Southern Finance Reporter Zhu Zhixuan

On July 9th, CCTC officially landed on the Hong Kong stock market, achieving a dual listing in both "A+H" markets.

On the day of listing, the issue price of the Hong Kong stock was HKD 100.3, reaching a maximum of HKD 109 during the trading session, and closing at HKD 105, with an increase of 4.7% throughout the day, resulting in a total market capitalization of HKD 208.7 billion. Correspondingly, CCTC's A-shares also rose by 2.59%, closing at RMB 133.81, with a transaction amount exceeding RMB 10.6 billion, and a total market capitalization of RMB 266 billion, with both markets providing positive feedback.

Public information shows that CCTC is the first company in Chaozhou to achieve a dual platform listing of "A+H," and it is also a leading enterprise in Guangdong Province that has established a dual capital platform for MLCC (the "rice of the electronic industry") and advanced electronic ceramics, with a clear intention for global industrial layout after the cross-border financing channel was established.

Key Globalization Move

With ample funds on the books and stable cash flow, CCTC chose to enter the Hong Kong stock market at this time, with the core demand being to build an international capital platform to promote global capacity and market layout.

Looking back at the listing process, the company passed the Hong Kong Stock Exchange's listing hearing in June this year, with a total of 71.3643 million H shares issued in this global offering. According to the original H share prospectus, assuming the maximum offer price is HKD 100.30 per share, and the over-allotment option is not exercised, the net proceeds from the global offering, after deducting underwriting commissions and various issuance expenses, are approximately HKD 7.046 billion.

According to the prospectus, the fundraising purpose is highly focused on industrial expansion: approximately 41.2% (HKD 2.9 billion) will be used for new construction and expansion projects overseas, focusing on the establishment of a fuel cell membrane production base in Thailand, the expansion project of micro-dispensing systems in Germany, and overseas data center electronic components and communication device projects. About 48.8% will be used for technological iteration and material innovation, continuously promoting the domestic substitution of high-end products. The remaining 10% will be used to supplement working capital.

In terms of issuance, the Hong Kong public offering segment was oversubscribed by 327.49 times, and the international offering was oversubscribed by 16.24 times, with several long-term institutional investors participating in the cornerstone lineup. This IPO introduced a total of 17 cornerstone investors, who subscribed for approximately USD 455 million (about HKD 3.5658 billion); based on the maximum offer price of HKD 100.30, cornerstone investors will subscribe for 35.55 million shares, accounting for approximately 49.8% of the global offering shares. The cornerstone lineup covers four major categories: sovereign funds, international asset management, industrial capital, and leading Chinese institutions, with well-known institutions including Temasek, JP Morgan Asset Management, Alibaba, Tencent (through Huanghe Investment), and Goldman Sachs Asset Management, deeply binding long-term funds, fully confirming the global capital's recognition of the company's long-term value.

After completing the A+H dual listing structure, the company simultaneously opened financing channels between domestic industrial capital and overseas long-term institutions, further enhancing its international brand influence and reserving ample capital tools for subsequent global market expansion and industrial chain integration Earnings Exceed Expectations

CCTC's first-quarter performance is a typical reflection of the growth in the electronic components industry driven by AI computing power.

According to the financial report, the company achieved an operating revenue of 2.681 billion yuan in the first quarter, a year-on-year increase of 46.25%. The net profit attributable to shareholders of the listed company was 791 million yuan, a year-on-year increase of 48.48%; the net profit after deducting non-recurring gains and losses was 722 million yuan, a year-on-year increase of 60.82%.

Profitability is also on the rise. The company's comprehensive gross profit margin reached 43.5% in the first quarter, an increase of about 2.5 percentage points compared to the same period last year. The core logic behind this is the continuous upgrade of product structure: the proportion of high-value-added high-end MLCCs and core components for optical communication is continuously increasing, combined with optimized cost control under scale effects, which together have boosted profitability.

In its first-quarter report for 2026, the company clearly disclosed the core drivers of revenue growth: "During the reporting period, benefiting from the continuous improvement in customer recognition of the company's MLCC products and the growth in demand from industries such as optical communication." From the perspective of the annual revenue structure, electronic components centered on MLCCs and optical communication devices are the two main growth drivers supporting long-term performance growth.

Based on the triple demand resonance of MLCCs, optical communication, and automotive electronics, Shenwan Hongyuan upgraded the company's investment rating from "Overweight" to "Buy," while significantly raising profit forecasts, adjusting the 2026 revenue and net profit attributable to the parent company to 11.9 billion yuan and 3.7 billion yuan, respectively. Additionally, new performance guidance for 2027 and 2028 was introduced, expecting corresponding revenues of 13.6 billion yuan and 15.2 billion yuan, and net profits attributable to the parent company of 4.5 billion yuan and 4.9 billion yuan. Compared to comparable companies in the MLCC sector such as Fenghua Advanced Technology and Jiemai Technology, the company's corresponding PE for 2026 is only 72 times, significantly lower than the industry average of 101 times, indicating a margin of safety in valuation. However, it also highlights potential risks in the industry, including intensified competition in the MLCC market, slower-than-expected R&D progress of electronic-grade ceramic materials, and fluctuations in issuance prices in the Hong Kong secondary market, all of which may disrupt the company's performance and stock price