New Stock News | Bao Feng Tang Submits Application to Hong Kong Stock Exchange, Focuses on Research, Production, and Sales of Plasma Treatment Equipment.

According to the disclosure on September 30th by the Hong Kong Stock Exchange, Zhuhai Baofengtang Semiconductor Co., Ltd. (referred to as "Baofengtang") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CMSC International as its exclusive sponsor. The prospectus shows that Baofengtang is a manufacturer of plasma processing equipment, specializing in the research, development, manufacturing, and sales of plasma processing equipment used in high-tech electronic fields such as PCB and semiconductor manufacturing. Its business covers mainland China, Southeast Asia, North America, and Europe. The company's equipment mainly includes plasma residue removal equipment widely used in PCB manufacturing, consumer electronics, and other industries; semiconductor dry etching equipment and dry stripping equipment, as well as plasma residue removal equipment for semiconductor packaging; and loading and unloading equipment for plasma residue removal equipment. According to a Frost & Sullivan report, based on revenue generated in China from 2022 to 2024, the company ranks among the top three in the Chinese market for PCB plasma residue removal equipment. According to the same source, based on revenue generated in China in 2024, the company's market share in the Chinese PCB plasma processing equipment market is approximately 3.9%. In the historical periods, the company's products in China were mainly sold through direct sales, supplemented by distribution networks in overseas markets. The company's products are sold in 17 provinces, municipalities, autonomous regions, and special administrative regions in China. The company has a high customer concentration. For the fiscal years ending on December 31, 2022, 2023, 2024, and the six months ending on June 30, 2025, revenue from the largest customer accounted for 18.8%, 20.1%, 19.0%, and 29.3% of total revenue during those periods, while revenue from the top five customers accounted for 60.8%, 60.9%, 51.5%, and 70.8% of total revenue during those periods. The prospectus highlights the risk that the number of participants in the Chinese plasma processing equipment market is relatively limited, leading to a high concentration of market competition. In a fiercely competitive industry, if the company cannot compete effectively, its business, operational performance, and future prospects could be affected. Financially, for the years 2022, 2023, 2024, and the six months ending on June 30, 2025, Baofengtang reported revenues of approximately RMB 79.219 million, RMB 139 million, RMB 150 million, and RMB 79.18 million respectively; net profits and total comprehensive income were approximately RMB 11.143 million, RMB 36.78 million, RMB 39.243 million, and RMB 14.536 million respectively.