IPO News | Jiang Feng Electronics (300666.SZ) reports that the Hong Kong Stock Exchange ranks second among global suppliers of ultra-high purity metal sputtering targets

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on November 12, Ningbo Jiangfeng Electronic Materials Co., Ltd. (abbreviation: Jiang Feng Electronics, 300666.SZ) submitted a listing application to the main board of the Hong Kong Stock Exchange, and China Merchants Securities International is its sole sponsor.

Company profile

According to the prospectus, the company is a global innovator and platform focusing on core materials and key components for the semiconductor industry. According to Frost & Sullivan, the company ranked second in the world among suppliers of ultra-high purity metal sputtering targets in terms of 2025 revenue.

Deeply involved in the field of ultra-high purity metal sputtering targets for more than 20 years, the company has established three major platform-based capabilities in materials, equipment and processes around the two core priorities of global customers and quality management. The company has successfully extended these capabilities to the field of semiconductor precision components, and continues to expand to neighboring products and applications. As an industry innovator and leader, the company provides customers in the global semiconductor industry with a comprehensive product portfolio including ultra-high purity metal sputtering targets and semiconductor precision components. The company supports customer technology iteration with stable product quality and collaborative development in sync with the customer's process roadmap, enabling the company to seize the opportunities created by the rapid development of artificial intelligence (AI).

Shortly after its establishment, the company completed certification in 2008 and began supplying ultra-high purity metal sputtering targets to customer A (a world-leading wafer foundry headquartered in Taiwan Province, China). According to Frost & Sullivan, the company is the first Chinese company to be certified by all of the world's top ten integrated device manufacturers (IDM) and top ten wafer foundries to supply ultra-high purity metal sputtering targets.

According to Frost & Sullivan, for four consecutive years from 2022 to 2025, the company ranked second among global suppliers of ultra-high purity metal sputtering targets in terms of revenue, and accounted for 10.3% of the global market share in 2025, and the company's global market share of ultra-high purity metal sputtering targets for semiconductor chips was 14.9% in 2025. The global ultra-high purity metal sputtering target market is highly concentrated, with the top 3 suppliers accounting for a total market share of about 42.8% in 2025. This concentration reflects the market's stringent requirements for technical capabilities, customer certification, and large-scale supply. According to Frost & Sullivan, in 2025, in terms of revenue, the company ranked third among domestic suppliers in the Chinese semiconductor precision components market, with a market share of 1.4%; and the company ranked first among domestic suppliers in the Chinese showerhead market.

Financial data

revenue

For the six months ended June 30 in 2023, 2024, 2025 and 2026, the company's revenue was approximately RMB 2,602 billion, RMB 3.605 billion, RMB 4.604 billion, and RMB 2,737 billion, respectively.

profit

For the six months ended June 30 in 2023, 2024, 2025 and 2026, the company's profits for the year/period were approximately RMB 217 million, RMB 299 million, RMB 441 million and RMB 452 million respectively.

Industry Overview

Semiconductor chips mainly include integrated circuits (ICs), discrete devices, optoelectronic devices, and sensors. They perform functions such as calculation, data storage, communication, perception and control, and are the foundation of the digital economy and modern industry. The global semiconductor chip market grew from approximately RMB 3,8607 billion in 2021 to approximately RMB 68,329.3 billion in 2025, and is expected to reach approximately RMB 31,018.4 billion by 2030. As application scenarios expand and chips become more complex, requirements for material stability, consistency and process adaptability continue to increase, driving the evolution of manufacturing processes to higher accuracy.

The global ultra-high purity metal sputtering target market grew from RMB 19.3 billion in 2021 to RMB 27.7 billion in 2025, with a compound annual growth rate of 9.5%, and is expected to reach RMB 60 billion in 2030, with a compound annual growth rate of 16.0%. The Chinese market is growing faster, from RMB 4 billion in 2021 to RMB 7 billion in 2025, with a compound annual growth rate of 14.8%, and is expected to reach RMB 17.8 billion in 2030, with a compound annual growth rate of 20.4% from 2026 to 2030. This growth is expected to benefit Chinese target manufacturers with advanced technology, large-scale production capacity, and experience in serving global customers.

Target materials for semiconductor chips are an important part of the market and are growing rapidly. The global market for ultra-high purity metal sputtering targets for semiconductor chips is expected to grow from RMB 22 billion in 2026 to RMB 45.8 billion in 2030, with a compound annual growth rate of 20.1%, while the Chinese market is expected to grow from RMB 5.6 billion to RMB 13.9 billion, with a CAGR of 25.4%. Both are growing faster than their respective markets as a whole.

Board Information

The table below contains key information on the directors and proposed directors of the company as at the last practical date.

Shareholding structure

Dr. Yao Lijun, Jiang Ge Industrial and Hongde Industrial are the company's single largest shareholder group.

Intermediary team

Sole sponsor: China Merchants Securities (Hong Kong) Limited;

Legal advisors: Kaiyi Law Firm, Guo Hao (Shanghai) Law Firm, King & Wood Mallesons;

Sole sponsor's legal advisors: Tianyuan Law Firm, Haiwen Law Firm;

Reporting accountant and independent auditor: Hong Kong Lixin Dehao Certified Public Accountants Limited;

Industry consultant: Frost & Sullivan (Beijing) Co., Ltd. Shanghai Branch.