On July 9, 2026, CCTC officially listed on the main board of the Hong Kong Stock Exchange. The announcement indicated that the issue price was HKD 100.30 per share, with a total issuance of 71,364,300 shares, each lot consisting of 100 shares, and the net proceeds amounting to approximately HKD 7.046 billion. On the first day of trading, CCTC's H shares opened flat, then briefly rose over 8%, before pulling back. By the close of the morning session, CCTC was priced at HKD 100.4 per share.

This marks CCTC's second entry into the capital market after its debut on the Shenzhen Stock Exchange's Growth Enterprise Market in 2014, officially stepping into the "A+H" dual listing.

In this article, you will learn: What are the highlights of CCTC's Hong Kong stock issuance? What is the current situation of passive components? What rhythm is CCTC following to go public in Hong Kong? And how solid is this company that has been producing electronic ceramics for over 55 years?

01

CCTC's Path to Listing

First, let's clarify the basics of this issuance.

CCTC is globally offering 71,364,300 H shares (subject to the exercise of the over-allotment option), of which 7,136,500 shares are for public offering in Hong Kong, accounting for approximately 10%, and 64,227,800 shares are for international offering, accounting for approximately 90%. The sole sponsor and sole overall coordinator is China Galaxy International, with joint global coordinators including Huatai International, ICBC International, and Bank of China International.

Notably, the cornerstone investor lineup is worth mentioning. The prospectus disclosed that CCTC has introduced as many as 17 cornerstone investors, with a total subscription amount of approximately USD 455 million based on the issue price of HKD 100.30, collectively subscribing to 35.55 million shares, which accounts for about 49.81% of the shares offered (assuming the over-allotment option is not exercised), meaning nearly half of the offered shares are locked in by cornerstone investors.

Source: Prospectus

To understand CCTC's listing in Hong Kong, the current situation of passive components must also be mentioned.

The market trend began in April 2025, with major manufacturers such as Panasonic and KEMET raising tantalum capacitor prices, kicking off the rally; starting in November, the price increases spread to resistors, inductors, magnetic beads, and other categories; in December, domestic manufacturers like Fenghua Advanced Technology also issued price increase notices. Entering 2026, there were phenomena of suspended quotations and price increases in the spot market around New Year's Day, with overall resistor prices rising about 10%-20% compared to before New Year's, while the overall increase in capacitors was not significant, but polymer tantalum capacitors, High-capacity high-voltage ceramic capacitors and other specific scarce models are still out of stock.

The real acceleration appeared in late May. Especially in the last week of May, the passive component market suddenly surged, and the phenomenon of suspended quotations reappeared; at the beginning of June, resistor prices rose significantly, and capacitor prices changed "daily," with some materials "increasing by 2 to 5 times, especially high-capacity ones." Goldman Sachs even referred to MLCCs as the "next supply bottleneck" in the AI industry chain. Currently, the resistor and capacitor market remains hot, but seems to have calmed down a bit compared to before.

Amidst this heat, CCTC completed its Hong Kong stock issuance:

• At the end of October 2025, CCTC announced plans for H-share listing;
• On December 5, it submitted its first application to the Hong Kong Stock Exchange;
• On June 3, 2026, it disclosed that the issuance of H-shares was filed with the China Securities Regulatory Commission;
• On June 5, the first application naturally expired due to not being approved within six months;
• On June 8, the company updated and resubmitted the application;
• On June 12, the CSRC publicly announced the filing information on its official website;
• On June 30, the prospectus was officially published, and the public offering also started on the same day;
• On July 9, H-shares officially began trading.

As for how the raised funds will be spent, the prospectus disclosed it in detail, divided into three parts.

According to the prospectus, approximately 48.8% (HKD 3.441 billion) will be used for technological iteration and material innovation, aimed at consolidating the company's integrated technological barriers and promoting domestic substitution in key areas; approximately 41.2% (HKD 2.900 billion) will be invested in new construction, expansion, and automation overseas, mainly in Thailand and Germany, including Thailand's solid oxide fuel cell (SOFC) project, new production lines for electronic components aimed at data centers, expansion of communication devices, and Germany's high-precision piezoelectric micro-dispensing system project. These projects are planned to start construction before the end of 2026, with a total new production capacity of about 36.7 billion pieces; the remaining approximately 10% (HKD 705 million) will be used for working capital and general corporate purposes.

02

What kind of company is CCTC?

The story of CCTC dates back to 1970. That year, a group of workers from the Chaozhou Second Light Bamboo Factory switched to making electronic components and established the Chaozhou Radio Component Factory in a small temple called "Laojun Hall"—this is the predecessor of CCTC. Over the past half century, the company has developed from self-research in ceramic powder to self-manufacturing equipment, establishing a complete vertical industrial chain. It was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in December 2014, and after this Hong Kong listing, it officially formed an "A+H" dual listing pattern.

Specifically, CCTC's products are divided into four major categories, according to the 2025 annual report, based on revenue statistics:

● Electronic components (including MLCC, MLCI, and fixed resistors): Revenue of HKD 3.308 billion, a year-on-year increase of 43.95%, accounting for 36.73% of total revenue, up from 31.16% the previous year;

● Communication devices (ceramic inserts and sleeves, ceramic packaging bases, optical communication ceramic packaging tubes, etc.): Revenue of HKD 2.594 billion, a year-on-year increase of 12.50%, accounting for 28.80%; ● Electronic and ceramic materials (alumina/aluminum nitride ceramic substrates, electronic pastes, SOFC membranes, etc.): Revenue of 1.959 billion yuan, a year-on-year increase of 16.82%, accounting for 21.75%;

● Equipment components (ceramic blades, piezoelectric micro-dispensing systems, SOFC stacks, etc.): Revenue of 602 million yuan, a year-on-year increase of 12.09%, accounting for 6.68%.

If this company has the hardest label, it is several "global firsts."

The prospectus cites data from Frost & Sullivan, stating that by 2025 revenue, CCTC ranks first in global market share in three categories: alumina ceramic substrates, ceramic inserts and sleeves, and SOFC membranes: among them, ceramic inserts and sleeves account for about 70% of the global market, and alumina ceramic substrates exceed 50%.

So where does CCTC stand in the rapidly growing MLCC sector last year?

The global MLCC supply side is highly concentrated, with the top few manufacturers holding the vast majority of the market share. Japan's Murata has the largest share, followed by South Korea's Samsung Electro-Mechanics in second place, and Japan's Taiyo Yuden in third. CCTC's global share is still relatively limited, at only 2.5%.

Technically, CCTC has already reached the first tier of domestic MLCC. The prospectus reveals that its high-end MLCC dielectric layer thickness is about 1 micron, with more than 1000 stacked layers, and high-capacity products have already achieved mass production. However, at the next level of "super high capacity," the global market is still dominated by Murata, Samsung Electro-Mechanics, and Taiyo Yuden. Overall, in the traditional ceramic materials business, CCTC is a global leader, but in the larger MLCC market, it is still a follower.

From 2023 to 2025, CCTC's operating revenue is projected to be 5.727 billion, 7.375 billion, and 9.007 billion yuan, with a year-on-year growth of 22% in 2025; net profit attributable to the parent company is projected to be 1.581 billion, 2.190 billion, and 2.618 billion yuan, with a year-on-year growth of 19.54% in 2025. In terms of gross margin, it is expected to be 42.14% in 2025, a year-on-year decrease of 0.85 percentage points, still at a relatively high level in the industry.

Entering 2026, growth is accelerating: in the first quarter, operating revenue reached 2.681 billion yuan, a year-on-year increase of 46%, and net profit attributable to the parent company was 791 million yuan, a year-on-year increase of 48%. The company's explanation is that the customer recognition of MLCC products continues to improve, coupled with the growth in demand from industries such as optical communications.

In terms of customer structure, CCTC is relatively diversified. According to the 2025 annual report, the top five customers account for a total of 14.94% of sales, with the largest single customer accounting for only 3.67% However, there are a few numbers worth noting. From 2023 to 2025, the company's accounts receivable will rise year by year; by the first quarter of 2026, operating cash flow will decline by more than 35% year-on-year. The reasons behind this and its sustainability will need to be verified by data from the next few quarters.

03

Conclusion

As an electronic ceramics company rooted in Chaozhou for over 55 years, CCTC has made ceramics into the global leader in multiple categories such as alumina substrates, ceramic inserts, and SOFC membranes. This trip to Hong Kong is aimed at securing funding for the next phase of global expansion.

However, in the recently highly watched MLCC sector, it is still a follower, with a significant gap in global market share compared to Murata and Samsung Electro-Mechanics. With this market trend and having completed its listing with 17 cornerstone investors, what kind of story CCTC can tell remains to be seen with time