The subscription period for CCTC (06951) has concluded, having run from June 30 to July 6, 2026.

According to market statistics, the company's public offering attracted HK$111.916 billion in margin financing from brokerages. Based on the public offering's fundraising target of approximately HK$715.79 million, this represents an oversubscription of 155.35 times.

The company plans a global offering of 71.3643 million H shares, with 10% allocated to the Hong Kong public offering and 90% to the international offering. A 15% over-allotment option is also included. The offer price will not exceed HK$100.30 per share, with a board lot size of 100 H shares. Trading on the Hong Kong Stock Exchange is expected to commence on July 8, with China Galaxy International serving as the sole sponsor.

As detailed in its prospectus, CCTC focuses on electronic ceramic materials and components. The company has built a product portfolio across four major categories: electronic and ceramic materials, electronic components, communication devices, and equipment components. This forms a business framework covering core application areas such as communications, AI and data centers, consumer electronics, automotive electronics, semiconductor manufacturing and packaging, new energy, and smart industrial control, encompassing foundational materials, key components, and high-end devices and modules.

Financially, for the years 2023, 2024, and 2025, the company reported revenues of approximately RMB 5.682 billion, RMB 7.266 billion, and RMB 8.869 billion, respectively. Profits for the same periods were approximately RMB 1.583 billion, RMB 2.190 billion, and RMB 2.617 billion.

The IPO's cornerstone investors include a roster of prominent institutions such as Temasek, JPMAMAPL, CPE River, Ninety One Asia, Alibaba Investment, Huanghe, GSAM, Manulife, Taikang Life Insurance, China Universal Asset Management, Bosera International, ICBC Wealth Management, IvyRock, Greater Bay Area Homeland Investments, Metazone, Verition Fund, GMF, and IRMF.

These cornerstone investors have agreed, subject to certain conditions, to subscribe for or cause their designated entities to subscribe for approximately US$455 million worth of offer shares, rounded down to the nearest full board lot of 100 H shares.

At the maximum offer price of HK$100.30 per share, the cornerstone investors will subscribe for an aggregate of 35.55 million H shares. Assuming this maximum price, the group estimates net proceeds from the global offering to be approximately HK$7.046 billion, after deducting underwriting commissions and other estimated expenses related to the offering, and assuming the over-allotment option is not exercised.

The intended use of proceeds is as follows: approximately 41.2% will be allocated to investment in new overseas expansion projects and automation to enhance production capacity, improve efficiency, and strengthen supply chain resilience. Approximately 48.8% will be used for technology iteration and material innovation to solidify integrated technology barriers, support global business expansion, and advance domestic substitution in key areas. The remaining 10.0% is earmarked for working capital and other general corporate purposes, including daily operations and general corporate expenditures.