Ashurst represents Circuit Fabology Microelectronics Equipment on its successful Hong Kong IPO

Global law firm Ashurst advised Circuit Fabology Microelectronics Equipment Co., Ltd. (SEHK: 9630), as international trade legal adviser, in connection with its successful H-share listing on the Main Board of The Stock Exchange of Hong Kong.

Circuit Fabology Microelectronics Equipment is the largest provider of PCB direct imaging equipment globally, delivering PCB direct imaging equipment and semiconductor direct-writing lithography equipment, with a market share of 18.8% by revenue in 2025. As of the end of 2025, it was the only company worldwide with commercialised products covering PCB, IC substrate, advanced packaging and mask-making applications.

Ashurst advised on international trade regulatory matters relating to the listing, including international sanctions, export controls, the US Outbound Investment Security Program and US tariffs.

This transaction demonstrates the firm's ability to support clients on complex cross-border regulatory considerations in the context of Hong Kong listings.

The Ashurst team was led by partner Alexander Dmitrenko, with support from Vicki Tang, Emilia Etz, Kenneth Lee, Nina Schwartz, Songshen Shen and Sean Lee.