On June 8, 2026, Qunce Technology Co., Ltd.*, a company based in the Suzhou Industrial Park in Jiangsu Province, filed its prospectus with the Hong Kong Stock Exchange, planning to launch an IPO on the Main Board of the Hong Kong Stock Exchange.
Link to Qunce Technology's prospectus
Main Business
Qunce Technology, founded in 2005, is a leading supplier of advanced IC substrates in mainland China, specializing in the R&D, manufacturing, and sales of IC substrates. The company's parent, Taiwan Unimicron Technology, entered the IC substrate market in 1997 and has consistently ranked first globally in revenue for many years.
According to Frost & Sullivan, by 2025, based on revenue, Qunce Technology will be the largest IC substrate company in both the FCBGA substrate market and the FCCSP substrate market in Mainland China, with market shares of 25.3% and 13.4%, respectively. It will also rank as the second-largest IC substrate company in Mainland China in 2025, with a market share of 12.5%.
Qunce Technology's IC substrates serve as critical intermediate carriers that connect semiconductor chips to printed circuit boards (PCBs), enabling high‑density electrical interconnections and high‑speed signal transmission between the chip and external circuits, while also performing essential functions such as physical fixation and protection, mechanical support, and enhanced thermal dissipation. The company's IC substrates are categorized into three types: FCBGA substrates, FCCSP substrates, and CSP substrates, which are widely used in downstream applications including AI servers, high‑performance computing, data centers, smart devices, automotive electronics, and industrial control—aligning with the current upgrade trends in Mainland China's semiconductor manufacturing industry.
Qunce Technology's Suzhou manufacturing base is the first in mainland China to offer fully integrated, end-to-end IC substrate production capabilities at a single site, enabling it to produce the complete range of FCBGA, FCCSP, and CSP substrates and streamlining procurement for customers. The Huangshi production facility handles the front-end processes for FCBGA substrates, supporting the Suzhou operations. Additionally, the company is constructing a third state-of-the-art, smart‑manufacturing plant in Kunshan. According to Frost & Sullivan, Qunce Technology is the first company dedicated to helping domestic Chinese customers achieve mass production of FCBGA substrates.
Qunce Technology's revenue is primarily derived from:
Revenue related to IC substrates includes the manufacturing and sale of IC substrates, as well as capacity commitments (where certain downstream customers enter into capacity‑commitment agreements with the company and pay a deposit to secure access to the company's production capacity).
Sales of other items, including the sale of metal-containing production scrap;
We provide IC substrate‑related services, primarily including trade services for Taiwan's Unimicron Technology, as well as process and testing services.
Shareholder Structure
The prospectus indicates that, prior to its IPO, Qunce Technology's shareholder structure was as follows:
Taiwan's Unimicron Technology holds approximately 90.44% of the shares through UHL and Suzhou Qunye, making it the controlling shareholder.
Directors and Senior Executives
The Board of Directors of Qunce Technology consists of nine directors, including:
Four Executive Directors:
Mr. Lan Ting (Chairman and Executive General Manager of Taiwan's Unimicron Technology Corporation);
Mr. Chen Guochao (Director of Taiwan's Unimicron Technology Corporation and General Manager of the Substrate Business Division);
Mr. Li Bingxuan (General Manager);
Mr. Tang Ruichang (Employee Director and Deputy General Manager);
Two non-executive directors:
Mr. Zhong Mingfeng (Senior Vice President of the Finance Department at Taiwan's Unimicron Technology Corporation);
Mr. Hong Xixing (formerly Deputy General Manager of Digital Functions at LD Taiwan);
Three independent non-executive directors:
Mr. Wang Dingzhao (General Manager of Motech, 6244.TWO);
Ms. Peng Yinghui (formerly Executive Deputy General Manager of Cathay Private Equity, a subsidiary of Cathay Financial Holdings (2882.TW));
Mr. Zhou Huizheng (a specialist in obstetrics and gynecology at Tai'an Hospital);
In addition to the executive directors, the senior management includes:
Ms. Zhu Jizheng (Head of the Finance Department).
Company Performance
The prospectus indicates that, for the years 2023, 2024, and 2025, Qunce Technology reported operating revenues of RMB 2.794 billion, RMB 3.659 billion, and RMB 3.603 billion, respectively, with corresponding net profits of RMB 686 million, RMB 924 million, and RMB 647 million.
Brokerage Team
The principal underwriting and advisory team for Qunce Technology's IPO includes:
CITIC Securities serves as its sole sponsor;
KPMG serves as its auditor;
Jintiancheng serves as its China-based counsel.
His close associate is a Hong Kong lawyer for his company;
Tongshang serves as the China-based counsel for its securities firm;
Europa serves as its Hong Kong counsel for the securities firm;
Aihua Di serves as its independent property valuer;
Boshi Financing serves as its compliance advisor;
Frost & Sullivan serves as its industry advisor.