MLCC makers eye Hong Kong IPOs amid AI-driven demand surge
Two major Chinese suppliers of multilayer ceramic capacitors (MLCCs) are pursuing Hong Kong listings, capitalizing on booming demand from AI infrastructure. Chaozhou Three-Circle, a Shenzhen-listed MLCC manufacturer, passed its HKEX listing hearing last week, with China Galaxy International as sponsor. Jiangsu Boqian New Materials, a Shanghai-listed supplier of nickel powders used in MLCC production, filed its HKEX prospectus last week. According to Frost & Sullivan, Boqian was the world's second-largest MLCC nickel powder supplier in 2025, with an 11% global market share. MLCCs, often called the 'rice of the electronics industry', are essential in smartphones, EVs, AI servers, and data centers. Goldman Sachs has described the current cycle as the 'largest and longest' upcycle in MLCC history, driven by rapid AI data center buildout and increased demand for high-capacitance MLCCs.
Key facts
- Chaozhou Three-Circle passed its HKEX listing hearing last week.
- Jiangsu Boqian New Materials filed its HKEX prospectus last week.
- Boqian was the world's second-largest MLCC nickel powder supplier in 2025 with 11% global market share.
- MLCCs are described as the 'rice of the electronics industry'.
- Goldman Sachs called the current cycle the 'largest and longest' upcycle in MLCC history.
- AI data center buildout is sharply increasing demand for high-capacitance MLCCs.
- China Galaxy International is sponsoring Three-Circle's IPO.
- Nickel powder is a critical raw material for MLCC electrodes.
Entities
Institutions
- Chaozhou Three-Circle
- Hong Kong Exchanges and Clearing (HKEX)
- China Galaxy International
- Jiangsu Boqian New Materials
- Frost & Sullivan
- Goldman Sachs
Locations
- China
- Hong Kong
- Shenzhen
- Shanghai