On June 10, 2026, Hefei Circuit Fabology Microelectronics Equipment Co., Ltd. (hereinafter "Circuit Fabology"), an A-share listed company from the Hefei High-Tech Industrial Development Zone in Anhui Province, disclosed its post-hearing prospectus on the Hong Kong Stock Exchange and may soon be listed on the Hong Kong Main Board. It had previously submitted its listing application twice, on August 31, 2025, and March 15, 2026.
Circuit Fabology was listed on the A-share market on April 1, 2021, under stock code 688630.SH. As of the market close on June 10, 2026, its total market capitalization was approximately RMB 50.6 billion.
Post-hearing prospectus of Circuit Fabology
Core Business
Xinyi Micro Assembly, founded in 2015, is the world's largest supplier of PCB direct imaging equipment. It provides core equipment for advanced information technology industries in the AI era, leveraging its mature capabilities in core high-precision micro-nano lithography technology research and development, as well as applying proprietary technologies to various innovative applications. The company is committed to manufacturing, selling, and maintaining direct imaging and direct-write lithography equipment for global customers. Direct imaging and direct-write lithography equipment are among the most critical and precise production processes in the integrated circuit and related industry value chains.
According to data from CIC Consulting,
In 2025, by revenue, Circuit Fabology was the world's largest supplier of PCB direct imaging equipment, with a market share of 18.8%.
In 2025, by revenue, Circuit Fabology ranked fourth among global suppliers of direct-write lithography equipment, with a market share of 9.4%.
As of December 31, 2025, Xinyi Micro Assembly is the only company globally with business coverage spanning PCB, IC substrates, advanced packaging, and photomask applications. It is also one of only two domestic companies whose products cover advanced packaging applications, and one of only three companies covering photomask applications.
Xinyi Micro Assembly possesses a comprehensive R&D technology framework architecture encompassing light sources and exposure engines, precision workpiece stages, alignment and focusing, data links, system modular integration design, and more. It focuses on providing innovative, stable, and reliable micro-nano direct-write lithography equipment, committed to maximizing value creation for its customers.
During the performance record period, Xinyi Micro Assembly's product portfolio mainly included PCB direct imaging equipment and automated line systems, semiconductor direct-write lithography equipment and automated line systems, among others.
Shareholding Structure
The prospectus shows that, prior to the IPO, in Xinyi Micro Assembly’s shareholder structure,
Ms. Cheng Zhuo, through direct shareholding and control of three shareholding platforms, holds a total of 34.13% of the shares, making her the controlling shareholder.
Other A-share shareholders hold 65.87% of the shares.
Directors and Senior Management
The board of directors of Xidian Micro Equipment consists of nine directors, including:
3 executive directors:
Ms. Cheng Zhuo (Chairperson of the Board);
Mr. Fang Lin (General Manager);
Ms. Wei Yongzhen (Board Secretary, Chief Financial Officer, and Joint Company Secretary);
Three non-executive directors:
Mr. Zhao Lingyun (Executive Director and General Manager of Hefei Jiuchuan Intelligent Equipment);
Mr. Zhou Chijun (Executive Director and General Manager of Anhui Jinxiangyuan Construction Machinery Sales);
Mr. Liu Feng (General Manager of Yiwu Huaxin Equity Investment);
3 Independent Non-Executive Directors:
Ms. Zhou Yana (Former Dean and Professor of the School of Business Administration at Anhui University);
Mr. Zhong Qi (Distinguished Research Fellow at the University of Science and Technology of China);
Mr. Wang Lede (CEO of Sijie Environmental Technology, Director and Chairman of Baode Technology).
Company performance
The prospectus shows that in the fiscal years of 2023, 2024, and 2025, Xidian Microelectronics' revenue reached RMB 829 million, RMB 954 million, and RMB 1.408 billion respectively, with corresponding net profits of RMB 179 million, RMB 161 million, and RMB 290 million.
Intermediary team
The intermediary team for Xidian Microelectronics' IPO mainly includes:
CICC is its exclusive sponsor;
Ernst & Young as its auditor;
DeHeng served as its PRC legal counsel;
Clifford Chance as its Hong Kong and U.S. legal counsel;
Commerce & Finance Law Firm served as China legal counsel to its sponsor;
Ou Hua serves as its sponsor, Hong Kong counsel, and U.S. counsel;
Honzbo Capital is the compliance advisor;
CIC灼识咨询 is its industry advisor.