Aura Laser Passes HKEX Hearing, Plans Main Board Listing in Hong Kong
Taylor Wilson
Xingji Micro (芯碁微装, 688630.SH) cleared its HKEX main board listing hearing on June 10, moving the world's top PCB direct-imaging equipment maker — 18.8% global share — a step closer to a dual listing aimed at funding capacity expansion.
What does this company actually make?
Xingji Micro makes direct-write lithography equipment — machines that use light to "write" circuit patterns directly onto boards, skipping traditional film masks.
In global PCB direct-imaging equipment, the company holds 18.8% market share as of 2025, ranking first. The nearest rival sits at 15.7%.
In the broader direct-write lithography market, it ranks fourth with 9.4% share.
This means → it dominates one niche (PCB imaging) but remains a mid-tier player in the wider lithography landscape.
Why list in Hong Kong?
The company already trades on Shanghai's STAR Market (688630.SH). This move is a dual listing, with CICC as sole sponsor.
The trigger: its Hefei Phase I plant ran at 89.1% capacity in 2023, 96.9% in 2024, and 100.2% in 2025 — effectively maxed out.
Phase II began trial operations in September 2025. By year-end it had brought 48 automated production lines online, supporting 96 LDI units.
In plain terms = the old plant is full, the new one just opened, and the company needs capital to close the gap — that is the direct reason for a Hong Kong fundraise.
How are the financials?
Revenue for 2023–2025: RMB 829 million, 954 million, and 1.408 billion, with 2025 up roughly 47.6% year-on-year.
Net profit over the same period: RMB 179 million, 161 million, and 290 million — a slight dip in 2024 followed by a strong 2025 rebound.
This means → the top line grew every year, while the bottom line suffered a brief "revenue up, profit flat" squeeze in 2024 before recovering.
How big is the addressable market?
The global direct-write lithography equipment market is projected to grow from roughly RMB 11.2 billion in 2024 to about RMB 19 billion by 2030 — a 9.2% CAGR.
The downstream global PCB industry is expected to expand from about RMB 439.4 billion to roughly RMB 574.2 billion over the same period — a 4.6% CAGR.
This reflects a phase where equipment upgrades (9.2%) are outpacing end-market expansion (4.6%) — the industry is retooling faster than it is growing.
What should investors watch?
Xingji Micro is the only company worldwide with commercialized products spanning all four application areas: PCB, IC substrate, advanced packaging, and photomask.
It is also one of just two Chinese companies with commercialized advanced-packaging products.
In plain terms = breadth of product coverage is its moat, but the real test is whether Phase II capacity can ramp in time to meet rising demand — that will determine whether this Hong Kong listing was worth it.
Content is for reference only, not financial advice.