The IPO subscription period for CREALITY (03388), often referred to as the "first consumer-grade 3D printing stock," concluded recently. It had opened for subscription from May 20 to 26, 2026. According to market information, as of the morning of May 26, the public offering portion had attracted HKD 350.99 billion in margin financing subscriptions. Based on a public offering size of approximately HKD 138 million, this represents an oversubscription of approximately 2,541.6 times.
CREALITY plans to issue 73.428 million H shares, with 10% offered to the Hong Kong public. The offer price is set at HKD 18.8 per share, aiming to raise about HKD 1.38 billion. Each board lot consists of 150 shares, with an entry cost of HKD 2,848.4 per lot. The company is expected to commence trading on the Hong Kong Stock Exchange on May 29, with China International Capital Corporation (CICC) acting as the sole sponsor.
Regarding pre-IPO investors, Qianhai Equity Investment Fund is the largest institutional shareholder with a 5.8% stake. Shenzhen Capital Group and Nanshan Hongtu collectively hold 4.4%, while Tencent Venture Capital holds 2.2%.
For this IPO, CREALITY has secured cornerstone investments from a consortium including Taikang Life Insurance, CITIC Xingye International (a subsidiary of CITIC Limited), CPE Greater China, Martis Fund, Boyue Fund, GBAHIL, Apex, Oasis Fund, Jump Trading, Polymer, Dingxin Securities, Colloway, Seven Grand, ICSA, and Optimas Capital. Their total subscription amount is approximately HKD 560 million.
According to its prospectus, CREALITY is a global provider of consumer-grade 3D printing products and services. Its offerings primarily include 3D printers, 3D printing materials, 3D scanners, laser engravers, accessories, and other related products, as well as various services provided through its Crealty Cloud platform, which focuses on 3D printing content. Additionally, in August 2025, the company launched Nexbie, an overseas e-commerce platform dedicated to 3D creative finished products.
The company's comprehensive 3D printing product and service portfolio is designed to be mutually reinforcing. In the creative process, users often combine 3D printing with 3D scanning and laser engraving to achieve more comprehensive solutions. By offering one-stop purchasing services and facilitating continuous traffic conversion between products and services, the company aims to drive repeat purchases and enhance customer loyalty to its ecosystem. Furthermore, after purchasing the company's products, customers are directed to the Crealty Cloud and Nexbie platforms. This strategy not only boosts user engagement but also aids in product discovery.
The company employs a hybrid sales model combining direct sales and distribution. Through direct sales, it establishes direct connections with individual and enterprise users. Concurrently, it partners with distributors who resell products to end-users. As of December 31, 2025, the company had established a global sales network covering approximately 140 countries and regions. This network comprises the company's 81 online stores, 2,422 domestic and international distributors, and its internal sales teams.
Financially, for the years 2023, 2024, and 2025, the company's revenues were approximately RMB 1.883 billion, RMB 2.288 billion, and RMB 3.127 billion, respectively. During the same periods, its annual profits were approximately RMB 129 million, RMB 88.66 million, and a loss of RMB 182 million, respectively.