China's Linuo Pharmaceutical Packaging files for Hong Kong listing

Shandong Linuo Pharmaceutical Packaging, listed on Shenzhen's ChiNext since November 2021, filed on 28 September 2026 for a main-board listing on the Hong Kong Stock Exchange, with China Merchants Securities International and Lego Financial Group as joint sponsors. The borosilicate glass maker ranks ninth in China's pharmaceutical glass packaging market and first in China, second globally, in daily-use heat-resistant glass. Proceeds are earmarked for industrialising semiconductor packaging glass substrates and RTU and PFS production.

Why this mattersA dual listing would give a leading Chinese borosilicate glass packaging player fresh capital to scale semiconductor glass substrates, a potential new growth line adjacent to pharma packaging.

• Filed for Hong Kong main-board listing on 28 September 2026, already listed on Shenzhen ChiNext since 11 November 2021
• Ranked 9th in China's pharmaceutical glass packaging market with 2.4% share by 2025 revenue, per Frost & Sullivan
• Ranked 1st in China and 2nd globally in daily-use heat-resistant glass, with 9.5% domestic and 5.1% global market share
• 2025 revenue was USD 146.4m (RMB 981.5m), down from USD 161.2m (RMB 1,080.8m) in 2024
• 2025 net profit was USD 5.9m (RMB 39.7m), down from USD 9.9m (RMB 66.1m) in 2024
• IPO proceeds earmarked for industrialising semiconductor packaging glass substrates and RTU and PFS production plus R&D

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