拓竹劲敌要IPO了

Creality (创想三维) files for Hong Kong listing as a tightening fight with TuoZhu (拓竹)

Shenzhen Creality 3D Technology Co., Ltd. (创想三维科技股份有限公司，hereafter Creality/创想三维) has updated its prospectus and is preparing to list on the Hong Kong main board, with China International Capital Corporation (中金公司) acting as sole sponsor, it has been reported. The timing is significant: Creality's move comes as a fast‑rising rival—referred to as “A company” in its prospectus and widely identified as TuoZhu (拓竹)—has reportedly overtaken it in consumer 3D‑printing market share. Can the once‑quiet unicorn reclaim its lead?

From a 20‑sqm Shenzhen office to a global consumer brand

Founded by four post‑80s engineers—Chen Chun, Tang Jingke, Ao Danjun and Liu Huilin—who met at a 2014 3D printing expo, Creality grew from a tiny Shenzhen workshop into a global consumer‑grade 3D‑printer brand by adopting a low‑price, high‑value playbook. Early hits such as the CR‑i3 and CR‑10, and later the breakout Ender‑3, pushed unit sales into the hundreds of thousands and helped the company transition from OEM to its own brand, CREALITY, in 2019. It has been reported that viral content on platforms like YouTube and even casual sightings by high‑profile tech figures helped cement its consumer awareness overseas.

Financials, strategy shift and rising costs

Creality’s prospectus shows rapid revenue growth alongside shrinking profitability: revenues of roughly RMB 1.88bn, 2.29bn and 3.13bn for 2023–2025, with net profits swinging from RMB 129m and 89m to a RMB 182m loss in 2025—losses the company attributes in part to a large share issuance and dividend payment. It has been reported that operating expenses ballooned in 2025—sales, R&D and admin costs rose by about 49–61%—as Creality pushed into higher‑end models, expanded channels and paid more for third‑party platform traffic. Online sales now account for nearly half of revenue, raising marketing and commission burdens.

Rivalry, Shenzhen’s cluster and wider policy backdrop

Competition has hardened. According to the prospectus, an “A company” with 35.5% share displaced Creality as market leader in 2024; market observers say that points to TuoZhu (拓竹), which reportedly raised huge crowdfunding and is now valued in the multi‑billion‑dollar range. Shenzhen remains the epicentre of China’s consumer 3D‑printing boom—dozens of startups, from SmartPie to FastCreate, cluster there. Geopolitically, Chinese hardware IPOs also operate under a cloud of heightened investor scrutiny and export‑control sensitivities around dual‑use tech; consumer 3D printers are not the most sensitive category, but investors will watch margins, channel costs and whether Creality’s R&D push can blunt TuoZhu’s momentum. Will a Hong Kong listing give Creality the capital and credibility to fight back?