Global law firm DLA Piper has advised Circuit Fabology Microelectronics Equipment Co., Ltd. (合肥芯碁微電子裝備股份有限公司) on its Hong Kong initial public offering (IPO) and listing of H shares on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code: 09630), completing an A+H dual listing.
The shares commenced trading on 26 June 2026, with China International Capital Corporation Hong Kong Securities Limited acting as the sole sponsor. Total gross proceeds raised from the offering were approximately HKD3.24 billion (USD414 million), before the exercise of the over‑allotment option.
Circuit Fabology is the largest provider of PCB direct imaging equipment globally, delivering advanced PCB direct imaging equipment and semiconductor direct‑writing lithography solutions. The company plays a key role in enabling next‑generation manufacturing, supporting high‑growth sectors including artificial intelligence and advanced semiconductor technologies.
The transaction reflects continued investor demand for leading technology and advanced manufacturing companies, and further reinforces Hong Kong’s position as a premier international capital markets hub, particularly for issuers pursuing dual‑listing structures.
The DLA Piper team was led by George Wu, Head of Equity Capital Markets APAC, with support from Sherlyn Lau, Head of Capital Markets and Corporate Finance, APAC. Team members included Evonne Zhong (senior associate), Marcus Ng (associate), Maki Han (legal officer), Dillon Tsang (trainee associate); legal assistants Jack Du and Vina Pang from Shanghai, and Zayn Jiang from Beijing. Additional support was provided by Johnson Yang (consultant) and Kate Shen (legal assistant) from Shanghai Kaiman Law Firm.
George Wu commented: “We are incredibly proud to celebrate the successful Hong Kong IPO and HKEX listing of Circuit Fabology. As a global leader in PCB direct imaging and direct-writing lithography equipment, Circuit Fabology saw immense market attention and phenomenal subscription demand during this offering. The strong response is a clear testament to the unwavering confidence that international and local investors have in China’s high-end equipment manufacturing, the push for localized semiconductor equipment, and top-tier ‘A+H’ deep-tech companies. This milestone is a pivotal step in Circuit Fabology’s global capital strategy. Also, it highlights the Hong Kong capital market’s enduring attractiveness and robust pricing power for Innovation-driven enterprises equipped with core technologies, industrial competitiveness, and a clear long-term growth trajectory.”
DLA Piper’s Hong Kong capital markets practice regularly advises issuers, sponsors and underwriters on complex, cross-border equity capital markets transactions. The team has recently advised on a number of notable transactions, including the Hong Kong IPO and H share listing of Shanghai Seer Tech, Star Sports Medicine and equity capital markets transactions such as LC Logistics’ share placing, highlighting the firm’s strong track record across Asia’s capital markets. The team’s recent A+H experience includes the Hong Kong IPO and H share listings of Nsing and Chifeng Gold, reflecting its capabilities in navigating dual-listed structures and cross-border equity offerings.
