Microcap Technology's ChiNext IPO approved by the listing committee meeting; ranked 3rd among mainland China manufacturers by 2025 MLCC operating revenue.

On October 29, Guangdong Microcap Electronic Technology Co., Ltd. (referred to as "Microcap Technology") passed the listing committee meeting of the Shenzhen Stock Exchange's ChiNext. The IPO sponsor is Huatai United Securities, and the company plans to raise RMB1.675 billion. According to the prospectus, Microcap Technology's main business is the R&D, production, and sales of high-end MLCCs that are miniaturized, high-capacitance, and highly reliable, and it is committed to providing customers with high-performance MLCC products. As passive components that perform core functions such as filtering, decoupling, bypassing, coupling, energy storage, and oscillation in electronic circuits, MLCCs are known as the "rice of the electronics industry." The company has a rich variety of MLCC product models and a wide range of application scenarios, covering consumer electronics, industrial equipment with AI servers as the main body, and automotive electronics and other industry sectors, providing important support for the technological upgrading and large-scale development of downstream industries amid the AI wave. According to Frost & Sullivan data, based on 2025 MLCC operating revenue, the company ranks 3rd among mainland China manufacturers. The company's ultra-micro MLCC products maintain a leading position, and it is one of the few manufacturers with large-scale mass production and high-volume supply capabilities for ultra-micro MLCCs in sizes such as 008004, 01005, and 0201. Based on 2024 product sales volume, the company's ultra-micro MLCCs rank 1st in the Chinese market and 2nd in the global market. During the reporting period, the company's top five customers included United Wireless, Huaqin Co., Ltd., Hon Hai Precision, and Xiaomi, among others. Its major customers include globally renowned technology brand enterprises, global leaders in the ODM/OEM field, and professional distributors of electronic components. During the reporting period, the company's top five customers were relatively stable, and there was no situation in which sales to a single customer exceeded 50% of operating revenue or in which the company severely depended on a small number of customers. As an important subcategory of electronic components, MLCCs have broad market space. According to Frost & Sullivan data, the global MLCC market has continued to expand in recent years, with market size growing to RMB123.43 billion in 2025. Looking ahead, the global MLCC market will maintain good growth momentum, and it is expected that by 2030 the global MLCC market size will reach RMB192.61 billion. In terms of financials, in 2023, 2024, 2025, and January-June 2026, the company achieved operating revenue of RMB1.041 billion, RMB1.512 billion, RMB1.845 billion, and RMB1.009 billion, respectively; net profit was RMB57.4143 million, RMB235 million, RMB269 million, and RMB120 million, respectively.