An MLED-related manufacturer’s IPO update status

On May 15, the official website of the Beijing Stock Exchange showed that the IPO review status of Beijing Commet Technology Co., Ltd. (hereinafter referred to as "Commet") was changed to "submit for registration."

According to experts, Display understands that Kangmet's main business is the R&D, production, sales and customized services of leading new polymer materials. Its leading products are electronic packaging materials, including LED packaging glue, Mini/Micro LED packaging glue, conductive silver glue for semiconductor packaging, etc., which are the first imported substitute products in China. The products involve LED, new displays, biomedical consumables, semiconductor packaging and other fields.

In this listing, it plans to issue no more than 21.21 million RMB ordinary shares to unspecified qualified investors (without considering over-allotment options). It plans to raise approximately 221 million yuan, which will be used for its main business after deducting issuance expenses. It plans to invest in semiconductor packaging material industrialization projects (organic silicone packaging materials) and supplement working capital.

According to Kangmet, the performance of the company's core products such as high refractive index silicone encapsulants, silicone die-hardening adhesives, electronic epoxy encapsulants, and LED epoxy molding compounds has reached the same level as internationally renowned manufacturers such as DuPont of the United States, Shin-Etsu of Japan, and Inahata of Japan. They are suitable for various packaging methods such as SMD, POB, COB, and CSP, and have achieved import substitution among mainstream downstream manufacturers.

Moreover, Commet has established cooperative relationships with well-known domestic enterprises such as Hongli Zhihui, Ruifeng Optoelectronics, Nationstar Optoelectronics, Zhaochi Co., Ltd., BOE, Huawei, TCL Technology, Hisense, etc., as well as international giants such as ams Osram, Samsung Electronics, Philips, Everlight Electronics, Lite-On Technology, Seoul Semiconductor and other international giants.

In 2016, it successively experienced listing and delisting on the New Third Board, and then transferred from the Science and Technology Innovation Board to the Beijing Stock Exchange, which was held on April 30 this year.

■ In 2026, 10 companies have IPO news

According to incomplete statistics from Display, experts say that this year, 2 companies in the display industry have been successfully listed, 3 companies have passed the meeting, and 5 companies have been reviewed and advanced. Companies are intensively listed in Hong Kong, and upstream materials, equipment, and driver chip companies in the industry chain have become the main IPO players.

Experts say that Display believes that there are two major trends in IPOs this year:

1. Upstream companies have made more IPO progress: materials and equipment companies are more active in IPO, and materials companies with capital focusing on technical barriers will also benefit from the iterative optimization of Mini/Micro LED.

2. Hong Kong stocks are heating up: companies are flocking to Hong Kong intensively. In addition to the above three companies, companies such as CVTE will also submit prospectuses for Hong Kong stocks in 2025. On the one hand, the new "A+H" regulations for 2025-2026 recommend A-share companies to list in Hong Kong. On the other hand, Hong Kong stock listing is conducive to the global layout of enterprises, facilitates overseas financing and mergers and acquisitions, and can also avoid single market risks and enhance capital flexibility.