AI computing power PCB core supplier "Shenghong Technology" has passed the hearing, and may soon be listed in A+H shares.

Source: Live Report

On March 29, 2026, Shenghong Technology went through the Hong Kong Exchanges and Clearing Limited’s hearing process, planning to list on the Main Board of the Hong Kong Stock Exchange. The joint sponsors are JPMorgan, CITIC Construction International, and GF Securities. The company was listed on the ChiNext board of the Shenzhen Stock Exchange in 2015, with the code 300476.SZ. As of the close on March 29, 2026, the company’s market capitalization is approximately RMB 228.7 billion.

The company is a major supplier of artificial intelligence and high-performance computing printed circuit board (“PCB”) products. In 2024, revenue was RMB 10.731 billion, net profit was RMB 1.154 billion, up 71.96% year over year, and gross margin was 22.72%. In 2025, revenue was RMB 19.292 billion, up 79.77% year over year, net profit was RMB 4.312 billion, up 273.52% year over year, and gross margin was 35.22%.

LiveReport learned that Shenghong Technology (Huizhou) Co., Ltd. (Victory Giant Technology (HuiZhou) Co., Ltd., hereinafter referred to as “Shenghong Technology”) passed the Hong Kong Exchange hearing process on March 29, 2026, and plans to list on the Main Board of the Hong Kong Stock Exchange. The company previously submitted its listing application on February 24, 2026.

The company is one of the leading suppliers of advanced artificial intelligence and high-performance computing printed circuit board (“PCB”) products, focusing on the research, production, and sales of high-end high-density interconnect (“HDI”) and high-layer printed circuit boards (“MLPCB”).

According to information from Frost & Sullivan, based on the revenue scale of AI and high-performance computing PCB in the first half of 2025, the company ranked first globally with a 13.8% market share; in 2024, using the same metric, it ranked seventh globally with a market share of 1.7%.

The company’s core applications cover key equipment such as AI compute cards, servers, AI servers, data center switches, and general substrates. The company has the manufacturing capability for high-layer PCBs of more than 100 layers. It is among the first batch of companies worldwide to achieve mass production of 6-level 24-layer HDI products, as well as the technical capability for 10-level 30-layer HDI and 16-layer Any-layer HDI technology.

According to information from Frost & Sullivan, global AI server shipments in 2024 were approximately 2.0 million units, and are expected to reach approximately 5.4 million units by 2029. The compound annual growth rate exceeds 20%. The share of AI servers in total server shipments is expected to rise to about 29.0%.

The company offers a full range of product series suitable for various types of applications. The company has expanded its market share in the following key areas, including artificial intelligence and high-performance computing, smart terminals, automotive electronics, network communications, and medical equipment, and focuses on supporting artificial intelligence compute technologies (such as GPUs and CPUs).

Financial Performance

For the three years ended December 31, 2025:

Revenue was approximately RMB 7.931 billion, RMB 10.731 billion, and RMB 19.292 billion, respectively. In 2025, +79.77% year over year;

Gross profit was approximately RMB 1.643 billion, RMB 2.439 billion, and RMB 6.795 billion, respectively. In 2025, +178.65% year over year;

Net profit was approximately RMB 671 million, RMB 1.154 billion, and RMB 4.312 billion, respectively. In 2025, +273.52% year over year;

Gross margin was 20.72%, 22.72%, and 35.22%, respectively;

Net profit margin was 8.46%, 10.76%, and 22.35%, respectively.

The company’s revenue mainly comes from MLPCB. In 2025, revenue from this segment accounted for 43.1%. In 2025, sales of HDI products grew significantly, accounting for nearly four tenths.

Industry conditions

According to Frost & Sullivan, measured by sales revenue, the global PCB market size grew from USD 62.0 billion in 2020 to USD 75.0 billion in 2024. The compound annual growth rate from 2020 to 2024 was 4.9%. It is expected that by 2029, global PCB market sales revenue will reach USD 93.7 billion, and the compound annual growth rate from 2025 to 2029 will be 4.8%.

Measured by sales revenue, in 2024 the company ranked fifth among PCB suppliers in mainland China, and in the first half of 2025 it ranked third.

Measured by sales revenue of PCB in the artificial intelligence and high-performance computing sector in the first half of 2025, the company ranked first in the global PCB market.

Board executives

The company’s board of directors consists of nine directors, including four executive directors, one non-executive director, and four independent non-executive directors.

Before the company’s Hong Kong listing, in its shareholder structure:

Mr. Chen Tao, Mrs. Liu Chunlan, and the entities they control together held approximately 30.94%, making them the single largest shareholder group. Other A-share shareholders collectively held 67.94%.

According to LiveReport’s big data statistics, Shenghong Technology’s intermediary team totals 13 firms, including 3 sponsors; data on nearly 10 sponsor projects performed only moderately. The company’s law firms total 5 firms, and overall project data lacks standout points. Overall, the historical performance of the intermediary team’s data is ordinary.

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