New stock news | Baofengtang Second Submission Hong Kong Stock Market ranks among the top three in the Chinese PCB plasma adhesive residue removal equipment market

According to the disclosure on the Hong Kong Stock Exchange on April 10th, 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 company had submitted paperwork to the Hong Kong Stock Exchange on September 30th, 2025. Company Profile The prospectus shows that Baofengtang is a plasma processing equipment manufacturer, specializing in the research and development, manufacturing, and sales of plasma processing equipment used in high-tech electronics fields such as PCB and semiconductor manufacturing. The company's business covers mainland China, Southeast Asia, North America, and Europe. According to a Frost & Sullivan report, based on the revenue generated in China from 2023 to 2025, the company ranks among the top three in the Chinese market for PCB plasma ashing equipment. Based on the revenue generated in China in 2025, the company holds a market share of approximately 3.6% in the Chinese market for PCB plasma processing equipment. The company's equipment mainly includes plasma ashing equipment widely used in PCB manufacturing, consumer electronics, and other industries, as well as auxiliary equipment used in PCB manufacturing; semiconductor dry etching equipment and dry stripping equipment, as well as plasma ashing equipment used for semiconductor packaging; and loading and unloading equipment for plasma ashing equipment. In addition, the company also provides customers with components and accessories for plasma processing equipment, as well as maintenance and repair services. The company provides customized equipment that aligns closely with customer production processes to meet the diverse application needs of downstream customers. During the historical period, a majority of the company's revenue came from mainland China. In terms of revenue divided by business segments, revenue from plasma ashing equipment used in PCB manufacturing was the most important source of income. The company provides products to customers from various industries, mainly including PCB, semiconductor, and consumer electronics products. In 2023, 2024, and 2025, the company provided products and services to approximately 134, 137, and 150 customers in mainland China and overseas regions (mainly Southeast Asia, North America, and Europe). In terms of customer concentration, in 2023, 2024, and 2025, revenue from the largest customer accounted for 20.1%, 19.0%, and 24.6% of total revenue for those years. In 2023, 2024, and 2025, revenue from the top five customers accounted for 60.9%, 51.5%, and 62.7% of total revenue for those respective years. Financial Information Revenue In the fiscal years of 2023, 2024, and 2025, the company's revenue was approximately RMB 139 million, RMB 150 million, and RMB 176 million, respectively. Profit In the fiscal years of 2023, 2024, and 2025, the company's net profits were approximately RMB 36.78 million, RMB 39.24 million, and RMB 37.328 million, respectively. Gross Profit Margin In the fiscal years of 2023, 2024, and 2025, the company's gross profit margins were 53.3%, 50%, and 56%, respectively. Industry Overview Plasma processing equipment can be mainly divided into three sub-markets based on their downstream industries: semiconductor, PCB, consumer electronics, and others. From 2020 to 2025, the global market size of plasma processing equipment grew from RMB 179.8 billion to RMB 347.9 billion, with a compound annual growth rate of 14.1% during the period. Looking ahead, the global market for plasma processing equipment is expected to reach RMB 528.3 billion by 2030, with a compound annual growth rate of 8.7% from 2025. The Chinese market for plasma processing equipment increased from RMB 50.7 billion in 2020 to RMB 125 billion in 2025, with a compound annual growth rate of 19.8% during the period. It is estimated that by 2030, the market size for plasma processing equipment in China will reach RMB 167.5 billion, with a compound annual growth rate of 6.0% from 2025. Global and Chinese PCB Market Size Printed Circuit Boards (PCBs) are basic electronic components, serving as the foundation for electronic parts and providing electrical connections for them. The global PCB market grew from RMB 468.7 billion in 2020 to RMB 559.3 billion in 2025, with a compound annual growth rate of 3.6% during the period. The market is expected to grow at a compound annual growth rate of 4.8% and reach RMB 706.4 billion by 2030. The Chinese PCB market grew from RMB 252 billion in 2020 to RMB 369.2 billion in 2025, with a compound annual growth rate of 7.9% during the period. The market is expected to grow at a compound annual growth rate of 5.8% and reach RMB 490.1 billion by 2030. PCB plasma ashing: Plasma ashing equipment mainly uses high-energy particles in the plasma to impact the surface of the material, causing physical and chemical changes that alter the microstructure and chemical composition of the surface. Plasma ashing technology in PCB manufacturing is crucial for enhancing the quality and performance of PCBs. The global market for PCB plasma ashing equipment grew from RMB 2.2 billion in 2020 to RMB 3 billion in 2025, with a compound annual growth rate of 6.4% during the period. The market is expected to grow at a compound annual growth rate of 8.4% and reach RMB 4.5 billion by 2030. The Chinese market for PCB plasma ashing equipment increased from RMB 900 million in 2020 to RMB 1.3 billion in 2025, with a compound annual growth rate of 7.6% during the period. The market is expected to grow at a compound annual growth rate of 10.1% and reach RMB 2.1 billion by 2030. Competitive Landscape In 2025, there were more than 30 market participants in the Chinese market for PCB plasma ashing equipment. The market for PCB plasma ashing equipment in China is relatively fragmented, with the top three participants holding a 13.0% market share in 2025 based on revenue. In 2025, the company ranked third in the Chinese market for PCB plasma ashing equipment based on revenue generated in China, with a market share of 3.6%. Additionally, from 2023 to 2025, the company consistently ranked among the top three in the Chinese market for PCB plasma ashing equipment based on revenue generated in China. Board of Directors Information The company's board of directors consists of 9 directors, including 5 executive directors, 1 non-executive director, and 3 independent non-executive directors, with a term of 3 years. Ownership Structure As of April 6, 2026, Mr. Zhao, Mrs. Luo, and Ms. Zhao are considered to be a group of controlling shareholders through common investment tools and marital relationships between them. Mr. Zhao holds approximately 78.79% of the voting rights in the company through his direct ownership of 35,709,500 shares, 400,000 shares held by MuFeng Technology, and 2,796,000 shares held by De Chengji. MuFeng Technology is owned by Mr. Zhao, Mrs. Luo (Mr. Zhao's spouse), and Ms. Zhao (Mr. Zhao's daughter) holding approximately 60%, 20%, and 20%, respectively. De Chengji's general partner is Mr. Zhao. Intermediary Team Sponsor: CMSC (Hong Kong) Limited Company Legal Counsel: King & Wood Mallesons for Hong Kong laws; Jin Tiancheng Law Firm for Chinese laws Legal Counsel of the Sponsor: Zhuo Junxuan Law Firm for Hong Kong laws; Tianyuan Law Firm for Chinese laws Reporting accountants and auditors: Deloitte Touche Tohmatsu Certified Public Accountants Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultant: Eight Finance Limited Company