A Chinese company that manufactures tiny ceramic parts for smartphones, automobiles, and telecommunications equipment is planning to raise as much as $1 billion through a stock offering in Hong Kong, according to two people familiar with the plans.
Chaozhou Three-Circle Group, which is already traded on the Shenzhen stock exchange, is currently waiting for the China Securities Regulatory Commission to approve the listing. Sources anticipate the offering could begin soon after receiving regulatory clearance, possibly by the end of June.
The individuals with knowledge of the plans requested anonymity because the information has not been made public.
Neither Three-Circle nor China Galaxy International, which is serving as the exclusive sponsor for the deal, provided responses to requests for comment Monday.
If successful at the $1 billion level, this offering would contribute to what has been a robust year for Hong Kong stock listings. The financial hub retained its status as the world’s leading destination for initial public offerings by funds raised during the first quarter of 2026, with 40 companies going public and raising HK$110.4 billion ($14.1 billion), according to a Hong Kong Exchange statement released Thursday.
The stock offering would provide the Guangdong province-based manufacturer with additional funding as it pursues international expansion and seeks to attract more global clients in sectors including renewable energy, data centers, telecommunications infrastructure, consumer electronics, and automotive industries.
The company specializes in producing ceramic components that manage heat, facilitate signal transmission, and store electrical charge for applications in smartphones, vehicles, fiber-optic networks, and data processing facilities.
In a preliminary prospectus document submitted in December 2025, Three-Circle referenced research from Frost & Sullivan identifying the company as a worldwide leader in sophisticated electronic ceramic materials and components.
According to the filing, the company intends to allocate the raised funds toward international construction projects, facility expansion, and automation initiatives in Thailand and Germany, along with research and development activities and general operating expenses.
Three-Circle’s Shenzhen-traded stock has climbed 87% so far this year, bringing the company’s market value to approximately $24 billion, based on LSEG information.
The manufacturer announced impressive first-quarter financial results on April 23, showing net earnings increased 48.5% to 790.9 million yuan ($115.8 million), while total sales grew 46.3% to 2.68 billion yuan.
These results followed a successful 2025, during which net earnings increased 19.5% to 2.62 billion yuan and total revenue expanded 22.1% to 9.01 billion yuan, according to company documents.
