Three-Circle seeks to raise up to $1 billion in Hong Kong listing, sources say

By Kane Wu and Yantoultra Ngui

HONG KONG/SINGAPORE, May 4 (Reuters) - Chaozhou Three-Circle Group, a Chinese shaper of tiny ceramic components utilized successful phones, cars, information centres ‌and telecom equipment, aims to rise up to $1 cardinal successful a Hong Kong ‌listing, 2 sources with cognition of the substance said.

The Shenzhen-listed institution is awaiting support from the China Securities Regulatory ​Commission, with the sources expecting the woody to motorboat soon aft clearance, perchance arsenic aboriginal arsenic the extremity of June.

The sources declined to beryllium named arsenic the accusation is private.

Three-Circle and China Galaxy International, the sole sponsor of the deal, did not respond to requests for remark ‌on Monday.

At up to $1 billion, ⁠the woody would adhd to a beardown twelvemonth for Hong Kong listings. The metropolis maintained its presumption arsenic the world's apical IPO venue by ⁠funds raised successful the archetypal 4th of 2026, with 40 listings raising HK$110.4 cardinal ($14.1 billion), according to an HKEX connection connected Thursday.

The woody would besides springiness the Chaozhou, Guangdong-based institution caller superior arsenic ​it ​expands overseas and targets much planetary customers successful ​clean energy, information centres, telecom equipment, ‌consumer electronics and cars.

Three-Circle makes ceramic components utilized to power heat, transmit signals and store electrical complaint for markets specified arsenic smartphones, cars, fibre-optic networks and information centres.

In a draught prospectus filed successful December 2025, the institution cited Frost & Sullivan arsenic saying it was a planetary person successful precocious physics ceramic materials and components.

It plans to usage the proceeds for overseas ‌construction, enlargement and automation projects successful Thailand and Germany, ​as good arsenic probe and improvement and moving capital, ​the filing said.

Shares of Three-Circle listed ​in Shenzhen person surged 87% year-to-date, valuing the institution astatine astir $24 billion, ‌according to LSEG data.

The institution reported beardown ​first-quarter results connected April ​23, with nett net jumping 48.5% to 790.9 cardinal yuan ($115.8 million), portion gross roseate 46.3% to 2.68 cardinal yuan.

That followed a beardown 2025, erstwhile nett net roseate 19.5% ​to 2.62 cardinal yuan ‌and gross climbed 22.1% to 9.01 cardinal yuan, institution filings showed.

($1 = 7.8334 Hong Kong ​dollars)

($1 = 6.8273 Chinese yuan renminbi)

(Reporting by Kane Wu successful Hong Kong and ​Yantoultra Ngui successful Singapore. Editing by Mark Potter)