Three-Circle Group (6951.HK) surged 8% in Hong Kong trading to HK$129.6. The company's recent dual capital moves — an H-share placement and an A-share buyback — bolstered market confidence, while a sustained MLCC price hike cycle added momentum. The company previously guided first-half 2026 net profit attributable to shareholders of 1.794 billion to 2.041 billion yuan, representing year-over-year growth of 45% to 65%.
On the industry side, demand from AI servers and new energy vehicles has tightened MLCC supply, prompting leading Japanese and Korean manufacturers to raise prices by 15% to 30%. Samsung Electro-Mechanics raised MLCC shipment prices by 30% effective August 1, while Taiyo Yuden announced a price increase starting September 1. Shenwan Hongyuan Securities noted that domestic manufacturers with mass production capabilities in high-capacitance, high-voltage and automotive-grade MLCCs are well-positioned to benefit from order spillovers and import substitution.