Sanen Group Passes HKEX Hearing, Plans Main Board Listing in Hong Kong
Alina Collins
Chaozhou Three-Circle (300408.SZ), China's leading electronic-ceramics maker, cleared its HKEX main board hearing on June 18 — a dual listing would open broader international capital access.
How far along is this Hong Kong listing?
Three-Circle has passed the HKEX main board listing hearing, with China Galaxy International as sole sponsor.
This means → the company has entered the final sprint toward a Hong Kong IPO — roadshow, pricing, and trading are the only steps left.
In plain terms = the hearing is HKEX's formal review of listing eligibility. Passing it is like getting the exam ticket — the actual listing is one step away.
How profitable is this company?
Revenue grew steadily over three years: ≈RMB 5.68 bn in 2023 → ≈7.27 bn in 2024 → ≈8.87 bn in 2025.
Net profit followed: ≈RMB 1.58 bn, 2.19 bn, and 2.62 bn respectively, with margins rising each year.
This means → it is not just top-line growth — profitability is improving in tandem, suggesting better unit economics at scale.
What does it actually make?
The core business revolves around electronic ceramics, split into four product lines: electronic & ceramic materials, electronic components, communication parts, and equipment assemblies.
In plain terms = electronic ceramics are specialty materials that insulate and dissipate heat — essential "foundation parts" inside chips, capacitors, and fiber-optic devices.
End markets span telecom, AI & data centers, consumer electronics, automotive, semiconductor manufacturing, and new energy — covering nearly the entire electronics supply chain.
What does each product line do?
Upstream materials: alumina / aluminum-nitride ceramic substrates, electronic pastes, and SOFC membrane sheets — a key component in solid-oxide fuel cells — supplying base materials for downstream parts.
Electronic components: MLCC (multilayer ceramic chip capacitors), MLCI (multilayer ceramic chip inductors), and fixed resistors — the most basic passive components in any circuit. MLCC is now the main revenue growth driver in this segment.
Communication parts + equipment assemblies: ceramic ferrules, packaging bases, and MT ferrules serve fiber-optic and semiconductor packaging; piezoelectric micro-dispensing systems and ceramic components address domestic substitution and energy-transition demand.
What does a dual listing mean for investors?
A successful Hong Kong listing would give Three-Circle an A+H dual-listing structure, unlocking wider international capital channels.
This reflects a deliberate move by China's top electronic-ceramics player to seek an international valuation anchor — Hong Kong pricing becomes a market "vote" on its global competitiveness.
The key question: can the Hong Kong market deliver a valuation on par with the A-share side? That will be the real test of whether its international capital narrative holds up.
Content is for reference only, not financial advice.