The 2026 edition of our AMA: Energy online conference returns on April 30th. Register now!
Hangzhou-based metal 3D printing manufacturer Eplus3D has withdrawn its application for an initial public offering on the Shanghai Stock Exchange’s Science and Technology Innovation Board.
The SSE formally terminated its review after the company and its sponsor, CITIC Securities, jointly submitted the withdrawal request. No reason for the withdrawal was disclosed.
The planned offering had sought to raise RMB 1.2045 billion (approximately $176.6 million) through the issuance of up to 29.22 million new shares, representing no less than 25% of post-issuance total share capital. The collapse raises questions about what route to capital the company will take next, given the scale of the expansion plans the proceeds were intended to fund.
Now, these plans were specific. The four projects earmarked for the raise mapped onto the company’s two most exposed operational gaps: production capacity and global service reach.
They covered a metal 3D printing capacity expansion at the Beijing Yijia facility, an equipment industrialization project in Hangzhou, a new R&D center targeting the technical demands of large-size, thick-layer, and laser splicing technologies, and a technical service network to extend the company’s global after-sales footprint.
Without the capital, all four are on hold.
Strong Growth Despite Mounting Receivable Burdens
The financials in the June 2025 prospectus showed a company on an upward trajectory going into the listing. Operating revenue grew from RMB 247 million in 2022 to RMB 409 million in 2023, reaching RMB 471 million in 2024, a compound rate that cleared 38% over two years.
Net profit attributable to parent company shareholders rose from RMB 68.6 million in 2023 to RMB 98.8 million in 2024. Gross margins on 3D printing equipment climbed in step, from 39.73% in 2022 to 45.01% in 2023 and 45.87% in 2024, with overseas sales through wholly-owned subsidiaries in Germany and the United States reaching a margin of 58.50% in 2024 against a domestic equivalent of 42.39%.
But set against that growth, the prospectus disclosed a mounting accounts receivable burden. The receivables balance rose from RMB 82.25 million in 2022 to RMB 153.97 million in 2023 and RMB 216.73 million by end of 2024, moving from 33.3% to 37.68% to 46.04% of annual revenue over the same period.
Receivables aged beyond one year stood at RMB 74.97 million, or 34.59% of the total balance at the end of 2024, and appeared as a risk factor in the filing.
Innovation Prowess Amidst Structural Headwinds
The product portfolio that underpinned that revenue growth has its own profile of strengths and vulnerabilities.
Eplus3D’s differentiated position rests on the physical scale of its machines: its EP-M1250 was the first metal powder bed fusion system in China to break the meter-level barrier across all three build axes, and the EP-M1550, launched in 2023, was recognized as a first of its kind in China by Zhejiang Provincial authorities.
As of April 30, 2025, the company held 123 granted patents, of which 49 were invention patents, alongside 41 software copyrights. Yet core components, specifically lasers and galvanometers, remain primarily sourced from overseas suppliers, with domestic alternatives described in the prospectus as not yet mature.
Any tightening of export controls from relevant supplier countries would flow directly into delivery timelines and component costs.
Beyond the technology base, the ownership structure added further complexity to the listing profile. The company’s controlling shareholder is Hangzhou Yongsheng Holding Group, which held 30.64% of shares at the time of the prospectus.
Actual control is exercised by Li Cheng and his son Li Jianhao, whose concerted action agreement with Wu Pengyue, the company’s director and general manager, gave the Li family effective control over 54.53% of voting rights.
To summarize, several of the conditions the June 2025 prospectus placed on record are ones that STAR Market review tends to examine closely: the receivables trajectory, the nominee and entrusted shareholding arrangements described as unwound before submission, and the dependence on imported core components in a tightening export control environment.
And as Eplus3D’s large-format metal systems attract growing interest in defense applications, a market the prospectus explicitly names as a primary end-use sector, the disclosure obligations and foreign shareholder scrutiny that accompany a public listing carry different strategic weight than they would for a purely commercial manufacturer.
All of it was disclosed in the prospectus, but whether any of these prompted the withdrawal remains unclear.
3D Printing Industry is inviting speakers for its 2026 Additive Manufacturing Applications (AMA) series, covering Energy, Healthcare, Automotive and Mobility, Aerospace, Space and Defense, and Software. Each online event focuses on real production deployments, qualification, and supply chain integration. Practitioners interested in contributing can complete the call for speakers form here.
To stay up to date with the latest 3D printing news, don’t forget to subscribe to the 3D Printing Industry newsletter or follow us on LinkedIn.
Explore the full Future of 3D Printing and Executive Survey series from 3D Printing Industry, featuring perspectives from CEOs, engineers, and industry leaders on the industrialization of additive manufacturing, 3D printing industry trends 2026, qualification, supply chains, and additive manufacturing industry analysis.
Featured image shows metal part 3D printed with the EP-M2050. Photo via Eplus3D.
