Chengdu Chaopure Applied Materials Co., Ltd., a supplier of core semiconductor equipment components based in Sichuan, rang the opening bell on the Shenzhen Stock Exchange on Aug. 11. The company priced its A-share offering at 65.99 yuan per share and issued 25.461539 million shares, all of them newly issued shares, with no public sale by existing shareholders.
The offering raised about 1.68 billion yuan in gross proceeds, above the 1.125 billion yuan fundraising target in its prospectus, for an oversubscription ratio of 49.33%. Net proceeds came to about 1.557 billion yuan.
On its first trading day, the stock opened at 450 yuan, up 581.92% from the issue price. At 10:20:39 a.m., the shares were quoted at 498 yuan, a gain of 654.66% from the IPO price, giving the company a market capitalization of 50.719 billion yuan.
Shareholding structure after the offering
After the share sale, actual controller, chairman and general manager Chai Jie held 31.42% of the company. His brother, director and chief engineer Chai Lin, held 15.46%.
Other shareholders listed in the report included SDIC Venture Capital with 4.75%, BYD with 3.43%, and Advanced Micro-Fabrication Equipment Inc. China, or AMEC, with 3.19%.
BYD also took part in the IPO strategic placement and received 0.45% of the shares allocated in that tranche. Shanghai Xinzhi Times Enterprise Management Co., Ltd., which the report said is wholly owned by Huahong Group, held 0.89%. Changcun Hongtu Equity Investment (Wuhan) Partnership, described in the report as indirectly held by YMTC, owned 1.04%. Beijing Electronics Holding Industry Investment Co., Ltd., whose shareholders include BOE and NAURA according to the report, held 0.82%.
The prospectus said the proceeds are intended for a semiconductor equipment core optical components industrialization project, a semiconductor materials and surface treatment industrialization project, a capacity expansion project at the Meishan base, construction of a headquarters and R&D center, and supplementary working capital.
Business profile and market position
Chaopure was founded in August 2005 and is engaged in the research, production and sale of special coating components for semiconductor equipment and precision optical devices. The original report described it as a national-level specialized and sophisticated "little giant" enterprise. It also said the company is one of the few domestic suppliers of core components for semiconductor etching equipment at process nodes of 5 nm and below.
According to a Frost & Sullivan report cited in the article, Chaopure ranked first among local companies in market share for special coating components used in semiconductor equipment in 2024, with a 5.7% share of the overall mainland China market.
The same report said mainland China has the world’s largest semiconductor consumption market and semiconductor equipment sales market, while localization of semiconductor equipment remains relatively low. It added that Chaopure has already generated revenue from etching equipment, thermal processing equipment, thin-film deposition equipment, ion implantation equipment, metrology and inspection equipment, and lithography equipment.
Revenue from 2023 to 2025 topped 900 million yuan
For 2023, 2024 and 2025, Chaopure posted revenue of 169 million yuan, 257 million yuan and 496 million yuan, respectively, bringing the three-year total to more than 900 million yuan. Net profit came in at 65 million yuan, 82 million yuan and 185 million yuan over the same period. R&D spending was 10 million yuan, 14 million yuan and 18 million yuan.
By business line, revenue from special coating components for semiconductor equipment reached 112 million yuan in 2023, 233 million yuan in 2024 and 473 million yuan in 2025. That accounted for 66.13%, 90.91% and 95.53% of main business revenue, making it the company’s main revenue source.
The original article said the sharp increase in revenue from that segment helped main business revenue in 2025 rise about 193% from 2023.
By operating model, product sales remained the main contributor to revenue, accounting for 63.15%, 73.18% and 81.46% during the reporting period, equal to 107 million yuan, 188 million yuan and 404 million yuan.
From 2023 to 2025, the company’s main business revenue was generated primarily in mainland China, especially in North China and East China. Revenue from overseas markets stayed below 26% in each period.
Gross margin for precision optical devices was the highest among its businesses, at 76.18%, 62.93% and 66.31% in 2023, 2024 and 2025. Gross margin for special coating components for semiconductor equipment was 58.75%, 57.96% and 59.35%. The report said that level was above the average for comparable listed companies and roughly in line with Kema Technology and Zhenbao Technology.
Products span wafer fabrication, packaging and silicon wafer manufacturing
Chaopure’s products include special coating components for semiconductor equipment, precision optical devices and specialty materials. The specialty materials category includes coating materials, sputtering targets, cathode materials and ceramic materials.
The company has dozens of special coating component products that cover equipment used in wafer fabrication, packaging and silicon wafer manufacturing. The article said it has built certain technical strengths in equipment for etching, lithography, metrology and inspection, annealing and thin-film deposition. It has also entered mass production or customer validation in equipment used for diffusion, ion implantation, bonding and advanced packaging, and it supplies key components for silicon epitaxial wafer manufacturing equipment.
Its etching equipment components include dielectric windows, shower heads, nozzles, etch rings, liners, inner doors and brackets. These parts either directly participate in the etching reaction process or help maintain the etching reaction environment.
For precision optical devices, the company’s products go through precision forming, surface grinding and coating processes. The report said they meet high standards in material purity, surface machining accuracy, light transmittance or reflectivity, and environmental resistance. The company also supplies high laser-threshold optical products to key domestic research institutions for use in aerospace and other major strategic fields.
As of Dec. 31, 2025, R&D staff accounted for 12.08% of the workforce. As of the same date, the company and its subsidiaries held 26 granted patents, including 12 invention patents and 14 utility model patents.
Customer and supplier concentration
The company’s top five customers included Leuven Instruments, the Chinese Academy of Sciences and China North Industries Group. Revenue from the top five customers reached 146 million yuan, 221 million yuan and 444 million yuan in 2023, 2024 and 2025, accounting for 86.17%, 86.19% and 89.65% of total revenue in those years.
Sales to Customer A and Customer B combined accounted for 46.41%, 69.74% and 64.79% during the reporting period, and the article said customer concentration was relatively high.
The report also said Customer B and its related parties once directly and indirectly held more than 5% of Chaopure’s shares. Jidian Industrial Investment, whose executive partner is Beijing Nuohua Capital Investment Management Co., Ltd. invested by a subsidiary of Customer A, held 3.37% of Chaopure. Aside from that, the original report said the top five customers in each period had no related-party relationship with the company, its controlling shareholder, actual controller, directors, supervisors, senior management or their close family members.
The article added that, based on information disclosed in the prospectus, Customer A may be NAURA and Customer B may be AMEC.
On the supply side, Chaopure mainly purchased ceramic substrate materials, metal substrate materials and optical materials, while auxiliary materials included equipment accessories and tooling fixtures. From 2023 to 2025, purchases from the top five suppliers totaled 22 million yuan, 67 million yuan and 152 million yuan, accounting for 54.05%, 66.62% and 79.44% of total procurement for each year.
Purchases from Kema Technology accounted for 33.75%, 48.47% and 38.06%, respectively. The report said supplier concentration was relatively high because upstream producers of raw materials are themselves concentrated, and that stable, concentrated procurement helps the company build scale effects, lower raw material purchasing costs and maintain product quality stability.
Two brothers remain at the center of control
As of July 23, 2026, the company’s equity structure had been disclosed in listing materials. Before the IPO, Chai Jie, as controlling shareholder, actual controller, chairman and general manager, directly held 41.89% of the company. He also indirectly controlled voting rights through Jiaze Hechang and Jiatian Hexin, bringing the total voting rights under his control to 48.23%, making him the largest shareholder.
Chai Lin, Chai Jie’s older brother, served as director and chief engineer. Before the offering he directly held 20.61% of the company and acted in concert with Chai Jie. Together they controlled 68.84% of the voting rights.
After the offering and before listing, Chai Jie directly held 31.42% and Chai Lin held 15.46%.
Chai Jie is 53 and from Chengdu, Sichuan. He received his undergraduate degree from Nanjing University of Science and Technology. After graduating in July 1994, he was assigned to the Southwest Institute of Technical Physics. From August 1995 to June 1998, he worked at China National Electronics Import & Export Sichuan Corp. From July 1998 to January 2002, he served as a department manager at Sichuan Foreign Economic and Trade Corp.
Chai Lin is 55 and also from Chengdu. He graduated from the University of Electronic Science and Technology of China. Before joining Chaopure, he worked as an assistant engineer at the university’s electronics experiment center, an engineer at the Chengdu Precision Optical Engineering Research Center, and a senior engineer at the Beijing representative office of Leybold Optics GmbH.
Total compensation for then-serving directors, supervisors or audit committee members, senior management and other key personnel was 2.4558 million yuan, 2.6247 million yuan and 3.2641 million yuan in 2023, 2024 and 2025. That represented 3.26%, 2.73% and 1.5% of total profit.
In 2025, Chai Jie received 1.2437 million yuan in compensation from Chaopure and its related enterprises, while Chai Lin received 1.0796 million yuan.
Localization remains a recurring theme
The original article said the global market for special coating components used in semiconductor equipment has long been led by companies from Europe, the U.S. and Japan. KoMiCo, TOTO and TOCALO were cited as companies holding dominant positions in advanced process nodes and maintaining deep strategic partnerships with major equipment makers including Lam Research, Applied Materials, KLA, Tokyo Electron and ASML.
According to Frost & Sullivan, faster localization of semiconductor equipment, supportive national policies for local substitution of semiconductor equipment components, and improving technical capabilities among domestic manufacturers are expected to keep lifting the localization rate in this field, which may reach about 12.4% by 2029.
The article said Chaopure’s A-share listing will channel proceeds into capacity expansion and R&D platform construction, with the aim of supporting the domestic substitution of semiconductor equipment components and related products.
The information in the original report came from the WeChat account Xindongxi, written by Liu Yu and edited by Chen Junda, and was published by MarsBit.