New Stock News | Dynamic Electronics (603175.SH) Files with Hong Kong Stock Exchange, Ranks First Globally in the Automotive HDI Board Market

According to a disclosure by the Hong Kong Stock Exchange on September 21, Dynamic Electronics Circuit Co., Ltd. (referred to as: Dynamic Electronics, 603175.SH) has submitted an application for listing to the Main Board of the Hong Kong Stock Exchange, with CICC and Guolian Securities International acting as its joint sponsors. Company Overview According to the prospectus, the company is a globally renowned high-end printed circuit board (PCB) manufacturer and one of the world's leading automotive PCB suppliers. The company was founded in 2015, and its PCB business origins can be traced back to 1988. The company is committed to the research and development, production, and commercialization of a range of high-reliability, high-complexity PCB products, including double-sided boards, multilayer boards, and high-density interconnect (HDI) boards, which serve as the physical interconnection foundation for almost all electronic systems. The company's main production bases are located in Huangshi and Kunshan, China, and it has a strategic overseas manufacturing base in Thailand, serving leading global customers across multiple advanced application fields: automotive electronics constitutes the commercial and technological foundation of the company's business, while data storage, communications, and AI server applications serve as increasingly important growth engines. The company's main products are rigid boards, which provide mechanical support for electronic components and conductive paths for electrical connections. Double-sided boards. The company's double-sided boards comprise two conductive copper layers, located on opposite sides of an insulating substrate, typically connected through metallized through-holes. They are suitable for products with moderate circuit complexity and are mainly used in automotive electronics and display applications. Multilayer boards. The company's multilayer boards comprise multiple conductive layers, separated by insulating materials and laminated into a single circuit board, providing additional routing space and supporting more complex circuit layouts, power distribution, and signal transmission. The company further categorizes these products into 4- to 6-layer PCBs, 8- to 14-layer PCBs, and 16-layer and above PCBs, serving applications ranging from vehicle control systems, memory modules, communication equipment, and AI computing boards. HDI boards. The company's HDI boards use microvias, blind vias, and buried vias as well as sequential build-up structures to achieve denser interconnections, finer routing, and higher component integration. These products support compact designs and high-speed signal transmission in the company's main application areas. They can be applied to high-end products such as autonomous driving and smart cockpit domain controllers, memory modules, GPU accelerator card substrates, and AI computing boards. According to a Frost & Sullivan report, in the automotive PCB market, the company ranked eighth globally in 2025 and sixth in the first half of 2026. In both periods, the company ranked first globally in the automotive HDI board market and third globally in both the memory module PCB market and the AI data storage PCB market, all measured by sales revenue. Financial Information Revenue For 2023, 2024, 2025, and the six months ended June 30, 2026, the company's revenue was approximately RMB 3.656 billion, RMB 4.124 billion, RMB 4.752 billion, and RMB 2.912 billion, respectively. Profit For 2023, 2024, 2025, and the six months ended June 30, 2026, the company's annual/period profit was approximately RMB 266 million, RMB 276 million, RMB 231 million, and RMB -191 million, respectively. Industry Overview The global PCB industry is undergoing a transition from cyclical recovery to structural growth. From 2021 to 2025, the global PCB market size grew from USD 76.9 billion to USD 85.8 billion, with a compound annual growth rate of 2.8%. By product type, HDI boards were the fastest-growing category, with a compound annual growth rate of 9.4%, as the market size increased from USD 11.3 billion to USD 16.2 billion, with the core DRIVE coming from demand for high-density interconnection in communications and AI servers and automotive electronics; multilayer boards had a compound annual growth rate of 3.6%; packaging substrates had a compound annual growth rate of 2.3%. Single/double-sided boards and flexible boards had compound annual growth rates of 3.2% and 0.9%, respectively, during the same period. Looking ahead from 2026 to 2030, the global PCB market size is expected to grow from USD 102.0 billion to USD 144.6 billion, with the compound annual growth rate rising to 9.1%. Among these, packaging substrates are expected to grow rapidly at a compound annual growth rate of 11.5%, with the market size expected to reach USD 29.6 billion by 2030. HDI boards and multilayer boards are expected to grow steadily at compound annual growth rates of 10.8% and 9.8%, respectively, with market sizes expected to reach USD 30.0 billion and USD 58.6 billion, respectively, by 2030. Although single/double-sided boards and FPCs have improved somewhat, their growth rates remain at a relatively low level. By application field, from 2021 to 2025, the communications and AI server segment jumped from USD 9.5 billion to USD 20.9 billion, with a compound annual growth rate of 21.7%, making it the fastest-growing sub-segment; the data storage segment grew from USD 4.7 billion to USD 6.1 billion, with a compound annual growth rate of 6.3%; the automotive electronics segment grew from USD 8.3 billion to USD 9.8 billion, with a compound annual growth rate of 4.1%. Despite the market size shrinking from USD 38.0 billion to USD 32.1 billion, with a compound annual growth rate of 4.1%, consumer electronics remained the largest downstream market for PCBs from 2021 to 2025. Looking ahead from 2026 to 2030, the communications and AI server segment will continue to grow at a compound annual growth rate of 13.9%, with the market size expected to reach USD 47.2 billion by 2030; the data storage segment will have a compound annual growth rate of 13.7%, with the market size expected to reach USD 15.7 billion by 2030; automotive electronics, consumer electronics, and display segments are also expected to maintain steady growth. Therefore, the growth of the global PCB market is expected to be increasingly driven by the expansion of the communications and AI server segment and the data storage segment. Board of Directors Information As of the date of this document, the board of directors will consist of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors. Shareholding Structure As of the latest practicable date (September 14, 2026), DEH is entitled to exercise approximately 86.10% of the company's voting rights through 376,277,619 A shares directly held by it. DEH is wholly owned by WintekMauritius, and WintekMauritius is wholly owned by Dynamic Electronics, and Dynamic Electronics is in turn wholly owned by Dynamic Holding. Dynamic Holding is a company listed on the Taiwan Stock Exchange (stock code: 3715), and as of the latest practicable date, no shareholder of Dynamic Holding holds 30.00% or more of its equity. Intermediary Team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, Guolian Securities International Capital Markets Limited; Legal Advisors: Paul Hastings (Hong Kong) LLP, Fangda Partners; Legal Advisors to the Joint Sponsors: Freshfields Bruckhaus Deringer, Commerce & Finance Law Offices; Auditor and Reporting Accountant: Ernst & Young; Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.