From ‘rice’ to riches: China’s MLCC makers head to Hong Kong to list

Two major players in China’s multilayer ceramic capacitor (MLCC) supply chain are seeking Hong Kong listings, betting that a global surge in demand for the tiny electronic components powering artificial intelligence infrastructure will continue to fuel growth.

Chaozhou Three-Circle, one of China’s largest MLCC manufacturers and already listed in Shenzhen, passed its listing hearing at Hong Kong Exchanges and Clearing (HKEX) last week ahead of an initial public offering sponsored by China Galaxy International.

Close behind is Shanghai-listed Jiangsu Boqian New Materials, a key supplier of metal powders used in MLCC production. The company filed its prospectus with HKEX last week, citing Frost & Sullivan data showing it was the world’s second-largest supplier of MLCC nickel powders in 2025, with an 11 per cent global market share.

Often described as the “rice of the electronics industry” because of their tiny size and ubiquity, MLCCs are essential components in products ranging from smartphones and electric vehicles to AI servers and data centres. Nickel powder is a critical raw material used to manufacture the electrodes inside the capacitors.

The planned listings come amid what Goldman Sachs has described as the “largest and longest” upcycle in the history of the MLCC industry.

The rapid buildout of power-hungry AI data centres and computing clusters has sharply increased demand for high-capacitance MLCCs, creating supply constraints across the sector.