Flash: Industry leader in high-computing AI PCB, Shenghong Technology raises HKD 17.5 billion in its IPO
![Mainland printed circuit board (PCB) manufacturer $Victory Giant Technology (300476.SZ)$From Monday to Thursday[Share Link: Initial Public Offering (IPO)], offering 83,348,000 H-shares at a price of no more than HKD 209.88 per share, raising up to HKD 17.493 billion (USD 2.234 billion). Shenghong Technology is one of the leading suppliers of advanced artificial intelligence and high-performance computing PCB products, focusing on the research, production, and sales of high-end high-density interconnect (HDI) and high multi-layer printed circuit boards (MLPCB). Citing third-party data, the company states that it ranks first globally with a 13.8% market share in AI and high-performance computing PCB revenue in the first half of last year. According to media reports, Shenghong Technology is one of the core suppliers of NVIDIA, a giant in AI chips. The company's performance has accelerated in recent years, with revenue reaching CNY 19.3 billion in 2025, a 79.8% increase year-on-year; net profit soared to CNY 4.31 billion, a 273.5% increase year-on-year; gross margin increased significantly from 22.7% in 2024 to 35.2%. Analysts surveyed by Bloomberg expect the company’s revenue to grow by about 70% this year. The company plans to use approximately 74% of the net proceeds for expanding production in mainland China; around 7% for purchasing mSAP manufacturing equipment and other smart manufacturing machinery; about 9% for R&D activities; and approximately 10% as working capital and for general corporate purposes. The stock is expected to be listed on April 21, with joint sponsors...](https://nnqimage.futunn.com/sns_client_feed/27769806/20260413/web-1776065225370-tudPiGidGB.webp/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
Mainland printed circuit board (PCB) manufacturer $Victory Giant Technology (300476.SZ)$From Monday to ThursdayInitial Public Offering (IPO), offering 83,348,000 H-shares at a price of no more than HKD 209.88 per share, raising up to HKD 17.493 billion (USD 2.234 billion).
Shenghong Technology is one of the leading suppliers of advanced artificial intelligence and high-performance computing PCB products, focusing on the research, production, and sales of high-end high-density interconnect (HDI) and high multi-layer printed circuit boards (MLPCB). The company cited third-party data indicating that, based on the revenue scale of AI and high-performance computing PCB in the first half of last year, Shenghong Technology ranked first globally with a market share of 13.8%. According to media reports, Shenghong Technology is one of the core suppliers of NVIDIA, a giant in AI chips.
The company's performance has been accelerating in recent years, with revenue reaching 19.3 billion yuan in 2025, a significant increase of 79.8% year-on-year; net profit soared to 4.31 billion yuan, growing by 273.5% year-on-year; gross margin increased substantially from 22.7% in 2024 to 35.2%. Analysts surveyed by Bloomberg expect the company’s revenue to grow by about 70% this year.
The company plans to use approximately 74% of the net proceeds to expand production in mainland China; about 7% for purchasing mSAP manufacturing equipment and other smart manufacturing machinery; roughly 9% for research and development activities; and around 10% as working capital and for general corporate purposes.
The stock is expected to be listed on April 21, with joint sponsors including JPMorgan, CITIC Securities, and GF Securities. With the rise of artificial intelligence-related stocks, the company's shares listed in Shenzhen have surged more than threefold over the past year.
Author: Li Shida
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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