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Anji Microelectronics Technology (688019.SH), a leading CMP slurry supplier on Shanghai's STAR Market, has confidentially submitted an H-share listing application to the Hong Kong Stock Exchange, marking the launch of its "A+H" dual-listing strategy.
According to an analysis by Guojin Securities, the global CMP materials market is still dominated by US and Japanese players, but domestic Chinese suppliers are rising quickly. As China's semiconductor supply chain pushes for greater self-sufficiency, CMP material makers represented by Anji Microelectronics and Dinglong are accelerating their breakthroughs: Anji's CMP slurries have captured about 10% of the global market, while Dinglong covers the full range of polishing pads. Import substitution in China is moving from "point breakthroughs" to "comprehensive advancement."
As a domestic leader in CMP slurries and functional wet electronic chemicals, Anji's product portfolio covers logic chips, memory chips and advanced packaging, serving major wafer fabs across China. Amid AI-driven fab expansion and process evolution, advanced nodes and 3D stacking continue to increase the number of CMP steps, lifting demand for consumables such as slurries and opening up growth room for domestic material suppliers.
Industry observers believe the "A+H" listing will broaden Anji's international financing channels and global brand influence, while supporting its overseas customers and capacity plans. It also signals that China's semiconductor materials leaders are advancing from "product globalization" toward "capital and market globalization." As localization deepens in advanced processes and qualification cycles accelerate, the market share and profitability of domestic CMP material suppliers are expected to keep improving.
Source: CLS (https://www.cls.cn/detail/2472460)
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