New Stock News | Chuangzhi Xinlian Passes HKEX Hearing, a Coating Materials Manufacturer and Coating Service Provider

According to the disclosure of the Hong Kong Stock Exchange on October 19, Shenzhen Chuangzhi Xinlian Technology Co., Ltd. (referred to as: Chuangzhi Xinlian) has passed the listing hearing of the Main Board of the Hong Kong Stock Exchange, with HAITONG INT'L and CCB International as joint sponsors. The prospectus shows that Chuangzhi Xinlian is a coating materials manufacturer and coating service provider in China, mainly serving customers in the semiconductor and printed circuit board ("PCB") industries. The company is positioned in the upstream segment of the electronic packaging industry value chain. The company manufactures and sells coating materials for chemical plating and electroplating processes, and provides chemical plating and electroplating services for wafers, packaging substrates and PCBs. During the track record period, the company's revenue mainly came from the following two business segments, with most of the revenue coming from the coating materials business segment: 1. Coating materials business segment: the company's main products include electroless nickel immersion gold ("ENIG")/electroless nickel electroless palladium immersion gold ("ENEPIG") materials, copper electroplating, gold electroplating, etc. 2. Coating services business segment: the company provides chemical plating and electroplating services for silicon wafers ("silicon wafers"), silicon carbide wafers ("silicon carbide wafers"), packaging substrates and PCBs, and charges service fees to the company's customers. During the track record period, the company's products and services are as follows: Chemical plating materials: The company's chemical plating materials (including ENIG/ENEPIG materials) are used in the semiconductor and PCB fields. In the semiconductor industry, the company's coating materials and supporting processes are mainly used in wafer-level packaging of power chips such as insulated gate bipolar transistors ("IGBT") and metal-oxide-semiconductor field-effect transistors ("MOSFET"), packaging of sensor chips such as complementary metal-oxide-semiconductor image sensors ("CIS"), and chip-level packaging of packaging substrates such as integrated circuit ("IC") substrates, glass substrates and ceramic substrates. In the PCB industry, the company's coating materials and supporting processes are mainly used in the surface metallization of high-end PCBs such as HDI boards, high-frequency and high-speed boards, flexible printed circuit boards ("FPC") and rigid-flex boards ("RFPC"). Electroplating materials: The company's electroplating materials are mainly used in the semiconductor field, and the main products include copper electroplating, gold electroplating, nickel electroplating, tin electroplating, tin-silver electroplating, etc. The related products and supporting processes are mainly used for silicon wafers and silicon carbide wafers under wafer-level packaging and glass substrates and ceramic substrates under chip-level packaging, and can meet the metal deposition needs on different substrate surfaces or in holes of different micro-scale structures in semiconductor manufacturing, covering different metallization and interconnection processes such as Bumping, redistribution layer ("RDL"), through-silicon via ("TSV"), and through-glass via ("TGV"). Coating services: The company's customers provide the company with wafers and substrates that have not yet undergone the coating process (such as silicon wafers, silicon carbide wafers, ceramic and glass substrates), and the company performs coating services before returning the finished products to customers. The company's coating materials and services are used for electronic packaging in downstream industries (including communications electronics, data centers, electric vehicles ("EV") and consumer electronics products). In terms of financials, for the years 2023, 2024, 2025, and the four months ended April 30, 2025 and 2026, the company's revenue was approximately RMB 312 million, RMB 410 million, RMB 636 million, RMB 164 million, and RMB 301 million, respectively; during the same periods, profit was RMB 19.421 million, RMB 52.706 million, RMB 73.21 million, RMB 20.27 million, and RMB 31.267 million, respectively.