New Stock News: Liding Technology submits applications to the Hong Kong Stock Exchange, its main business includes FCCSP, WBCSP, and module carriers.

According to the disclosure of the Hong Kong Stock Exchange on July 2nd, Liding Semiconductor Technology (Shenzhen) Co., Ltd. (referred to as Liding Technology) has submitted an application to the Hong Kong Stock Exchange for listing on the main board, with CITIC SEC as its exclusive sponsor. Company Overview The prospectus shows that Liding Technology is an IC carrier board supplier empowered by intelligent manufacturing, focusing on the research, development, manufacturing, and sales of FCBGA, FCCSP, WBCSP, and module carrier boards. According to Frost & Sullivan's data, based on 2025 revenue, the company ranks third among mainland Chinese IC carrier board manufacturers, up from sixth in 2023, and ranks third among mainland Chinese manufacturers of FCBGA and FCCSP carrier boards. The company's main products include FCCSP, WBCSP, and module carrier boards. In 2025, the full load design capacity of FCBGA carrier boards at the Shenzhen park reached 3,360 thousand pieces, while the full load design capacity of FCCSP, WBCSP, and module carrier boards at the Qinhuangdao park reached 2,419 thousand pieces. IC carrier boards are a specialized high-density interconnect platform used in semiconductor packaging, serving as a key vehicle for electrical connections, mechanical support, and thermal management between silicon chips and printed circuit boards. The company's IC carrier boards can be categorized by application into smart devices, AI and HPC, storage, automotive and Siasun Robot & Automation, and network communication. The increasing demand for computing power in the AI era is enhancing the importance of IC carrier boards, which can enable high-speed signal transmission and efficient heat dissipation to support stable, high-performance chip operations. According to Frost & Sullivan, the global IC carrier board market is expected to reach $30.3 billion by 2030, with a compound annual growth rate of 15.3% from 2025 to 2030. FCBGA carrier boards are expected to be the fastest-growing segment in the IC carrier board market. The following table shows the breakdown of IC carrier board revenue by application during the specified period: During the historical period, the company's customers mainly consisted of OSAT, IC design, and IDM companies. In 2023, 2024, 2025, and the three months ended March 31, 2026, revenue from the top five customers accounted for 81.4%, 81.2%, 76.6%, and 68.1% of total revenue, respectively. Additionally, during the same period, revenue from the largest customer accounted for 37.8%, 38.6%, 36.4%, and 29.0% of total revenue, respectively. Apart from retaining Zhen Ding Group, the top five customers during the historical period were all independent third parties. Financial Information Revenue In 2023, 2024, 2025, and the three months ended March 31, 2026, the company achieved revenues of approximately 11.83 billion yuan, 20.56 billion yuan, 28.29 billion yuan, and 9.24 billion yuan, respectively. Profit In 2023, 2024, 2025, and the three months ended March 31, 2026, the company recorded annual/period profits of -753 million yuan, -405 million yuan, -329 million yuan, and 50.113 million yuan, respectively. Gross Profit Margin In 2023, 2024, 2025, and the three months ended March 31, 2026, the company's gross profit margins were approximately -42.7%, -5.1%, 3.5%, and 15.9%, respectively. Industry Overview From 2021 to 2025, the global IC carrier board market size increased from $14.4 billion to $14.9 billion, with a compound annual growth rate of approximately 0.9%. Driven by the surge in demand for AI computing power, the continued recovery of the server market, and the continuous increase in advanced packaging penetration rates, the global IC carrier board market size is expected to further increase to $30.3 billion by 2030, with a compound annual growth rate of 15.3% from 2025 to 2030. Thanks to the expansion of global demand, mainland Chinese IC carrier board manufacturers are continuously expanding their capacity. By production region, the mainland Chinese IC carrier board market size is expected to grow from $2.7 billion to $3.9 billion between 2021 and 2025, with an annual compound growth rate of about 9.5%. The market size is expected to further increase to $9.1 billion by 2030, with an annual compound growth rate of 18.6% from 2025 to 2030, leading global growth. Looking at downstream sectors, from 2021 to 2025, the market size of IC carrier boards used in the AI and HPC fields increased from $2.4 billion to $4.5 billion, showing the most significant growth. It is expected that by 2030, this market size will further increase to $12.1 billion, with an annual compound growth rate of 22.1%; the market sizes for IC carrier boards used in smart devices, storage, automotive and Siasun Robot & Automation, and network communication fields are expected to grow to $12.4 billion, $1.2 billion, $1.3 billion, and $3 billion, respectively, with annual compound growth rates of 10.1%, 15.9%, 18.6%, and 14.8%, respectively. From 2021 to 2025, in terms of the global breakdown of IC carrier board markets by product, the FCBGA carrier board market size increased from $7 billion to $7.8 billion, dominating among various segmented products, while the FCCSP carrier board market size increased from $2.3 billion to $2.4 billion. FCBGA carrier boards benefit from the rapid increase in demand for servers, GPUs, AI accelerators, and advanced packaging, becoming the core driver of market growth; meanwhile, FCCSP carrier boards are mainly driven by demand from smart phone APs, 5G/6G basebands, and edge AI SoCs, maintaining steady growth overall. It is expected that from 2025 to 2030, the market sizes of FCBGA and FCCSP carrier boards will further increase to $19.2 billion and $3.9 billion, with annual compound growth rates of 19.7% and 10.4%, respectively. In terms of sales regions, overseas markets account for the majority of the demand for FCBGA carrier boards worldwide. In 2025, the overseas FCBGA carrier board market reached $6.4 billion, accounting for approximately 82% of the global total, with an expected increase to $16.6 billion by 2030, and a compound annual growth rate of 20.9% from 2025 to 2030, significantly higher than mainland China's 13.3% during the same period. In terms of competitive landscape, the mainland Chinese IC carrier board market is relatively concentrated and competitive. In 2025, the combined market share of the top three companies in the mainland Chinese IC carrier board market was 37.9%. Based on 2025 revenue, the company ranked third among mainland Chinese IC carrier board manufacturers with RMB 2.8 billion, holding a market share of 10.3%. The global IC carrier board market is also relatively concentrated and competitive, with the top three manufacturers in 2025 occupying 37.4% of the market share. Based on revenue from 2023 to 2025, the company ranked first in compound annual growth rate among the top 20 IC carrier board suppliers globally. In 2025, the combined market share of the top three companies in the mainland Chinese FCBGA carrier board market was 58.7%. Based on revenue from 2025, the company ranked third among mainland Chinese FCBGA carrier board manufacturers with RMB 1 billion, holding a market share of 12.5%. In 2025, the combined market share of the top three companies in the mainland Chinese FCCSP carrier board market was 38.2%. Based on revenue from 2025, the company ranked third among mainland Chinese FCCSP carrier board manufacturers with RMB 1.1 billion, holding a market share of 11.9%. The mainland Chinese FCBGA carrier board market is more concentrated than the FCCSP carrier board market, primarily due to higher technological and capital barriers. Board of Directors Information The company's board of directors consists of 7 directors, including 1 executive director, 2 non-executive directors, 3 independent non-executive directors, and 1 employee director. Equity Structure As of June 24th, Zhen Ding indirectly controlled 60.75% of the company's issued share capital through its subsidiaries (namely Monterey Park, Huakui, Meigang, Jihui, and Avary Holding). Therefore, Zhen Ding, Monterey Park, Huakui, Meigang, Jihui, and Avary Holding constitute a group of controlling shareholders of the company. Intermediary Team Exclusive Sponsor: CITIC SEC (Hong Kong) Limited Company Legal Advisor: Sullivan & Cromwell LLP (Hong Kong) for Hong Kong and U.S. law; King & Wood Mallesons for Chinese law and Chinese intellectual property law; He Yun Law Firm for Taiwanese law; Hogan Lovells International LLP for international sanctions, U.S. export controls, customs law, and foreign investment rules; Tsai, Lee & Chen for U.S. intellectual property law. Exclusive Sponsor Legal Advisor: Davis Polk & Wardwell LLP for Hong Kong and U.S. law; Haiwen Law Firm for Chinese law. Independent Auditors and Reporting Accountants: PricewaterhouseCoopers Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch Compliance Consultant: Howden Capital Limited.