New stock news | WANYUANTONG files for Hong Kong Stock Exchange, ranked 42nd among Chinese PCB manufacturers.

According to the disclosure by the Hong Kong Stock Exchange on March 30th, Kunshan WANYUANTONG Electronic Technology Co., Ltd. (hereinafter referred to as WANYUANTONG) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CISI FIN as its exclusive sponsor. Company Overview According to the prospectus, WANYUANTONG is a high-tech enterprise specializing in the research and development, production, and sales of printed circuit boards (PCBs). Since its establishment, WANYUANTONG has focused on building comprehensive capabilities in engineering design, process technology, and production execution. The company's product range covers single-sided, double-sided, and multi-layer PCBs, including thick copper boards, metal substrates, high density interconnect boards (HDI), high-frequency/high-speed boards, ultra-thin hard boards, semi-plated boards, and other advanced PCB solutions. Products such as HDI boards, high-frequency/high-speed boards, and ultra-thin hard boards involve more advanced manufacturing processes and typically have higher value-added characteristics. In recent years, WANYUANTONG has strategically increased its investment in higher value-added and specialty process PCB products, including HDI boards, high-frequency/high-speed boards, and ultra-thin hard boards, to optimize its product structure and enhance overall competitiveness. WANYUANTONG is headquartered in Kunshan City, Jiangsu Province, and has gradually established a coordinated production layout in Kunshan and Dongtai production bases. The company's PCB products are widely used in automotive electronics, consumer electronics, industrial control, and smart home appliance products. WANYUANTONG also plans to expand into emerging application areas such as medical devices, optical communications, artificial intelligence (AI), Siasun Robot & Automation, 5G infrastructure, and energy storage systems, where the demand for high-reliability and high-performance PCB solutions is continuously growing. In addition to its manufacturing facilities in the country, WANYUANTONG is also currently constructing a production factory in Thailand as part of its overseas expansion strategy. The Thailand factory is intended to serve as a significant extension of the company's high value-added PCB product manufacturing capabilities, especially for customers with manufacturing operations in Southeast Asia and other overseas markets. WANYUANTONG expects the first phase of the Thailand factory project to be completed and put into operation in the second half of 2026, with the second phase planned to commence in the second half of 2027. According to a Frost & Sullivan report, based on revenue, WANYUANTONG ranked 42nd among PCB manufacturers in China and 6th in the Yangtze River Delta region in 2024. Financial Data Revenue In 2023, 2024, and 2025, the company's revenue is approximately RMB 984 million, RMB 1.043 billion, and RMB 1.18 billion, respectively. Attributable Net Profit to Owners of the Company In 2023, 2024, and 2025, the company's attributable net profit to owners is approximately RMB 118 million, RMB 123 million, and RMB 125 million, respectively. Industry Overview The global PCB market size increased from approximately $652 billion in 2020 to around $736 billion in 2024. In 2021, the global economy experienced strong recovery. Furthermore, PCB manufacturers have expanded their production capacity and increased inventory reserves to mitigate supply chain interruption risks. The proliferation of remote work and online learning has also driven the surge in demand for electronic products. However, with the global economy entering a tightening cycle in 2023, corporate financing costs have significantly increased. Meanwhile, weakening consumer confidence has led to a contraction in demand for electronic products. Fluctuations in energy prices and increased freight risks have weakened supply stability, constraining the development of the global PCB market. Driven by downstream industries such as AI, High-Performance Computing (HPC), and communication infrastructure, the production volume and unit price of PCB products are expected to continue growing. It is estimated that by 2029, the global PCB market size will reach approximately $1.092 trillion. The Chinese PCB market size increased from approximately $35.1 billion in 2020 to around $41.2 billion in 2024, accounting for 56.0% of the total global market and with a compound annual growth rate of around 4.1% during the period. China's vast domestic electronics industry provides strong support for the demand for medium and low-end PCB products. In addition, as local production technologies significantly improve and the localization rate of high-end PCB products continues to increase, the market performance of high-end products will further strengthen. It is forecasted that by 2029, the Chinese PCB market size will reach approximately $62.4 billion, accounting for 57.2% of the total global market, with a compound annual growth rate of about 8.7% from 2024 to 2029. The Chinese PCB market presents a multi-level and structured development pattern, with different products playing different roles due to their technical characteristics. In terms of single-sided and double-sided boards, China has a more complete industrial chain system compared to its overseas counterparts, with significant cost advantages, higher product yields, and faster product iteration cycles. Therefore, the market size of single-sided and double-sided boards in China increased from approximately RMB 10.3 billion and RMB 26.3 billion in 2020 to approximately RMB 11 billion and RMB 28.6 billion in 2024, and is expected to further rise to approximately RMB 14.2 billion and RMB 40.1 billion by 2029, accounting for 74.4% and 85.7% of the global market share, respectively. Multilayer boards are widely used in key areas such as high-end smartphones, new energy vehicles, industrial inverters, and 5G base stations. By 2024, the market size of multilayer boards had reached approximately RMB 126.7 billion. Driven by the pursuit of higher performance and reliability, the demand for high layer count multilayer boards has significantly increased, driving the continuous upgrading of the multilayer board market to higher-end fields. It is expected that by 2029, the market size of multilayer boards in China will grow to approximately RMB 184.7 billion, with a compound annual growth rate of around 7.8% from 2024 to 2029. The growth of the Chinese HDI board market size benefits from the increasing demand in multiple downstream sectors. Consumer electronics products are moving towards lighter and thinner designs, while requiring high-speed data transmission and compatibility with more functional modules. In the communication sector, the demand for HDI boards is being driven by the high-speed optical modules and edge computing devices' requirements for low-loss signal transmission. The automotive sector has also begun to widely adopt HDI boards, where the functionality of HDI products will directly determine the level of automotive intelligence. It is projected that by 2029, the market size of HDI board products will reach approximately RMB 91.5 billion, with a compound annual growth rate of around 11.2% from 2024 to 2029. Board of Directors Information After the [compile date], WANYUANTONG's board of directors will consist of eight directors, including four executive directors and four independent non-executive directors, as follows: Shareholding Structure As of the last feasible date, Mr. Wang Xuegen, Dongtai Suiding, and Guangtongyuan hold 34.94%, 2.28%, and 1.23% respectively in the company. Mr. Wang Xuegen serves as a general partner of Dongtai Suiding and Guangtongyuan. After the [compile date], Mr. Wang Xuegen, Dongtai Suiding, and Guangtongyuan will constitute the controlling shareholder group of the company in accordance with the listing rules. Dongtai Suiding is an employee shareholding platform for WANYUANTONG effective before its listing on the National Equities Exchange and Quotations System. As of the last feasible date, Dongtai Suiding is held by Mr. Wang Xuegen (as its general partner), holding 1.06%. The remaining partnership interests in Dongtai Suiding are held by 30 limited partners, each holding less than 30%, including executive directors Mr. Hu Youwen, Mr. Huang Haifeng, and other independent third parties. Guangtongyuan is an employee shareholding platform for WANYUANTONG effective before its listing on the National Equities Exchange and Quotations System. As of the last feasible date, Guangtongyuan is held by Mr. Wang Xuegen (as its general partner), holding 1.10%. The remaining partnership interests in Guangtongyuan are held by 34 limited partners (each being an independent third party). Intermediary Team Exclusive Sponsor: CISI FIN Finance Co., Ltd. Company Legal Advisor: Pillsbury Winthrop Shaw Pittman LLP, Shanghai Jintiancheng Law Firm Exclusive Sponsor Legal Advisor: Zhou Junxuan Law Firm and Beijing Tongshang Law Firm Joint Venture, Beijing Tongshang Law Firm Auditor and Reporting Accountant: Vong Cheng (Hong Kong) Certified Public Accountants Limited Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch