SHINING 3D plans for Beijing Stock Exchange listing to raise 550 million yuan

SHINING 3D Technology Co., Ltd. filed plans to list on the Beijing Stock Exchange, targeting a total fundraising of 550 million yuan (approximately $75.7 million) through a public offering of up to 23 million shares, including an overallotment option, to unspecified qualified investors.

The proceeds are allocated across three R&D programs. The largest single allocation — 160 million yuan ($22 million), or 29% of the total — is directed toward high-precision digital implant technology for dental applications. The remaining funds will support industrial 3D vision measurement and detection technology and high-precision 3D vision algorithms and core module development.

Strong 2025 performance leads to listing

The listing move came against a backdrop of accelerating financial results. As recently reported by VoxelMatters’ partner publication AM Insight Asia, SHINING 3D registered full-year 2025 revenue of $221 million in 2025, a 31% increase year-on-year, with international revenue growing 46% over the same period.

The company directed more than 20% of revenue back into R&D, continuing a pattern of heavy reinvestment that has characterized its expansion in metrology and 3D scanning.

Early this year, the company had projected 1.5 to 1.6 billion yuan ($206–$220 million), representing year-on-year growth of between 24.8% and 33.1%. Net profit attributable to shareholders was forecast at 390–430 million yuan ($53.7–$59.2 million), more than doubling 2024 figures at the midpoint. In the first nine months of 2025 alone, the company posted operating revenue of 1.088 billion yuan, up 36.3% year-on-year, with net profit surging 190.9% over the same period.

SHINING 3D met the financial thresholds for the Beijing Stock Exchange’s first listing standard, posting net profit of 159.2 million yuan ($21.9 million) in 2024 and a weighted average return on net assets of 10.94% for the same year.

The shareholders vote

The company scheduled an extraordinary shareholders’ meeting for December 16, 2025 to vote on the relevant proposals. The filing noted explicitly that the listing application carries the risk of non-approval by regulators.

SHINING 3D had previously pursued a listing on Shanghai’s STAR Market in 2019 before redirecting its capitalization efforts. The Beijing Stock Exchange, established in 2021, focuses on innovative small and medium-sized enterprises, and the company’s move aligns with that market’s stated criteria for specialized technology firms.