New Stock News | Shenzhen Kinwong Electronic (603228.SH) submitted a listing application to the Hong Kong Stock Exchange, the main business is the manufacturing and sales of PCB products.

According to the disclosure of the Hong Kong Stock Exchange on January 1st, Shenzhen Kinwong Electronic Co., Ltd. (hereinafter referred to as Shenzhen Kinwong Electronic) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC, Bank of America Securities, and Guolian Securities International as its joint sponsors. Company Profile The prospectus shows that Shenzhen Kinwong Electronic (603228.SH) is a PCB product manufacturer driven by technological innovation and characterized by comprehensive product layout. The company's PCB products provide global customers in the fields of automotive electronics, communications and data infrastructure, smart terminals, industrial control, and other areas with intelligent interconnect basics. The company has a leading position in the automotive electronics PCB field, and strategically focuses on the AI computing field, forming a "1+1+N" business model, namely 1 pillar business (automotive electronics) ("1"), 1 key development business (communications and data infrastructure) "1", and N high-potential business combinations (including smart terminals, industrial control, etc.) ("N"). Automotive electronics is the company's pillar business area, with its automotive electronics PCB products widely used in areas such as ADAS, infotainment systems, vehicle electronics systems, battery management systems, lighting systems, and charging and distribution systems. According to data from Zuo Shi Consulting, based on income for the year 2024, the company is the world's largest automotive electronics PCB supplier, with seven of the top ten global Tier 1 automotive suppliers as its customers. The company's PCB products have been widely used in automotive products of the world's top ten automotive groups. The company's PCB products empower automotive intelligence and electrification, and have achieved mass production of products such as laser radar boards, fifth and sixth-generation millimeter-wave radar boards, ADCU high-end HDI motherboards, and high-voltage-resistant PCBs for 400V/800V electrical platforms. In addition, the company provides PCB products for leading global AI computing infrastructure companies, with mass production of high-end PCBs for use in AI computing infrastructure and other areas, including over 40 layers of high-density PCBs, 6-layer 22-layer HDI PCBs, 14-layer HDI PCBs using mSAP technology, and multi-layer PTFE FPCs. During the reporting period, the company's revenue mainly came from PCB sales, with a small amount of income also obtained from the sale of copper-containing production residues. Financial Data Revenue For the years 2023, 2024, and the nine months ended September 30, 2025, the company achieved revenues of approximately RMB 10.757 billion, RMB 12.659 billion, and RMB 11.083 billion, respectively. Profit For the years 2023, 2024, and the nine months ended September 30, 2025, the company recorded annual/period profits of approximately RMB 911 million, RMB 1.16 billion, and RMB 961 million, respectively. Gross Margin For the years 2023, 2024, and the nine months ended September 30, 2025, the company's gross margins were 23.2%, 22.7%, and 21.6%, respectively. Industry Overview Driven by factors such as the acceleration of automotive intelligence and electrification upgrades, and the explosion of AI computing demand, the market demand for PCBs as the core components of electronic devices is expected to remain strong. By sales revenue calculation, the global PCB industry market size is expected to reach USD 105.2 billion by 2030, with a compound annual growth rate of 5.8% from 2024 to 2030. The market size of the global PCB industry increased from USD 65.2 billion in 2020 to USD 75 billion in 2024, with a compound annual growth rate of 3.6%. By sales revenue calculation, the market sizes of single/double-layer PCBs, multi-layer PCBs, HDI PCBs, FPCs, and packaging substrates in 2024 were USD 7.9 billion, USD 28.6 billion, USD 12.8 billion, USD 12.9 billion, and USD 12.9 billion, respectively. Global Automotive Electronics PCB Industry Market Size By sales revenue calculation, the market size of the global automotive electronics PCB industry increased from USD 6.5 billion in 2020 to USD 9.2 billion in 2024, with a compound annual growth rate of 9.2% during this period. As the level of intelligent driving continues to increase and core components such as millimeter-wave radar and domain controllers are widely deployed, the demand for high-layer PCBs and HDI PCBs will continue to increase. By sales revenue calculation, the market size of the global automotive electronics PCB industry is expected to reach USD 12.2 billion by 2030, with a compound annual growth rate of 4.8% from 2024 to 2030. Global Smart Terminal PCB Industry Market Size Smart terminals are the largest downstream application area in the global PCB industry. By sales revenue calculation, the market size of the global smart terminal PCB industry reached USD 37.1 billion in 2024, accounting for 49.5% of the global PCB market size. By sales revenue calculation, the market size of the global smart terminal PCB industry is expected to reach USD 49 billion by 2030, with a compound annual growth rate of 4.7% from 2024 to 2030. Global PCB Industry Competitive Landscape The global PCB industry competitive landscape is relatively dispersed. Based on PCB revenue in 2024, the combined market share of the top ten PCB suppliers globally was 37.1%. Overall, the competitive landscape of the global PCB industry presents three core characteristics: concentration of resources towards top manufacturers, acceleration of the rise of Chinese domestic manufacturers, and continuous expansion of advantages for leading companies. In 2024, the company had PCB revenue of USD 1.7034 billion, ranking tenth among all PCB suppliers, and fourth among PCB suppliers headquartered in mainland China, with a market share of 2.3%. Board of Directors Information The company's board of directors will consist of 9 directors, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors. Directors serve a term of 3 years and may be re-elected for successive terms after the expiration of each term. Ownership Structure As of December 26, 2025, Jing Hongyongtai, Zhichuang Investment, Yizhao Investment, Mr. Liu Shaobo, Ms. Huang Xiaofen, Ms. Zhuo Jun, and Mr. Liu Yu are acting in concert. They collectively have the right to exercise the voting rights attached to 560,846,175 shares, accounting for approximately 56.95% of the issued shares. Intermediary Team Joint sponsors: CITIC SEC (Hong Kong) Limited; Merrill Lynch (Asia Pacific) Limited; Guolian Securities International Capital Markets Limited. Company legal advisor: for Hong Kong and US law: RSB International Law Firm Limited; for Chinese law: Beijing Guantao Law Firm. Joint sponsor legal advisor: for Hong Kong and US law: Smithfield Law Firm; for Chinese law: Beijing Deheng Law Firm. Auditor and reporting accountant: Ernst & Young Certified Public Accountants. Industry consultant: Zuo Shi Industry Consulting Co., Ltd. Compliance advisor: Likas Corporate Finance Limited.