IPO News | Chuangzhi Xinlian as a coating material manufacturer and coating service provider through the Hong Kong Stock Exchange hearing
The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on October 19, Shenzhen Chuangzhi Xinlian Technology Co., Ltd. (abbreviation: Chuangzhi Xinlian) passed the Hong Kong Stock Exchange main board listing hearing, with Haitong International and CCB International as co-sponsors.
According to the prospectus, Chuangzhi Xinlian is a Chinese coating materials manufacturer and coating service provider, mainly serving customers in the semiconductor and printed circuit board (“PCB”) industry. The company is in the upstream part of the electronic packaging 2 industry value chain. The company manufactures and sells coating materials used in plating and electroplating processes, and provides plating and electroplating services for wafers, packaging substrates and PCBs.
During the track record period, the company's revenue mainly came from the following two business segments, most of which revenue came from the coating materials business division: 1. The coating materials business segment: The company's main products include chemical nickel gold (“ENIG”) /chemical nickel palladium (“ENEPIG”) materials, electroplated copper, electroplated gold, etc. 2. Coating Service Business Division: The Company provides plating and electroplating services for silicon wafers (“silicon wafers”), silicon carbide wafers (“silicon carbide wafers”), packaging substrates and PCBs, and charges service fees from the Company's customers.
During the track record period, the company's products and services were as follows:
Plating materials: The company's plating materials (including ENIG/ENEPIG materials) are used in the semiconductor and PCB fields. In the semiconductor industry, the company's coating materials and supporting processes are mainly used in wafer-level packaging of power chips such as insulated gate bipolar transistors (“IGBTs”) and metal oxide semiconductor field effect transistors (“MOSFETs”), sensor chip packaging such as complementary metal oxide semiconductor image sensors (“CIS”), and chip-level packaging of packaging substrates such as integrated circuit (“IC”) carriers, glass substrates, and ceramic substrates. In the PCB industry, the company's coating materials and supporting processes are mainly used in the surface metallization process of high-end PCBs such as HDI boards, high frequency high speed boards, flexible printed circuit boards (“FPC”), and soft and hard combination boards (“RFPC”).
Electroplating materials: The company's electroplating materials are mainly used in the semiconductor field. The main products include electroplated copper, gold plated, nickel plated, tin plated, silver plated, etc. Related products and supporting processes are mainly used for silicon wafers and silicon carbide wafers in wafer-level packaging, and glass substrates and ceramic substrates in chip-level packages. They can meet the metal deposition requirements within different substrate surfaces or holes with different microscale structures in semiconductor manufacturing, covering different metallization and interconnection processes such as bumping, rewiring (“RDL”), silicon through holes (“TSV”), and glass through-holes (“TGV”).
Coating service: The company's customers provide the company with wafers and substrates that have not yet undergone a coating process (such as silicon wafers, silicon carbide wafers, ceramics and glass substrates), and the company performs coating services before returning the finished products to the customer. The Company's coating materials and services are used for electronic packaging in the downstream industry, including communications electronics, data centers, electric vehicles (“EVs”), and consumer electronics.
On the financial side, for the four months ending April 30 in 2023, 2024, 2025, 2025, and 2026, the company's revenue was approximately 312 million yuan, 410 million yuan, 636 million yuan, 164 million yuan, and 301 million yuan, respectively. For the same period, profits were 19.421 million yuan, 52.706 million yuan, 73.21 million yuan, 2.07 million yuan, and 31.267 million yuan, respectively.
