Overview
Chaozhou Three-Circle Group, a Chinese manufacturer of small ceramic components that serve smartphones, automobiles, data centres, fibre-optic networks and telecom equipment, is aiming to raise up to $1 billion in a Hong Kong listing, two sources with direct knowledge of the plans said. The company is already listed in Shenzhen and is awaiting approval from the China Securities Regulatory Commission - with the sources indicating the offering could proceed soon after clearance, possibly by the end of June.
Deal mechanics and timing
According to the sources, the Hong Kong listing would be launched once the CSRC grants the necessary approval. The people who supplied the information asked not to be identified because the details are private. Three-Circle and China Galaxy International, which is named as the sole sponsor on the deal, did not reply to requests for comment on Monday.
Use of proceeds and international expansion
In a December 2025 draft prospectus, the company outlined plans to allocate funds from the listing toward overseas construction, expansion and automation initiatives in Thailand and Germany, along with research and development and working capital. The stated objective is to support an expansion overseas and to pursue a broader roster of global customers in clean energy, data centre infrastructure, telecom equipment, consumer electronics and the automotive sector.
Business profile
Three-Circle manufactures ceramic components that have functions including heat control, signal transmission and electric charge storage. These parts are used across a range of applications such as smartphones, automobiles, fibre-optic networks and data centres. In its draft prospectus filed in December 2025, the company cited Frost & Sullivan as characterising it as a global leader in advanced electronic ceramic materials and components.
Financial performance and market context
The company reported robust results for the first quarter, announcing net profit of 790.9 million yuan, a 48.5% increase, and revenue of 2.68 billion yuan, up 46.3%, figures released on April 23 show. For 2025, company filings show net profit rose 19.5% to 2.62 billion yuan and revenue increased 22.1% to 9.01 billion yuan. Shares of Three-Circle listed in Shenzhen have climbed 87% year-to-date, valuing the firm at about $24 billion per LSEG data.
Market backdrop
If the Hong Kong offering reaches the top end of its target at $1 billion, the deal would contribute to a strong year for listings in the city. Hong Kong retained its position as the world’s top IPO venue by funds raised in the first quarter of 2026, with 40 listings raising HK$110.4 billion ($14.1 billion), according to an HKEX statement on Thursday.
Sources and caveats
The account of the planned offering is based on two people familiar with the matter who asked to remain anonymous. The timing of a launch is contingent on regulatory clearance; the sources expect the IPO could move quickly following approval. China Galaxy International is identified as the sole sponsor of the proposed listing in the available reporting.
Currency conversions
($1 = 7.8334 Hong Kong dollars) ($1 = 6.8273 Chinese yuan renminbi)