ECM

Circuit Fabology (芯碁微装) A+H Pre-IPO: Early Thoughts

11 Jun 2026 By Ke Yan, CFA
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Abstract: Circuit Fabology has passed its A+H listing hearing. CICC is the sole sponsor. We look at the company's core segments: PCB direct imaging equipment and semiconductor direct-writing lithography equipment. We discussed our preliminary thoughts on the company's fair value based on A-H premium.

DELTON TECHNOLOGY (GUANGZHOU) (001389 CH) NAURA TECHNOLOGY (002371 CH) DELTON (1989 HK) VGT (2476 HK) VICTORY GIANT TECHNOLOGY (HUIZHOU) (300476 CH) SHENZHEN HAN'S CNC TECHNOLOGY (301200 CH) HANS CNC (3200 HK) ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA (688012 CH) CIRCUIT FABOLOGY MICROELECTRONICS EQUIPMENT (688630 CH) Ushio (6925 JP) Jeol (6951 JP) MYCR SS (MYCR SS)

Highlighted Stocks

DELTON TECHNOLOGY (GUANGZHOU), NAURA TECHNOLOGY, DELTON, VGT, VICTORY GIANT TECHNOLOGY (HUIZHOU), SHENZHEN HAN'S CNC TECHNOLOGY, HANS CNC, ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA, CIRCUIT FABOLOGY MICROELECTRONICS EQUIPMENT, Ushio, Jeol, MYCR SS

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