New stock news | Hubei Dinglong (300054.SZ) files for listing on Hong Kong Stock Exchange, becoming China's largest domestic provider of chemical mechanical polishing pads.

According to the disclosure on July 6 by the Hong Kong Stock Exchange, Hubei Dinglong Holdings Limited (referred to as Hubei Dinglong (300054.SZ)) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CMSC International and CITIC SEC as joint sponsors. Company Profile: The prospectus shows that Hubei Dinglong is a leader in material application innovation in China's key industries. The company provides upstream integrated materials and solutions for the semiconductor industry, including Chemical Mechanical Polishing (CMP) solutions, semiconductor display materials, lithography materials, and advanced packaging materials. According to Frost & Sullivan data, based on revenues in 2025, the company is the largest domestic provider of Chemical Mechanical Polishing Pads (CMP pads) in China, with a market share of 38.5%, the third-largest CMP material provider in China with a market share of 16.8%, and the largest provider of OLED coating functional materials in China with a market share of 38.5%. The company believes there are significant opportunities and strong demand in the semiconductor materials field, driven by (i) global semiconductor supply chain rebalancing and demand for key materials; (ii) development of artificial intelligence driving strong demand for semiconductor chips; and (iii) development of advanced packaging and new chip architectures. According to Frost & Sullivan data, it is estimated that from 2026 to 2030, the Chinese CMP materials market will grow from RMB 9.7 billion to RMB 17.6 billion with a compound annual growth rate of 16.1%; the Chinese OLED coating functional materials market will grow from RMB 1.5 billion to RMB 2.3 billion with a compound annual growth rate of 10.8%; the Chinese semiconductor wafer photoresist market will grow from RMB 8.6 billion to RMB 13.1 billion with a compound annual growth rate of 11.1%; and the Chinese semiconductor advanced packaging materials market will grow from RMB 23.2 billion to RMB 36.5 billion with a compound annual growth rate of 12.0%. The company is also actively seizing the strong growth opportunities in the new energy materials market. Its growth is driven by transformative applications in new energy vehicles, large-scale energy storage, AI data centers, low-altitude economy, and Siasun Robot & Automation. According to Frost & Sullivan data, the market for functional lithium battery materials in China is expected to grow from RMB 35.2 billion in 2026 to RMB 63 billion in 2030, with a compound annual growth rate of 15.7%. Financial Data: Revenue: In the fiscal years 2023, 2024, 2025, and the four months ending on April 30, 2026, the company achieved revenues of approximately RMB 1.305 billion, RMB 1.953 billion, RMB 2.468 billion, RMB 724 million, and RMB 1.090 billion respectively. Profit: In the fiscal years 2023, 2024, 2025, and the four months ending on April 30, 2026, the annual/periodic profits were approximately RMB 288 million, RMB 639 million, RMB 796 million, RMB 238 million, and RMB 352 million respectively. Gross Profit Margin: In the fiscal years 2023, 2024, 2025, and the four months ending on April 30, 2026, the company's gross profit margins were 57.1%, 64.8%, 66.7%, and 66.3% respectively. Industry Overview: CMP materials are key functional materials used in the integrated circuit manufacturing process to achieve wafer surface planarization. They directly affect the accuracy and yield of core processes such as lithography, deposition, and etching, and can further be applied in critical processes such as advanced packaging. According to SEMI data, CMP materials account for about 7% of integrated circuit manufacturing material costs, mainly including CMP pads, CMP slurries, and cleaning solutions. CMP pads, CMP slurries, and cleaning solutions together account for more than 85% of the cost of CMP polishing materials. As the semiconductor industry continues to expand in scale, advanced process nodes evolve, and the complexity of logic and memory chip structures increases, the number of CMP process steps required in wafer manufacturing significantly increases. This drives concurrent increases in the use of CMP materials and the consumption of CMP materials per wafer, expanding the market space and technological value. Driven by the global semiconductor industry's upgrade to advanced processes and the rapid development of emerging applications such as 5G, artificial intelligence, and the Internet of Things, the global and Chinese CMP materials markets continue to expand. The Chinese market benefits from the large-scale expansion of domestic wafer foundry capacity and the continuous improvement of the semiconductor industry chain ecosystem, leading in growth globally. In particular, core segments such as CMP pads, CMP slurries, and cleaning solutions are developing rapidly, with leading domestic companies increasing research and development investment in high-end products, gradually breaking through key processes and material technologies, and continuously improving their technological capabilities and industrialization. The global and Chinese semiconductor display materials markets continue to grow, mainly driven by the continuous application of new display technologies represented by OLED, as well as the rapid popularization of large-size, high-refresh rate, and ultra-high-definition display panels. The Chinese market is ahead in growth due to continued production of large panel lines, rapid release of flexible OLED capacity, and increased demand for in-vehicle displays in new energy vehicles. In the future, as next-generation immersive terminal devices such as XR mature and innovative form factors such as foldable screens continue to proliferate, the global and Chinese OLED coating functional materials market is expected to continue growing, with a wide market space. Wafer photoresist is a key material in chip manufacturing, transferring precise circuit patterns from masks to silicon wafers. Its performance determines chip integration, directly affecting instruction cycles, power consumption, and costs, and is crucial in achieving microscale chip processes. Wafer photoresists are primarily classified by photosensitive wavelength into G-line (436nm), I-line (365nm), KrF (248nm), ArF (193nm), which are essential materials supporting semiconductor manufacturing. Among these categories, high-end wafer photoresists mainly refer to the KrF and ArF types. This is because these two materials have shorter exposure wavelengths, significantly improving lithography resolution. This high-resolution feature directly meets the stringent processing requirements for smaller line widths and higher density integration in advanced processes, supporting the continuous evolution of semiconductor manufacturing technology to nano-level advanced nodes and ensuring the key technological barriers to chip performance and mass production. As the industry cycle recovers and advanced process capacity is released, the global wafer photoresist market demand is entering a strong growth period. At the same time, the Chinese wafer photoresist market is in a stage of rapid development, leading in growth globally. In terms of product types, high-end wafer photoresists (ArF and KrF) have become the core growth engine with premium advantages and high technological barriers, gradually occupying a dominant position in the market. Photoresist ancillary materials are a critical system of supporting materials in the photolithography process, playing an important role in key aspects such as pattern transfer, wafer surface treatment, and yield control, thereby improving pattern accuracy and process stability. With the continuous evolution of advanced processes, the demand for high-performance photoresist ancillary materials that adapt to high-end photoresist systems and meet higher precision and yield requirements continues to increase. The global market for wafer photoresist ancillary materials has grown from RMB 14.7 billion in 2021 to RMB 21 billion in 2025, and is expected to reach RMB 32.9 billion in 2030. At the same time, the Chinese market for wafer photoresist ancillary materials has grown from RMB 3.2 billion in 2021 to RMB 6.3 billion in 2025, and is expected to reach RMB 12 billion in 2030. Semiconductor advanced packaging materials are a key cornerstone supporting complex packaging technologies such as Chiplet, 2.5D/3D, primarily covering packaging PI, TBA, bottom-filling glue, high-density substrate materials, etc. With the growth in chip computing demand, advanced packaging materials need to have high thermal stability, mechanical strength, and excellent dielectric properties to ensure the long-term reliability of high-density interconnect structures in complex application environments. The global and Chinese semiconductor advanced packaging materials market is being driven by demand for artificial intelligence and high-performance computing, with technological acceleration and sustained growth. Thanks to industrial upgrades, the Chinese market is seeing significant growth, with local companies accelerating process breakthroughs and scale applications. In the future, with continued increases in chip integration and widespread penetration in end-user domains, this market will have broad growth opportunities. In 2025, the Chinese CMP materials market has a high industry concentration, with the top five companies holding a total market share of 71.5%. Based on revenue size, our company ranks third in this market, with a market share of 16.8%, ranking second among domestic suppliers. The Chinese CMP pad market is highly concentrated, with the top five companies holding a combined market share of 95.1% in 2025, presenting a significant duopoly competition structure, with the top two companies controlling a combined share of 88.7%. In terms of revenue size, our company ranks second in this market with a market share of 38.5% and ranks first among domestic suppliers. Board of Directors: The board of directors consists of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. Equity Structure: Mr. Zhu Shuangquan and Mr. Zhu Shunquan are brothers. According to a joint action agreement, Mr. Zhu Shuangquan and Mr. Zhu Shunquan are considered concerted actors at shareholder meetings. Therefore, under the Securities and Futures Ordinance, Mr. Zhu Shuangquan and Mr. Zhu Shunquan are each deemed to have interests in each other's shares. The remaining 0.65% of Dinghui Microelectronics' equity is held by the Hubei Provincial Government ShenZhen New Industries Biomedical Engineering Investment Group Co., Ltd., a state-owned capital investment operation company and an independent third party. The remaining 30% equity of Dingze New Materials Technology is respectively held by TOPSCIENCE Technology Pte. Ltd., Wuhan Ze Kun Youju Enterprise Management Partnership (Limited Partnership), Wuhan Yili Enterprise Management Partnership (Limited Partnership), Wuhan Jieying Optical Materials Co., Ltd., Mr. Li Qingming, and Hung Ju International Corp., with respective shareholding ratios of approximately 10.00%, 8.02%, 5.48%, 3.67% 2.00%, and 0.83%. All other minority shareholders of Dingze New Materials Technology are independent third parties. The remaining 21.05% equity of Dinglong (Qianjiang) New Materials is respectively held by Ningbo Baicheng Enterprise Management Partnership (Limited Partnership) and Ningbo Jinghe Enterprise Management Partnership (Limited Partnership), with respective shareholding ratios of approximately 10.525% each. All other minority shareholders of Dinglong (Qianjiang) New Materials are independent third parties. The remaining 30% equity of Haofei New Materials is respectively held by Ms. Hou Lingling, Shenzhen Jingyu New Materials Technology Center Partnership (Limited Partnership), Shenzhen Chengyu New Materials Technology Center Partnership (Limited Partnership), GQC Ho He Venture Investment Partnership (Limited Partnership), and Ms. Liu Xiaoguang, with respective shareholding ratios of approximately 15.86%, 4.83%, 4.17%, 3.31%, and 1.83%. Except for Ms. Hou Lingling and Ms. Liu Xiaoguang (both directors of the company's subsidiary and constitute connected persons under Chapter 14A of the Listing Rules), all other minority shareholders of Haofei New Materials are independent third parties. The remaining 20% equity of Qijie Technology is respectively held by Mr. Wang Zhiping, Hangzhou Junan Enterprise Management Partnership (Limited Partnership) (with Mr. Wang Zhiping as its general partner), and Hangzhou Ruigan Enterprise Management Partnership (Limited Partnership) (with Mr. Wang Zhiping as its general partner), with respective shareholding ratios of approximately 9.00%, 5.50%, and 5.50%. Mr. Wang Zhiping is a director of the company's subsidiary and constitutes a connected person under Chapter 14A of the Listing Rules. Intermediary Team: Joint Sponsors: CMSC (Hong Kong) Limited, CITIC SEC (Hong Kong) Limited Company's Legal Advisers: Regarding Hong Kong and US law: K&L Gates; regarding Chinese law: Qiyuan Law Firm; regarding international sanction law: King and Wood LLP Legal Advisers for Joint Sponsors: Regarding Hong Kong law: King & Wood Mallesons; regarding Chinese law: Zhong Lun Law Firm Reporting Accountants and Independent Auditors: Hong Kong Lixin Dewell Accounting Firm Limited Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultants: FIRST SHANGHAI Financing Limited.