New Stock News | Borgtech Electronics Submits Application to Hong Kong Stock Exchange Again, Becoming the Second Largest High-Performance Computing Power Supply Supplier in Mainland China.

According to the disclosure of the Hong Kong Stock Exchange on July 13, Hangzhou Boke Electronics Co., Ltd. (hereinafter referred to as Boke Electronics) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CMSC as the exclusive sponsor. The company had previously submitted an application for listing to the Hong Kong Stock Exchange on January 12, 2026. Company Profile According to the prospectus, based on revenue in 2025, Boke Electronics is the second largest high-performance server power supply provider in mainland China, empowering a wide range of industrial, consumer, and commercial power conversion applications. According to data from Frost & Sullivan, based on revenue in 2025, the company's market share in the global and mainland China high-performance server power supply markets is 6.9% and 15.8% respectively, while its market share in the global and mainland China server power supply markets is 1.0% and 2.5% respectively. With deep technical expertise in server power supplies and strong customer resources, the company has successfully expanded into Energy Storage Solutions (ESS) power conversion business. Through this business line, the company primarily provides power conversion systems for portable and household energy storage products, serving top portable energy storage brands such as Shenzhen Hello Tech Energy (according to Frost & Sullivan data, the second largest global portable energy storage company by shipments in 2025, with a market share of 13.4%), as well as industrial and commercial applications. The rapid advancement of AI is driving global demand for high-performance server power, placing higher demands on server system power supply in terms of output power, efficiency, power density, and reliability. This shift not only expands the overall market size but also accelerates the qualitative transformation of traditional power products towards optimized design-driven higher performance, more customization, and more integrated power solutions. Fueled by these factors, the global high-performance server power supply market is expected to grow from RMB 75.7 billion in 2025 to RMB 865 billion in 2030. In this market, the high-performance segment (defined as single machine rated power 3,000W and widely used in AI Data Centers (AIDC) and blockchain applications) is expected to grow at a compound annual growth rate (CAGR) of 110.5% from RMB 10.5 billion in 2025 to RMB 433.6 billion in 2030. Demand for ESS power conversion solutions is mainly driven by the rise of outdoor leisure activities due to lifestyle changes, the replacement of fossil fuel-driven equipment with electric alternatives in outdoor work, increasing concerns about energy prices and energy security, residential backup power needs, and the use of portable energy storage systems in disaster relief and emergency rescue. Therefore, ESS power conversion solutions are evolving towards higher energy density, higher conversion efficiency, faster charging speed, longer cycle life, and more compact design. According to Frost & Sullivan data, based on revenue, the global ESS power conversion system industry market size is expected to grow from RMB 52.3 billion in 2025 to RMB 223.7 billion in 2030 at a compound annual growth rate of 33.7%. Financial Information Revenue: For the fiscal years 2023, 2024, 2025, and the three months ended March 31, 2026, the company's revenue was approximately RMB 261 million, RMB 556 million, RMB 10.45 billion, RMB 1.59 billion, and RMB 2.15 billion respectively. Profit: For the fiscal years 2023, 2024, 2025, and the three months ended March 31, 2026, the company's net profit attributable to owners was RMB 4.237 million, RMB 39.601 million, RMB 97.131 million, RMB 69.99 million, and -RMB 5.324 million respectively. Gross Margin: For the fiscal years 2023, 2024, 2025, and the three months ended March 31, 2026, the company's gross margin was approximately 22.6%, 22%, 22.7%, 18.6%, and 18.2% respectively. Industry Overview The global and mainland China computing power is estimated to reach 50,542 EFLOPS and 8,965 EFLOPS respectively by 2030, with compound annual growth rates of 40.3% and 35.6% from 2025 to 2030. Driven by further growth in computing power demand, the market size of the computing power server power supply industry is expected to reach RMB 865 billion globally and RMB 76.3 billion in mainland China by 2030, with compound annual growth rates of 62.8% and 37.7% from 2025 to 2030. Since 2021, AI and blockchain technologies have experienced rapid growth, with many high-performance computing chips entering the market, driving new demand for high-performance server power supplies. In 2025, the market size of the high-performance computing power server power industry reached RMB 10.5 billion globally and RMB 2.4 billion in mainland China, with compound annual growth rates of 169.2% and 121.3% from 2021 to 2025. By 2030, the market size of the high-performance computing power server power industry is expected to reach RMB 433.6 billion globally and RMB 45.9 billion in mainland China, with compound annual growth rates of 110.5% and 80.4% from 2025 to 2030. The rapid expansion of artificial intelligence is accelerating the transformation of computing architecture from general-purpose computing to intelligent computing. Intelligent servers integrated with high-power chips have increasing power density and single cabinet power requirements. Meanwhile, the power consumption of each AI server is continuously increasing with each new generation of processors, with single-chip power increasing from around 300W-400W in previous generations to 700W-1,000W or more in the current market. This drives up the rated power requirements and the number of power products needed for each server. In addition, the technical requirements of AI workloads (including high conversion efficiency, high power density, and fast transient response) make high-performance server power supplies a key factor. With the increasing power consumption trend driven by successive generations of computing chips, the demand for high-performance server power supplies is expected to grow sharply, driving a significant increase in the market share of the high-performance server power supply industry in the overall server power supply industry. The global high-performance computing power supply industry is relatively concentrated. As of December 31, 2025, there were approximately 20 high-performance computing power supply manufacturers worldwide. Based on revenue from high-performance computing power supplies in 2025, the top five global high-performance computing power supply manufacturers accounted for approximately 85.1%, with this company ranking fifth with a market share of 6.9%. The mainland China high-performance computing power supply industry is relatively concentrated. As of December 31, 2025, there were approximately 10 high-performance computing power supply manufacturers in mainland China. Based on revenue from high-performance computing power supplies in 2025, the top five mainland China high-performance computing power supply manufacturers accounted for approximately 77.1%, with this company ranking second with a market share of 15.8%. In 2025, based on revenue, the market size of the ESS power conversion system industry reached RMB 52.3 billion globally and RMB 33.5 billion in mainland China, with compound annual growth rates of 65.3% and 67.1% from 2021 to 2025. In the future, based on revenue, the market size of the ESS power conversion system industry is expected to reach RMB 223.7 billion globally and RMB 154.2 billion in mainland China by 2030, with compound annual growth rates of 33.7% and 35.7% from 2025 to 2030. Board of Directors Information The Board of Directors consists of eight directors, including five executive directors and three independent non-executive directors. Directors serve a term of three years, and are eligible for re-election after the term expires. Equity Structure As of the last practicable date, Mr. Yin's spouse, Ms. Zhu Yanhui, holds 0.98% and 17.79% of the shares of Hangzhou Qixin and Hangzhou Lincheng respectively; the remaining 40% of the shares of Hunan Saibo Electronics are held by the independent third party Salcomp PLC. Intermediary Team Exclusive Sponsor: CMSC (Hong Kong) Limited Overall Coordinator: CMSC (Hong Kong) Limited Company Legal Counsel: For Hong Kong and US law: Freshfields Bruckhaus Deringer LLP; for Chinese law: Shanghai Jincheng (Shenzhen) Law Firm; for international sanctions: Freshfields Bruckhaus Deringer LLP Legal Counsel for the Exclusive Sponsor: For Hong Kong and US law: Deacons; for Chinese law: JunHe LLP Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch