HK Recently Listed Stocks Watch | CFMEE (09630.HK) 6.42 million cornerstone shares to be unblocked on 26 December, PCB demand stays strong

NewTimeSpace News, on 16 October 2026, semiconductor equipment stocks traded with volatility while CFMEE (09630.HK) weakened. As of 13:55, the company quoted HKD 234.400, down 0.42%.

On the news front, the company has no recent news of its own; within the sector, on 16 October 2026, media reports indicated that AI computing demand continued to drive simultaneous gains in the volume and price of printed circuit boards, with PCB demand staying strong in the third and fourth quarters, many PCB companies running at full capacity with full order books and pushing ahead with capacity expansion; among PCB companies that have issued third-quarter earnings guidance, Xingsen Technology (002436.SZ) expects net profit attributable to shareholders for the first three quarters to grow 204.20% to 227.02% year on year, while WUS Printed Circuit (002463.SZ) expects growth of 100.54% to 109.74%.

In addition, on 15 October 2026, Hongtian Co., Ltd. (002490.SZ) disclosed that its subsidiary Honglei Optics had won direct-write lithography equipment orders from several major domestic customers in the glass substrate (TGV) field, saying the batch signing marks a shift in its glass substrate direct-write lithography business from early entry to volume orders. Glass substrates are regarded by the industry as a next-generation core material for advanced semiconductor packaging, with processes such as through-glass via formation, filling and routing placing high demands on exposure size and pattern precision.

CFMEE (09630.HK) listed on the Main Board of the Hong Kong Stock Exchange on 26 June 2026 at an offer price of HKD 252.73, with 12,838,650 shares issued.

Regarding its shareholding structure, the lock-up period of all 19 cornerstone investors of the company is six months, with the nearest release date falling on 26 December 2026, when a total of 6,416,350 shares held by 19 cornerstone investors including JPMorgan Asset Management (Asia Pacific), Victory Giant Technology Holdings (Hong Kong) and CPE Chestnut Investment will be released from lock-up, representing 49.98% of the shares under the global offering and 4.44% of the company's total issued share capital immediately following completion of the global offering. In addition, under the lock-up undertakings of the company's controlling shareholders (Ms. Cheng Zhuo and Yage Venture Capital, Na Photolithography and He Photolithography), which are divided into two six-month periods under Listing Rule 10.07, the first six-month period expires on 25 December 2026 and the second is expected to expire in late June 2027.

In terms of financial performance, the company disclosed its first interim results after listing on 26 August 2026. For the first half of 2026, revenue was RMB 1.106 billion, up 68.95% year on year; net profit attributable to shareholders was RMB 281 million, up 98.13% year on year; gross margin was 43.04%; R&D expenses were RMB 63.7118 million, accounting for 5.76% of revenue; and net cash flow from operating activities was RMB 292 million, up 376.99% year on year. As of 30 June 2026, the company had total assets of RMB 6.492 billion and net assets attributable to shareholders of RMB 5.251 billion. The company declared no interim dividend.

CFMEE (09630.HK) focuses on the research, development, manufacture and sale of printed circuit board (PCB) direct imaging equipment and semiconductor direct-write lithography equipment, with products covering PCB direct imaging equipment and automated line systems and semiconductor direct-write lithography equipment and automated line systems, serving applications including PCB, IC substrates, wafer-level packaging (WLP) and panel-level packaging (PLP), with customers including leading domestic and international PCB manufacturers and advanced packaging companies. Its A shares are listed on the STAR Market of the Shanghai Stock Exchange (688630.SH).

Nomura believes that continued capacity expansion by high-end PCB manufacturers is driving demand for direct-write lithography equipment, with demand coming from AI servers, optical modules and 5G base stations, and that the company's share among leading domestic and international customers continues to rise, driving import substitution in high-end PCB equipment. The house also noted that advanced packaging continues to evolve towards larger sizes and higher-density interconnect, placing higher demands on exposure size and pattern and overlay precision, and that direct-write lithography is expected to gain penetration on the strength of large-area exposure, high-precision alignment and digital compensation.

GUOTAI HAITONG SECURITIES believes that new rules on logic-bearing hardware components produced by entities on controlled lists apply to new equipment certification and in principle do not apply retroactively to previously authorised equipment; the global aerospace and defence PCB market is worth about USD 1.4 billion while the Chinese mainland's PCB output is about USD 58 billion, so the direct impact of defence procurement restrictions is expected to account for less than 1% of China's PCB demand, and China's copper-clad laminate supply accounts for about 75% globally, with scale, cost and upstream supporting advantages forming substitution barriers.