On July 9, Chaozhou Three-Circle rose 3.59% in regular trading on its Hong Kong listing debut, trading at HK$102.9/share, with turnover of HK$820 million. The stock opened flat at HK$100.3 before climbing steadily.

The rally was driven by overwhelming IPO demand. The Hong Kong public offering portion was oversubscribed approximately 327.49 times, while the international tranche received 16.24 times oversubscription. The global offering raised net proceeds of approximately HK$7.046 billion at a final price of HK$100.3 per share, with cornerstone investors including Temasek committing to approximately US$455 million worth of shares.

Chaozhou Three-Circle is a global leader in electronic ceramics with over 55 years of operating history. According to Frost & Sullivan, its alumina ceramic substrates, ceramic ferrules and sleeves, and SOFC separator plates all rank first globally by revenue. The company's business spans communications, AI data centers, automotive electronics, and other high-growth sectors. Its Q1 revenue grew 46.25% year-over-year to RMB 2.681 billion, with net profit up 48.48% to RMB 791 million.

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