- The precision fluid-control supplier cleared a listing review on the Shanghai Stock Exchange after reworking its earlier filing
- Company plans a 1.25 billion yuan offering focused on R&D and capacity expansion
GK-Pretech (高凯技术), a precision manufacturer, said its initial public offering on the Nasdaq-style STAR Market was approved on June 22, according to the Shanghai Stock Exchange listing review committee.
Headquartered in Changzhou, Jiangsu Province, the company develops piezoelectric-driven precision fluid-control components and related equipment.
These products are used in semiconductor manufacturing, consumer electronics, automotive electronics and new energy applications.
GK-Pretech’s core product lines include flow-control systems, dispensing and packaging equipment, and precision coating systems.
It supplies leading Apple contract manufacturers, including Luxshare Precision and Foxconn.
Advanced process nodes
In semiconductors, it is among a small group of domestic suppliers capable of mass production for advanced process nodes, with some products used in front-end equipment for logic chips at 7nm and below.
The listing comes after an earlier setback. In June 2023, the company withdrew its IPO bid, with market observers at the time pointing to concerns over the alignment of its R&D intensity and the tech-heavy board’s listing requirements.
It later restructured its business profile, R&D system and disclosure framework before resubmitting the application about a year later, leading to the approval.
250 million yuan less
GK-Pretech plans to raise 1.25 billion yuan, down from 1.5 billion yuan in its earlier draft, after removing a 250 million yuan working capital replenishment item from its filing.
Proceeds will go toward semiconductor equipment component R&D and industrialization, as well as R&D center construction.
Revenue rose from 226 million yuan in 2023 to 511 million yuan in 2025, representing a compound annual growth rate of 50.48%.
Net profit attributable to shareholders increased from 26.49 million yuan to 133 million yuan over the same period. Gross margin improved from 51.14% to 58.54%, while R&D spending remained between 12% and 19% of revenue.
