New stock news | Borgo Electronics submits application to Hong Kong Stock Exchange, becoming China's largest supplier of high-performance server power supplies.

According to the disclosure by the Hong Kong Stock Exchange on January 12th, Hangzhou Boc Electronic Co., Ltd. (referred to as Boc Electronics) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CMSC International as its sole sponsor. Company Introduction According to the prospectus, Boc Electronics is the world's leading and China's largest high-performance computing server power supply provider, empowering a wide range of industrial, consumer, and commercial power conversion applications. According to Frost & Sullivan data, based on revenue from high-performance computing server power supplies by 2024, the company holds a market share of 8.9% globally and 18.9% in China. The company's products primarily serve specialized computing power (for specific purposes or functions) and AI computing power (currently mainly used for graphics processing units designed for general purposes), meeting strict requirements for output power, efficiency, power density, and reliability. With deep technical expertise in computing server power supplies and strong customer resources, the company has successfully expanded into energy storage solution (energy storage systems or ESS) power conversion business. Through this business line, the company mainly provides power conversion systems for portable and household energy storage products, serving top portable energy storage brands like Shenzhen Hello Tech Energy, while also catering to industrial and commercial applications. The company has invested heavily in research and development to maintain and enhance the competitiveness of its products. The current focus of the company's R&D work is on the next generation of computing server power supplies and microgrid systems. Key projects for computing server power supplies include a 20kW liquid-cooled unit that supports an inlet temperature of 70C, a cost-optimized 10kW oil-cooled model with improved efficiency, and high-density AI power supplies such as the 3200W CRPS (100W/cubic inch) and the 5500W OCP unit with a peak efficiency of 97.5% that meets Ruby standards. These products are designed to support high-end chipsets and demanding supercomputing center environments. As for microgrid systems, the company is advancing production of its 800V DC output, 100kW AC/DC conversion module and a 600kW and-link system cabinet with 99% efficiency, aimed at providing high-voltage DC power supply for AI computing centers and supporting integrated solutions for computing power supplies and energy storage. Additionally, the company is developing a 1MW integrated computing microgrid system for photovoltaic, energy storage, and load (PVES) to build a distributed green computing power system. Thanks to its continuous efforts, the company now owns a series of intellectual property related to its products. Financial Information Revenue The company recorded revenues of approximately 261 million yuan, 556 million yuan, and 751 million yuan for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, respectively. Net Profit The company reported profits of 4.237 million yuan, 39.601 million yuan, and 76.105 million yuan for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, respectively. Gross Profit The company recorded gross profits of approximately 59.15 million yuan, 1.22 billion yuan, and 1.78 billion yuan for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, respectively. Industry Overview With the continuous construction of AI and blockchain infrastructure, the computing server power supply industry has experienced significant growth. In 2024, the global market size of the computing server power supply industry reached 54.8 billion yuan, with China reaching 13.3 billion y...