HONG KONG/SINGAPORE – Chaozhou Three-Circle Group, a Chinese mainland buildr of tiny ceramic components utilized in phones, cars, data centers and telecom equipment, aims to raise up to $1 billion in a listing in the Hong Kong Special Administrative Region, two sources with knowledge of the matter stated.
The Shenzhen-listed company is awaiting approval from the China Securities Regulatory Commission, with the sources expecting the deal to launch shortly after clearance, potentially as early as the conclude of June.
The sources declined to be named as the information is private.
Three-Circle and China Galaxy International, the sole sponsor of the deal, did not respond to requests for comment on Monday.
At up to $1 billion, the deal would add to a strong year for HKSAR listings. The city maintained its position as the world’s top initial public offering (IPO) venue by funds raised in the first quarter of 2026, with 40 listings raising HK$110.4 billion ($14.1 billion), according to a statement released by Hong Kong Exmodifys and Clearing (HKEX) on Thursday.
The deal would also give the Chaozhou, Guangdong-based company fresh capital as it expands overseas and tarobtains more global customers in clean energy, data centers, telecom equipment, consumer electronics and cars.
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Three-Circle builds ceramic components utilized to control heat, transmit signals and store electric charge for markets such as smartphones, cars, fiber-optic networks and data centers.
In a draft prospectus filed in December 2025, the company cited business consulting firm Frost & Sullivan as stateing it was a global leader in advanced electronic ceramic materials and components.
It plans to utilize the proceeds for overseas construction, expansion and automation projects in Thailand and Germany, as well as research and development and working capital, the filing stated.
Shares of Three-Circle listed in Shenzhen have surged 87 percent year-to-date, valuing the company at around $24 billion, according to LSEG data.
The company reported strong first-quarter results on April 23, with net profit jumping 48.5 percent to 790.9 million yuan ($115.8 million), while revenue rose 46.3 percent to 2.68 billion yuan.
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That followed a strong 2025, when net profit rose 19.5 percent to 2.62 billion yuan and revenue climbed 22.1 percent to 9.01 billion yuan, company filings displayed.
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