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🌏 Asian Private Markets Research and Insights 💡, pvtIQ

Ben Lim

🌏 Asian Private Markets Research and Insights 💡

Private Capital Markets

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Top-Tier Market Positioning: Mi Material is a leading global provider of precision solder spheres and specialty alloys, with a 24.0% share of its serviceable addressable market in 2025, according to Yole. The company supports advanced semiconductor packaging from production facilities in Taiwan and China, with a third facility under construction in Malaysia to meet customers' supply-chain resilience requirements.</li>
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Proprietary Alloy Margin Expansion: The core value driver is the company's shift towards patented specialty alloys, which rose to 59.9% of revenue in 1H26 from 51.0% in FY25. It is supported by more frequent pricing discussions with customers since the 2025 silver rally (monthly price resets, according to management), which help pass raw material costs through to customers. Revenue grew at a 28.1% CAGR from FY23 to FY25, and adjusted EBITDA margin rose to 37.5% in 1H26, which management attributes mainly to the wider use of specialty alloys across devices.
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Geopolitical Export Regulatory Friction: Since 1 January 2026, only companies holding an approved export licence may export silver from China. According to management, this treats the company's silver-containing solder spheres as silver products, removing their tax-exempt export status and adding about 30.0% to export costs, and as the company was not granted a licence, the Ningbo facility cannot serve international free-trade-zone customers. The plant ran at only 10% to 15% utilisation in FY25 and 1H26, according to the prospectus, and is being repositioned to serve domestic Chinese customers.
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Top-Tier Market Positioning: Mi Material is a leading global provider of precision solder spheres and specialty alloys, with a 24.0% share of its serviceable addressable market in 2025, according to Yole. The company supports advanced semiconductor packaging from production facilities in Taiwan and China, with a third facility under construction in Malaysia to meet customers' supply-chain resilience requirements.

Proprietary Alloy Margin Expansion: The core value driver is the company's shift towards patented specialty alloys, which rose to 59.9% of revenue in 1H26 from 51.0% in FY25. It is supported by more frequent pricing discussions with customers since the 2025 silver rally (monthly price resets, according to management), which help pass raw material costs through to customers. Revenue grew at a 28.1% CAGR from FY23 to FY25, and adjusted EBITDA margin rose to 37.5% in 1H26, which management attributes mainly to the wider use of specialty alloys across devices.


Geopolitical Export Regulatory Friction: Since 1 January 2026, only companies holding an approved export licence may export silver from China. According to management, this treats the company's silver-containing solder spheres as silver products, removing their tax-exempt export status and adding about 30.0% to export costs, and as the company was not granted a licence, the Ningbo facility cannot serve international free-trade-zone customers. The plant ran at only 10% to 15% utilisation in FY25 and 1H26, according to the prospectus, and is being repositioned to serve domestic Chinese customers.



Mi Material | Pre-IPO (Management Comments): Capitalising on the Advanced Packaging Wave