Chinese chip-equipment maker CFMEE targets US$410 million in Hong Kong IPO

Circuit Fabology Microelectronics Equipment (CFMEE), based in Hefei, is aiming to raise up to HK$3.2 billion (approximately US$410 million) through an IPO in Hong Kong. They’re looking to issue over 12.8 million H shares, with prices set between HK$240.09 and HK$252.73 each. The subscription ends next Tuesday, and trading is expected to kick off on June 26 on the Hong Kong stock exchange. Seventeen cornerstone investors, including those linked to the Hefei municipal government and JPMorgan Asset Management (Asia-Pacific), have already backed at least 43% of the offering. The raised funds will support strategic investments, R&D, and production expansion. CFMEE, which has been on Shanghai's Star Market since 2021, saw its A shares rise 2.6% to 475.77 yuan on Wednesday. This IPO is part of China’s push for semiconductor self-sufficiency amid US sanctions.