Two Chinese AM Companies Seek ~$500M in 24 Hours - But the Market Is Not Open to Everyone
On June 22, Sanlu Technology (SUNLU) filed for a ~1.83 billion yuan (~$250M) ChiNext IPO on the Shenzhen Stock Exchange. On June 23, Beijing Yuding Additive Material Manufacturing Research Institute Co., Ltd. filed for a ~1.8 billion yuan (~$250M) IPO on the Shanghai Stock Exchange's STAR Market. Together, the two filings represent the largest single-week capital raise attempt in Chinese additive manufacturing history - and the clearest signal yet that the country's AM sector has entered a new phase of public-market maturation.
But the path from filing to listing is not a straight line. Eplus3D, another large-format metal AM company, withdrew its STAR Market IPO application in March 2026 after filing in June 2025, with no public explanation (Fabbaloo, March 31, 2026). The question is not whether Chinese AM is ready for public markets - it's which business models the market will accept.
Yuding AM's Full-Stack Pitch: Large-Format Metal for Aerospace and Nuclear
Beijing Yuding AM specializes in large-format metal laser powder bed fusion (LPBF) for mission-critical applications in aerospace, nuclear power, and gas turbines. According to its prospectus, the company has built a full-stack technical system covering process, equipment, materials, products, and standards - a differentiation from pure-equipment OEMs like Eplus3D (DoNews, June 24, 2026).
The IPO proceeds are earmarked for advanced manufacturing equipment upgrades, materials research platform construction, and expansion of industrialization bases. The ~1.8 billion yuan target exceeds the amount Farsoon Technologies raised in its April 2023 STAR Market IPO, reflecting both market growth and the higher capital intensity of large-format systems for regulated end-markets.
Yuding AM's full-stack positioning matters because it aligns with a structural shift in the Chinese industrial AM landscape. BLT (Xi'an BLT Additive Technology) has demonstrated that vertically integrated metal AM companies can scale production revenue faster than equipment-only peers. Yuding AM is effectively making the same bet - that owning the materials, process parameters, and qualification protocols creates a moat that pure hardware cannot match.
Sanlu Technology: Consumer Filament at 68% Revenue Growth
Sanlu Technology, known internationally as SUNLU, filed its ChiNext IPO on June 22, seeking ~1.83 billion yuan. The company reported 2025 revenue of 1.28 billion yuan, up 68.10% year-over-year, with net profit of 163 million yuan - a 165.78% increase (Securities Times, June 23, 2026). Those growth rates place Sanlu among the fastest-growing AM companies globally by revenue, consumer or industrial.
Sanlu's business is 3D printing materials and peripherals - primarily PLA, PETG, and other FDM filaments sold through e-commerce channels worldwide. The company's financial trajectory mirrors the broader Chinese consumer AM boom, with China's 3D printing equipment production growing at a substantial year-over-year rate in May 2026 (National Bureau of Statistics).
The Sanlu filing, coming just weeks after Creality's oversubscribed HKEX IPO in May 2026, confirms that Chinese consumer AM has moved from a fragmented cottage industry to a capital-attracting growth sector. Creality's strong aftermarket performance - the stock traded above its IPO price through June - likely provided the confidence for Sanlu to proceed.
What the Dual Filing Reveals About Chinese AM Capital Markets
The combined ~$500M raise target is not the story. The story is that two fundamentally different AM business models - industrial metal full-stack and consumer polymer materials - are simultaneously deemed ready for public-market scrutiny in China.
This dual-track maturation has no direct parallel in Western AM markets. In the U.S. and Europe, industrial metal AM companies and consumer polymer companies have largely followed separate capital market trajectories, with the SPAC cohort of 2020–2022 creating a distinct boom-bust cycle that has not yet repeated. China's market is compressing that timeline: Creality (consumer hardware) listed in May, Sanlu (consumer materials) filed in June, and Yuding AM (industrial metal) filed the next day.
The closest comparator is Eplus3D's withdrawn IPO - same exchange (STAR Market), same segment (large-format metal LPBF), different outcome. The divergence suggests that Chinese regulators and underwriters are selectively approving AM listings based on business model depth. Eplus3D is primarily an equipment manufacturer. Yuding AM presents itself as a full-stack provider with materials, process IP, and qualification capability. That distinction may be the difference between acceptance and withdrawal.
The Eplus3D Shadow and the Approval Queue Risk
Eplus3D's unexplained withdrawal in March 2026, after filing in June 2025 and working with CITIC Securities as sponsor, remains the most significant counter-signal for Yuding AM's filing. The company and its sponsor "separately submitted to the Exchange the 'Application of Hangzhou Eplus 3D Additive Technology Co., Ltd. to Withdraw the Application Documents'" (Fabbaloo, March 31, 2026). No reason was given.
Three risks apply to both Yuding AM and Sanlu. First, Chinese IPO approvals are subject to regulatory discretion, and the government's current focus on AI and semiconductor listings may crowd out AM companies in the approval queue. Second, the combined ~$500M target is ambitious for a sector where most Chinese AM companies are still scaling production - if market conditions shift, one or both IPOs could be downsized or delayed. Third, the Eplus3D precedent shows that even accepted filings can be withdrawn months later without explanation.
What Comes Next: The 18-Month Window
If both IPOs proceed, the next 12–18 months will determine whether Chinese AM public listings become a durable capital formation channel or a one-time wave. The key milestones are regulatory approval (3–6 months), pricing and allocation (1–2 months), and aftermarket performance (6–12 months). Creality's strong debut sets a positive precedent, but the sample size is still one.
The more consequential question is whether Yuding AM's full-stack model - and Sanlu's materials-focused model - will attract the same investor enthusiasm as Creality's consumer hardware story. If they do, expect a pipeline of additional Chinese AM IPO filings in 2027. If they don't, the Eplus3D withdrawal will look less like an anomaly and more like a warning.