accelerate commercial deployment, the industry is poised to unlock further growth potential and commercial value. Accordingly, the global market is projected to reach RMB 111.7 billion by 2030, with a CAGR of 8.6% from 2025 to 2030.
By shipment volume, global e-paper display product shipments reached 520 million units in 2025. Driven by sustained growth in demand for low-power, paperless display solutions, combined with the dual impetus of environmental protection and digitalization policies, shipments are expected to grow to 870 million units by 2030, representing a CAGR of 10.9% from 2025 to 2030.
By segment, global commercial e-paper display product shipments reached 500 million units in 2025 and are projected to increase to 850 million units by 2030, with a CAGR of 11.0% over the same period. Smart retail has consistently held the largest share of the global commercial e-paper market. Global e-paper shipments in the smart retail sector grew from 160 million units in 2021 to 470 million units in 2025, achieving a remarkable CAGR of 30.5%. As global retail digitalization continues to deepen, smart retail e-paper shipments are forecast to reach 800 million units by 2030, with a CAGR of 11.2%.
Three Key Drivers Underpinning Sustained Expansion of the Global Smart IoT E-Paper Display Solutions Market:
1. Low-Carbon Demand Pull
As the global economy accelerates its transition toward green, low-carbon and sustainable development models, governments worldwide have introduced policies to reduce carbon emissions and promote paperless operations, while environmental consumption concepts continue to deepen. Compared to traditional display technologies, e-paper displays have emerged as the representative of low-carbon, environmentally friendly display technologies thanks to their unique advantages of ultra-low power consumption, zero light pollution and reusability. Taking electronic shelf labels (ESLs) as an example, the product has achieved large-scale deployment in the global retail sector and is gradually penetrating broader scenarios including smart office, smart education, smart logistics and smart transportation, providing a solid market foundation for industry growth.
2. Technology Iteration Enablement
Continuous refinement of e-paper display manufacturing processes and sustained breakthroughs in production yield have effectively reduced unit product costs while driving the supply chain toward standardization, creating conditions for large-scale downstream deployment. Meanwhile, innovations across product dimensions—including display size, color range and flexible form factors—have accelerated the expansion of application scenarios from traditional e-readers and electronic price tags to emerging domains such as smart transportation and smart logistics. This continuous diversification of application scenarios injects strong momentum into sustained industry growth.
3. Policy Dividend Support
Governments in Europe, North America and China have successively articulated explicit carbon peaking and carbon neutrality targets, providing support for green display technologies through multiple policy instruments. Europe promotes the application of low-power display technologies through extended producer responsibility systems; the United States guides enterprises in developing recyclable e-paper technologies through standards such as the Electronic Product Environmental Assessment Tool. In China, under the guidance of the "dual carbon" goals, policy documents such as the Action Plan for Steady Growth of the Electronic Information Manufacturing Industry (2023–2024) explicitly designate e-paper as a key paperless substitution solution, encouraging the promotion of green technologies in retail, education and other scenarios, and accelerating e-paper application deployment in smart terminals, cultural tourism and commercial display. The *Outline for the Strategic Planning of Domestic Demand Expansion (2022–2035)* also emphasizes support for innovation and application of new display technologies. Under the dual drivers of policy guidance and social consensus, green display technologies are accelerating their evolution from policy-driven adoption to mainstream commercial demand, providing sustained and stable institutional guarantees for industry development.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, etc., with global experience in advising "first-in-sector" IPOs in advanced manufacturing and related 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 DKE, CIC has supported leading enterprises in successful listings both domestically and overseas, including Huaqin Technology (03296.HK), Han's CNC (03200.HK), Circuit Fabology (09630.HK) and Yuejiang Robotics (02432.HK).
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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.
