On June 8, 2026, Chaozhou Three-Circle (Group) Co., Ltd. (hereinafter referred to as "Three-Circle Group"), headquartered in Chaozhou, Guangzhou, submitted its prospectus to the Hong Kong Stock Exchange, proposing a listing on the Main Board of the HKEX. This marks its renewed application following the lapse of its previous submission on December 5, 2025.
$Chaozhou Three-Circle(Group) (300408.SZ)$ , which was listed on the Shenzhen Stock Exchange on December 3, 2014, had a total market capitalization of approximately RMB 235.5 billion as of the close of trading on June 8, 2026.
Core Business
As a global leader in advanced electronic ceramic materials and components, Three-Circle Group has specialized in this field for over 55 years. Building upon its deep-rooted expertise in 'materials,' the company has established a strategic direction centered on 'Materials + Structure + Functionality.' It has developed a core product portfolio encompassing four major categories: electronic and ceramic materials, electronic components, communication devices, and equipment modules. This framework spans key application areas including telecommunications, AI and data centers, consumer electronics, automotive electronics, semiconductor manufacturing and packaging, new energy, and intelligent industrial control, covering foundational materials, critical components, and high-end devices and modules.
Electronic and Ceramic Materials
Three-Circle Group focuses on upstream foundational materials within the electronics industry chain, primarily including alumina ceramic substrates, aluminum nitride ceramic substrates, electronic pastes, and solid oxide fuel cell (SOFC) electrolyte membranes. As essential upstream materials, these are applied in consumer electronics, automotive electronics, and new energy sectors, supporting both electronic component manufacturing and new energy fuel cell applications.
According to data from Frost & Sullivan:
Three-Circle Group has grown into one of the world’s leading suppliers of alumina ceramic substrates, holding a global market share exceeding 50% by revenue in 2025.
SOFC electrolyte membranes are a critical component of SOFC systems, which drive the energy transition. In 2025, Three-Circle Group ranked first globally in market share for SOFC electrolyte membranes by revenue.
Electronic Components
Sanhuan Group's electronic components product portfolio includes multilayer ceramic capacitors (MLCCs), multilayer ceramic inductors (MLCIs), and fixed resistors. Capacitors, inductors, and resistors are the three most widely used fundamental passive components in electronic circuits. MLCCs have become the primary driver of revenue growth in this category.
According to Frost & Sullivan, technological iteration and application upgrades have driven demand growth for these components, particularly in areas such as AI and data centers, and automotive electronics, creating new demand for high-end passive components. The company’s high-end MLCCs feature a dielectric layer thickness of approximately 1 micron and a stack count exceeding 1,000 layers, laying the foundation for entry into high-end application scenarios. Leveraging fully automated production across the entire process, the company ensures high-quality delivery of large-volume orders. It has already obtained certifications from key customers across major downstream application sectors, and its production capacity has expanded in tandem with order growth, achieving mass production at scale.
Communication Components
Sanhuan Group focuses on core requirements in optical communication components and semiconductor packaging, offering a diversified product portfolio that spans optical connectivity, packaging components, and crystal oscillator packaging. The company’s communication components include ceramic ferrules and sleeves, ceramic package bases, mechanical transfer (MT) ferrules, short fibers, and ceramic packages for optical communication. These products serve as key enablers for Sanhuan Group to reinforce its leadership in the optical communication sector and expand into semiconductor manufacturing and packaging. According to Frost & Sullivan:
By 2025, in terms of revenue, ceramic ferrules and sleeves will account for more than 70% of the global market share;
By 2025, in terms of revenue, Sanhuan Group’s ceramic package bases for crystal oscillators will hold approximately 40% of the global market share;
Products such as MT ferrules, short fibers, and ceramic packages for optical communication are also progressively entering the supply chains for high-speed optical modules and premium optical devices.
Equipment Components
Sanhuan Group’s equipment components portfolio includes piezoelectric micro-dispensing systems, general semiconductor ceramic components, compressor terminal connectors, ceramic capillaries, and solid oxide fuel cell (SOFC) stacks.
Other Products
In addition to its core products, Sanhuan Group has leveraged its expertise in materials and manufacturing processes to expand product development into additional application areas, primarily including ceramic structural components and bioceramics.
Shareholding Structure
According to the prospectus, prior to Sanhuan Group's listing in Hong Kong, its shareholder structure was as follows:
Mr. Zhang Wanzhen directly held 2.80% of the shares and held an additional 33.67% through Sanjiang Investment, resulting in a total holding of approximately 36.47%, making him the controlling shareholder;
Other A-share shareholders collectively held 63.53%.
Directors and Senior Management
The Board of Directors of Sanhuan Group consists of seven directors, including:
3 executive directors:
Mr. Li Gang (Chairman);
Mr. Ma Yanhong (Deputy Chairman and General Manager);
Mr. Qiu Jihua (Deputy General Manager);
1 Non-Executive Director:
Mr. Zhang Wanzhen (Controlling Shareholder);
3 Independent Non-Executive Directors:
Mr. Jiang Lijun (China Representative on the Executive Committee of the IEA Hydrogen TCP, Chief Expert at China National Research Institute of Rare Metals, among other roles);
Mr. Wen Xueli (Honorary Chairman of the China Electronic Components Industry Association);
Mr. Su Yanqi (Managing Partner of Chaozhou Shengde Certified Public Accountants Firm);
Ms. Huang Siying (Independent Non-Executive Director of multiple listed companies);
In addition to executive directors, senior management also includes:
Mr. Liu Jiepeng (Deputy General Manager);
Mr. Liu Dexin (Deputy General Manager);
Mr. Zheng Kecheng (Deputy General Manager);
Mr. Sun Jian (Deputy General Manager, Dean and Executive Vice Dean of Nanchong Research Institute);
Mr. Zheng Zhenhong (Deputy General Manager and General Manager of Semiconductor Business Division);
Mr. Liu Yan (Deputy General Manager and Director of Enterprise Management Department);
Ms. Wang Hongyu (Chief Financial Officer);
Ms. Wu Xiaochun (Secretary to the Board of Directors and Executive Deputy Head of the Audit Department);
Ms. Guo Hong (Authorized Representative for Securities Affairs, Manager of the Audit Department, and Joint Company Secretary).
Company performance
According to the prospectus, Sanhuan Group's revenue for the years 2022, 2023, 2024, and 2025 was RMB 5.089 billion, RMB 5.682 billion, RMB 7.266 billion, and RMB 8.869 billion, respectively, with corresponding net profits of RMB 1.506 billion, RMB 1.583 billion, RMB 2.190 billion, and RMB 2.617 billion.
Intermediary team
The main intermediaries involved in Sanhuan Group's IPO are as follows:
China Galaxy International is its sole sponsor;
XinYong ZhongHe is its auditor;
JunHe serves as its legal counsel in China.
Freshfields Bruckhaus Deringer is its legal counsel for Hong Kong and U.S. matters.
Jingtian & Gongcheng acted as its PRC legal counsel for the securities firm;
King & Wood Mallesons (Hong Kong) as its Hong Kong legal counsel for the underwriter;
Sunbase Capital as its compliance advisor;
Frost & Sullivan served as its industry consultant.