IPO News | Guanghe Technology, a “PCB manufacturer for computing servers,” has launched its IPO subscription and is expected to list on March 20, with a minimum subscription amount of HKD 7,260.49.

Futu News reported on March 12 that$DELTON (01989.HK)$The company announced that the IPO subscription will run from March 12 to March 17. The company plans to offer approximately 46 million shares globally and expects to be listed on March 20.

Company Overview

The company primarily engages in the research, development, production, and sale of customized PCBs for computing servers and other computing scenarios. Computing servers take on core computational tasks, specifically designed for compute-intensive workloads, with their primary function being the efficient processing of large-scale data, complex algorithms, and compute-intensive operations. Computing servers mainly include AI servers and general-purpose servers.

The company focuses strategically on PCBs for computing servers and other computing scenarios while expanding its product line strategically. As of September 30, 2025, the company's PCB products have been deployed in (i) computing scenarios, mainly covering computing PCBs such as AI server PCBs, general-purpose server PCBs, and data center switch PCBs; (ii) industrial scenarios, including industrial control PCBs for equipment, automotive electronics PCBs (covering applications like central control units), and communication PCBs; and (iii) consumer scenarios, mainly including consumer electronics PCBs and security electronics PCBs used in printers, laptops, wearable devices, and emerging display devices (including mini and micro LED displays).

Financial Overview

The company’s gross profit increased by 41.9% from RMB 628.7 million in 2022 to RMB 891.8 million in 2023, and further increased by 39.8% to RMB 1,246.5 million in 2024. The company’s gross profit rose by 49.7% from RMB 892.7 million for the nine months ended September 30, 2024, to RMB 1,336.5 million for the nine months ended September 30, 2025.

For the years 2022, 2023, and 2024, as well as the nine-month periods ending September 30, 2024, and 2025, the company's gross margin was 26.1%, 33.3%, 33.4%, 33.3%, and 34.8%, respectively. During the same period, the gross margin for PCBs in computing scenarios was 28.8%, 38.0%, 37.0%, 37.8%, and 36.2%, maintaining the highest gross margin level across all product categories.

Use of Proceeds

In terms of use of proceeds, Guanghe Technology is expected to receive net proceeds of approximately HKD 3.175 billion from the global offering (assuming the over-allotment option is not exercised and based on the maximum offer price of HKD 71.88). According to the prospectus, Guanghe Technology intends to allocate the proceeds from the global offering for the following purposes in the specified amounts:

Approximately 19.7% will be used for Phase II of the company’s Thailand base, aligning with one of the strategies outlined in the business strategy - market strategy: expanding and deepening global operations; around 52.1% will be allocated to expand and upgrade the production facilities at the company’s Guangzhou base; about 10.0% will be dedicated to enhancing the company’s R&D capabilities in material technology development, process improvement, and product development; roughly 8.2% will be used to pursue strategic partnerships, investments, or acquisition projects that complement the company’s business and align with its development strategy; and approximately 10.0% will be utilized as working capital and for general corporate purposes.

More reading:Prospectus of Guanghe Technology

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