CREALITY's products and services are comprised of three main segments: 3D printers, 3D printing materials, and various services provided on its Creality Cloud platform. On May 29, 2026, Shenzhen CREALITY Technology Co., Ltd. (Stock Code: 03388.HK) officially commenced trading on the main board of the Hong Kong Stock Exchange, becoming the first publicly listed consumer-grade 3D printing company on the HKEX. China International Capital Corporation Limited acted as the sponsor.

The offering results show the company issued approximately 73.43 million H shares globally at an offer price of HK$18.80 per share, raising a net amount of approximately HK$1.27 billion. The lot size is 150 shares, with an entry cost of about HK$2,848.44. The Hong Kong public offering portion was oversubscribed by approximately 3,829 times, while the international offering portion was oversubscribed by 26.8 times. Margin financing subscription multiples once exceeded 3,000 times, indicating market enthusiasm far beyond expectations.

**Listing Performance** On its first trading day, CREALITY opened at HK$33.88, representing a significant surge of 80.21% from the offer price of HK$18.80, generating a paper profit of approximately HK$2,262 per lot. In the grey market trading session the day before listing, the stock closed at HK$32.08, up 70.6% from the offer price.

Based on the offer price, the company's pre-listing market capitalization was approximately HK$9 billion. Following the strong opening, its valuation approached HK$9 billion, solidifying its leading position in the global consumer-grade 3D printing sector.

The IPO attracted 15 heavyweight cornerstone investors, including Taikang Life Insurance, CPE Yuanfeng, Greater Bay Area Homeland Investments, CITIC Xingye International, Martis Fund, and Boyue Fund. They collectively subscribed to approximately US$88 million (about HK$689 million) worth of shares, accounting for about 49.9% of the global offering, providing strong support for the stable debut.

CREALITY stated that approximately 30% of the net IPO proceeds will be allocated to research and development to enhance technological capabilities, about 25% for overseas user and platform operations, another 25% for global brand promotion and sales channel development, with the remainder used for supplementing working capital and strategic acquisitions.

Founded in 2014 by four entrepreneurs born after 1985 in Shenzhen, CREALITY gained global market share with its cost-effective consumer-grade 3D printers. According to Frost & Sullivan data, the company held an 11.2% global market share in consumer-grade 3D printers in 2025, ranking second. It held the top global market share in 3D scanners at 45.3%. From 2020 to 2024, it led globally in cumulative shipments of consumer-grade 3D printers.

Financially, the company reported revenues of RMB 1.883 billion, RMB 2.288 billion, and RMB 3.127 billion for 2023, 2024, and 2025 respectively, representing a compound annual growth rate of approximately 28.8%. Its gross profit margin remained stable between 31% and 32%.

**Core Business** Headquartered in Shenzhen, CREALITY is a globally leading provider of consumer-grade 3D printing products and services. After over a decade of development, the company has transformed from a pure hardware manufacturer into an ecosystem player covering the entire "scan-design-print-sell" chain.

According to its prospectus, the company's product and service portfolio is built around three pillars: 3D printers, 3D printing materials, and services on the Creality Cloud. Leveraging its brand and technical expertise, it has successfully expanded its product lines to include 3D scanners, laser engravers, and accessories, forming a diversified product matrix.

Per Frost & Sullivan, CREALITY is the only major player in the global 3D creative industry that simultaneously provides consumer-grade 3D printing, 3D scanning, and laser engraving products and services.

Based on 2024 shipment volumes, CREALITY holds leading positions within the top three globally in three key segments: it ranks second in the consumer-grade 3D printer market, first in the consumer-grade 3D scanner market, and third in the consumer-grade laser engraver market.

CREALITY views R&D as a core competency. Its prospectus shows that from 2022 to 2024, cumulative R&D expenditure increased by nearly 70%. The company is committed to enhancing user experience through underlying technology upgrades, aiming to "turn devices into convenient creativity tools" and lower the operational barriers for users ranging from home beginners to professional engineers.

Notably, CREALITY is the first in the industry to comprehensively integrate AI technology into the modeling, printing, and laser engraving stages of the 3D creative process. Through self-developed technologies like AI machine vision inspection and dynamic flow calibration, its devices possess adaptive and self-inspection capabilities, addressing key user pain points. Its recently promoted flagship K2 series and the newly launched SPARKX i7 are central embodiments of its focus on "intelligence" and "ease of use."

Moving beyond pure hardware manufacturing, CREALITY has constructed a complete hardware-software ecosystem. It has developed two core online platforms: Creality Cloud and Nexbie.

Creality Cloud: As a global online community dedicated to 3D printing content, it facilitates user exchange and empowerment. According to Frost & Sullivan, as of December 31, 2024, based on registered users, Creality Cloud is the world's largest vertical online community for 3D printing. Nexbie: This is the company's recently launched overseas e-commerce platform, focusing on the transaction of finished 3D creative products. It aims to meet the personalized needs of overseas users who lack printing capabilities, marking a strategic shift from selling equipment to selling an ecosystem.

Leveraging Shenzhen's efficient industrial chain and talent pool, CREALITY's products have reached over 140 countries and regions globally. In channel development, the company employs a direct-to-consumer model integrating online and offline channels.

As of March 31, 2025, CREALITY operated 74 self-owned online stores and had 2,163 distributors, giving its sales network both breadth and depth. In core regions like North America and Europe, the company has established professional service teams to provide localized support alongside its overseas distributor network and has launched dedicated e-commerce platforms to enhance local market penetration.

**Company Performance** The prospectus shows that benefiting from business scenario expansion and rapid global deployment, CREALITY achieved revenues of RMB 1.346 billion, RMB 1.883 billion, and RMB 2.288 billion in 2022, 2023, and 2024 respectively. The compound annual growth rate from 2022 to 2024 was a robust 30.4%.

For the three months ended March 31, 2025, CREALITY's revenue was RMB 708 million, a year-on-year increase of 28.67%, indicating continued steady growth momentum.

Despite consistent revenue growth, CREALITY's profitability has shown volatility. The company reported annual profits of RMB 104 million, RMB 129 million, and RMB 88.66 million for 2022, 2023, and 2024 respectively.

Notably, in 2024, while revenue increased by over RMB 400 million, net profit declined by approximately 31.23% year-on-year, showing a clear trend of "increasing revenue without increasing profit."

Meanwhile, CREALITY's gross profit margin showed a fluctuating upward trend, rising from 28.8% in 2022 to 30.9% in 2024, and further improving to 35.2% in the first quarter of 2025.

The improvement in gross margin is primarily attributed to an increased proportion of higher value-added products (such as 3D scanners) and cost control measures. However, the decline in net profit margin (from 7.7% in 2022 to 3.87% in 2024) reflects increased marketing expenses due to intensifying market competition and sustained high R&D investment.

Behind the performance fluctuations lies a significant business restructuring. Sales volume of its core 3D printer business sharply decreased from 870,700 units in 2023 to 720,600 units in 2024. CREALITY explained this was due to the strategic promotion of higher-end product lines, leading to more targeted sales and an increase in average selling price.

The 3D scanner business, positioned as the "second growth curve," performed strongly. In the first nine months of 2025, 3D scanner revenue reached RMB 86.35 million, showing significant year-on-year growth. Its contribution to total revenue increased from 2.9% in the same period last year to 12.2%. The average selling price also rose from RMB 1,739.6 to RMB 3,042.7, demonstrating the effectiveness of its product differentiation strategy.

It is noteworthy that despite profit pressure, CREALITY's operating cash flow exhibits a degree of stability. The company declared a cash dividend of RMB 195 million in 2021, which was fully paid in 2023, and distributed another dividend of RMB 81.4 million in May 2025. As of March 31, 2025, the company held cash and cash equivalents of RMB 456 million.

**Shareholding Structure and Management** The controlling shareholders of CREALITY are its four co-founders: Chen Chun, Ao Danjun, Liu Huilin, and Tang Jingke. According to the China Securities Regulatory Commission's full circulation filing information, all four intend to convert their respective 51.6 million unlisted domestic shares into overseas listed shares.

Following its shareholding system reform in 2021, CREALITY introduced a diversified investor base. Prior to the IPO, major institutional shareholders included:

Qianhai FOF (Qianhai Equity Investment Fund): Holding approximately 5.81%, it is the largest institutional investor. SCGC Capital (Shenzhen Capital Group): A prominent investment institution with Shenzhen state-owned background, holding approximately 4.32%. Tencent Investment (Tencent): Indirectly holding approximately 2.16% through Shenzhen Tencent Ruitou Enterprise Management Co., Ltd. Notably, Tencent executives including Ma Huateng and Xu Chenye appear behind Tencent Investment. AVIC Pingshan: Holding approximately 1.45%.

As of the filing date, nine investment entities collectively held 14.75% of CREALITY's shares. According to a filing notice issued by the CSRC on February 14, 2026, CREALITY planned to issue no more than 150,808,200 ordinary shares for overseas listing.

Concurrently, 21 shareholders of CREALITY intended to convert a total of 393,412,551 unlisted domestic shares into overseas listed shares for trading on the Hong Kong Stock Exchange.

The company's four co-founders, Chen Chun, Ao Danjun, Liu Huilin, and Tang Jingke, were all born after 1985. In 2014, they pooled RMB 300,000 to rent a 20-square-meter office in Shenzhen, embarking on their entrepreneurial journey.

Chen Chun: Serves as Executive Director, Chairman of the Board, and General Manager. Ao Danjun: Serves as Executive Director and Vice Chairman. Liu Huilin: Serves as Executive Director and Vice Chairman. Tang Jingke: Serves as Executive Director, Vice Chairman, and Deputy General Manager.