September 3, 2026 (InvestinChina.asia) — Anji Microelectronics Technology (Shanghai) Co., Ltd. (SSE: 688019) announced on September 2 that it has submitted, in confidential form, application materials for the issuance and listing of H-shares on the Hong Kong Stock Exchange (HKEX), marking the launch of an “A+H” dual-capital-market layout for the Shanghai-based semiconductor materials supplier.
In a statement filed to the Shanghai Stock Exchange, the company said the proposed H-share listing remains subject to filing with the China Securities Regulatory Commission (CSRC) as well as approval or consent from the Hong Kong Securities and Futures Commission and the HKEX. The company cautioned that there is uncertainty as to whether the necessary filings, approvals or consents can be obtained and as to the timing of any such clearance.
The confidentiality of the submission means that key terms — including the size of the offering, pricing and use of proceeds — have not yet been disclosed to the market. Under HKEX rules, applicants may file in confidential form at the initial stage, with detailed prospectus materials to be made public as the process advances.
Anji’s move comes amid a renewed wave of STAR Market companies pursuing Hong Kong listings. Since August, a string of Shanghai-listed tech firms — including innovation-drug developers Biotheus (百利天恒), Zai Lab (泽璟制药), InventisBio (益方生物) and Dizal (迪哲医药) — have formally submitted H-share applications, with Anji being the latest and most prominent among the semiconductor names. Industry observers note that an “A+H” structure helps broaden funding channels and enhances a company’s ability to allocate resources across markets.
Founded in 2006 and listed on the STAR Market in July 2019, Anji specializes in process and materials solutions for chip manufacturing, built around a “3+1” technology platform spanning chemical mechanical polishing (CMP) slurries, functional wet electronic chemicals, electroplating solutions and additives, as well as critical raw materials. The company has emerged as the leading domestic CMP slurry producer, and according to its own estimates based on TECHCET market data, its global share of CMP slurries has risen steadily from approximately 8% in 2023 to 11% in 2024 and 13% in 2025.
That trajectory places Anji among the mainstream global suppliers of CMP slurries, a market historically dominated by U.S. and Japanese giants such as Cabot, Fujimi and Resonac. According to industry research, the global semiconductor CMP materials market reached approximately US3.8 billion in 2025, with slurries accounting for nearly 60% of the total; the overall market is projected to grow to about US4.2 billion in 2026.
Anji’s interim results underscore the momentum. For the first half of 2026, the company reported operating revenue of RMB 1.526 billion, up 33.72% year on year, and net profit attributable to shareholders of RMB 532 million, surging 41.56% year on year. CMP slurry revenue alone reached RMB 1.204 billion in H1, a 29.47% increase. The company noted that its copper and copper-barrier slurries continue to gain volume in advanced-process nodes, with multiple products qualifying as preferred suppliers at new customer accounts. Its silicon nitride slurries for advanced processes have passed customer validation, and slurries for through-silicon via (TSV), glass-via (TGV), hybrid bonding and polymer applications are progressing smoothly, with active collaboration underway with overseas customers.
Beyond slurries, Anji’s functional wet electronic chemicals — including post-etch cleaners, photoresist strippers, post-polish cleaners and etchants — are being applied across logic, 3D NAND, DRAM, CIS and heterogeneous packaging. Its electroplating solutions and additives business, though still at an early stage of commercialization, is viewed by analysts as a potential second growth curve given the low domestic substitution rate in advanced-node plating materials, where foreign suppliers still dominate.
Guojin Securities noted in a recent research report that while the global CMP materials market remains led by American and Japanese incumbents, domestic players such as Anji and fellow A-share listed Dinglong Co. (鼎龙股份) are accelerating their breakthrough. With Anji’s CMP slurry global share now at 10–13% and Dinglong achieving full-category coverage in polishing pads, the report argued, China’s semiconductor materials substitution is shifting from “point-by-point breakthroughs” to “full-spectrum flowering.”
By adding a Hong Kong listing platform to its existing Shanghai presence, Anji — with a market capitalization on the order of RMB 50 billion — would position itself to tap international investors and support an increasingly global footprint. As one market analyst put it, for the cohort of Chinese semiconductor materials leaders that have already broken through domestically, the next phase of competition is no longer merely about replacing foreign products at home, but about entering global supply chains and competing head-on with international majors.
The company said it will continue to deepen its “3+1” technology platform, accelerate product development and market expansion, and pursue new orders, customers and applications. The H-share listing, if completed, would further bolster its capital structure as it advances into advanced-process and advanced-packaging materials — a strategic frontier in China’s push for semiconductor self-reliance.