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IPO News | "AI and High-Performance Computing PCB Product Supplier" Shenghong Technology launches its IPO, with a planned listing on April 21. The subscription amount for one lot is HKD 21,199.67.

Futu Information reported on April 13 that $VGT (02476.HK)$ An announcement was made stating that the company will offer shares from April 13 to April 16. It plans to globally distribute approximately 83,348,000 shares, with an expected listing date of April 21.
Futu Information reported on April 13 that $VGT (02476.HK)$ An announcement was made stating that the company will offer shares from April 13 to April 16. It plans to globally distribute approximately 83,348,000 shares, with an expected listing date of April 21. Company Overview Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies. The company is one of the first PCB manufacturers in China to establish a smart factory, implement green manufacturing, and venture into emerging fields. This has led to increased output, shorter delivery times, reduced energy consumption, labor savings, and ultimately enhanced corporate competitiveness. As the company continues to strengthen its core capabilities, it is seizing opportunities in AI and new energy vehicles, building a global delivery network to meet growing global demand, and rapidly advancing into the top tier of global PCB intelligent manufacturing. Financial Summary In 2023, 2024, and 2025, Shenghong Technology's revenue reached RMB 7,931.2 million, RMB 10,731.5 million, and RMB 19,292.3 million, respectively. During the same period, the company’s R&D...
Company Overview
Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies.
The company is one of the first PCB manufacturers in China to establish a smart factory, implement green manufacturing, and venture into emerging fields. This has led to increased output, shorter delivery times, reduced energy consumption, labor savings, and ultimately enhanced corporate competitiveness. As the company continues to strengthen its core capabilities, it is seizing opportunities in AI and new energy vehicles, building a global delivery network to meet growing global demand, and rapidly advancing into the top tier of global PCB intelligent manufacturing.
Futu Information reported on April 13 that $VGT (02476.HK)$ An announcement was made stating that the company will offer shares from April 13 to April 16. It plans to globally distribute approximately 83,348,000 shares, with an expected listing date of April 21. Company Overview Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies. The company is one of the first PCB manufacturers in China to establish a smart factory, implement green manufacturing, and venture into emerging fields. This has led to increased output, shorter delivery times, reduced energy consumption, labor savings, and ultimately enhanced corporate competitiveness. As the company continues to strengthen its core capabilities, it is seizing opportunities in AI and new energy vehicles, building a global delivery network to meet growing global demand, and rapidly advancing into the top tier of global PCB intelligent manufacturing. Financial Summary In 2023, 2024, and 2025, Shenghong Technology's revenue reached RMB 7,931.2 million, RMB 10,731.5 million, and RMB 19,292.3 million, respectively. During the same period, the company’s R&D...
Financial Summary
In 2023, 2024, and 2025, Shenghong Technology's revenues were RMB 7,931.2 million, RMB 10,731.5 million, and RMB 19,292.3 million, respectively. During the same period, the company’s research and development expenditures were RMB 348.3 million, RMB 449.8 million, and RMB 777.6 million, accounting for 4.4%, 4.2%, and 4.0% of total revenue, respectively.
The company’s net profit increased by 72.0% from RMB 671.3 million in 2023 to RMB 1,154.4 million in 2024, mainly due to gross profit increasing from RMB 1,643.3 million in 2023 to RMB 2,438.7 million in 2024. The company’s net profit further increased by 273.5% from RMB 1,154.4 million in 2024 to RMB 4,312.0 million in 2025, primarily driven by gross profit rising from RMB 2,438.7 million in 2024 to RMB 6,795.4 million in 2025.
Source: Prospectus
Source: Prospectus
Futu Information reported on April 13 that $VGT (02476.HK)$ An announcement was made stating that the company will offer shares from April 13 to April 16. It plans to globally distribute approximately 83,348,000 shares, with an expected listing date of April 21. Company Overview Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies. The company is one of the first PCB manufacturers in China to establish a smart factory, implement green manufacturing, and venture into emerging fields. This has led to increased output, shorter delivery times, reduced energy consumption, labor savings, and ultimately enhanced corporate competitiveness. As the company continues to strengthen its core capabilities, it is seizing opportunities in AI and new energy vehicles, building a global delivery network to meet growing global demand, and rapidly advancing into the top tier of global PCB intelligent manufacturing. Financial Summary In 2023, 2024, and 2025, Shenghong Technology's revenue reached RMB 7,931.2 million, RMB 10,731.5 million, and RMB 19,292.3 million, respectively. During the same period, the company’s R&D...
Industry Overview
A PCB is a circuit board that forms conductive paths on an insulating substrate according to a predetermined design. It is a fundamental component in electronic devices that supports and connects electronic components. The main function of a PCB is to enable various electronic parts to form a pre-designed circuit connection and act as a relay for transmission. PCBs are irreplaceable in the vast majority of electronic devices and products.
The robust growth of the global PCB market in the artificial intelligence and high-performance computing sectors is mainly driven by North American cloud service providers continuously raising capital expenditures to meet the explosive growth in AI computing. In 2024, global data center capital expenditure reached USD 455 billion, with North American cloud service providers accounting for over 50% of the global data center capital expenditure.
Cornerstone Investors
Cornerstone investors have agreed to subscribe for or procure their designated entities to subscribe for a total of approximately USD 997 million (or approximately HKD 7.812 billion) worth of offer shares at the offer price, subject to certain conditions. Assuming the offer price is HKD 209.88 per H-share (i.e., the highest offer price), the total number of offer shares subscribed by cornerstone investors will be 37,220,100 shares. The cornerstone investors include: CPE Rosewood, Janchor Fund, Yunfeng Capital, Deliante, Hong Kong Mason, MSIP, etc.
Futu Information reported on April 13 that $VGT (02476.HK)$ An announcement was made stating that the company will offer shares from April 13 to April 16. It plans to globally distribute approximately 83,348,000 shares, with an expected listing date of April 21. Company Overview Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies. The company is one of the first PCB manufacturers in China to establish a smart factory, implement green manufacturing, and venture into emerging fields. This has led to increased output, shorter delivery times, reduced energy consumption, labor savings, and ultimately enhanced corporate competitiveness. As the company continues to strengthen its core capabilities, it is seizing opportunities in AI and new energy vehicles, building a global delivery network to meet growing global demand, and rapidly advancing into the top tier of global PCB intelligent manufacturing. Financial Summary In 2023, 2024, and 2025, Shenghong Technology's revenue reached RMB 7,931.2 million, RMB 10,731.5 million, and RMB 19,292.3 million, respectively. During the same period, the company’s R&D...
Source: Prospectus
Source: Prospectus
Use of Proceeds
Regarding the use of proceeds, Shenghong Technology expects the net proceeds from the global offering to be approximately HKD 17.287 billion (assuming the over-allotment option is not exercised and calculated based on the highest offer price of HKD 209.88). According to the prospectus, Shenghong Technology intends to use the proceeds from the global offering for the following purposes:
Approximately 74% will be used to expand the company's production capacity in mainland China; about 7% will be allocated to purchasing mSAP manufacturing equipment and other smart manufacturing machinery to further diversify the company’s product portfolio and maintain a competitive edge in advanced PCB technologies; around 9% will be used for R&D activities over a five-year period; and approximately 10% will serve as working capital and for general corporate purposes.
More reading:Shenghong Technology Prospectus
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Futu Information reported on April 13 that $VGT (02476.HK)$ An announcement was made stating that the company will offer shares from April 13 to April 16. It plans to globally distribute approximately 83,348,000 shares, with an expected listing date of April 21. Company Overview Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies. The company is one of the first PCB manufacturers in China to establish a smart factory, implement green manufacturing, and venture into emerging fields. This has led to increased output, shorter delivery times, reduced energy consumption, labor savings, and ultimately enhanced corporate competitiveness. As the company continues to strengthen its core capabilities, it is seizing opportunities in AI and new energy vehicles, building a global delivery network to meet growing global demand, and rapidly advancing into the top tier of global PCB intelligent manufacturing. Financial Summary In 2023, 2024, and 2025, Shenghong Technology's revenue reached RMB 7,931.2 million, RMB 10,731.5 million, and RMB 19,292.3 million, respectively. During the same period, the company’s R&D...
Editor/Joe
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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