Leading PCB manufacturer Avary Holding (Shenzhen) Co.,Limited (stock code: 002938) has successfully acquired a significant industrial land plot in Shenzhen. The company announced on May 25th that it won the bid for a parcel in Shenzhen's Bao'an District for a total of 143 million yuan.
According to the Shenzhen Public Resource Trading Center, the plot is located in the Tangxiayong community, Yanluo Street, Bao'an District. Designated with parcel number A425-0617, it covers an area of approximately 141,000 square meters (about 211 acres) with a planned floor area of 392,000 square meters. The land use term is 30 years. The transaction was completed at the reserve price, resulting in a comprehensive floor price of about 365 yuan per square meter.
The land transfer requirements stipulate that the construction project must be fully completed within six years, with a fixed asset investment of no less than 10 billion yuan, equating to an investment intensity of at least 708 million yuan per hectare. The investment intensity will be verified within one year after the project's full completion and operation. Furthermore, the total output value from the land in the first year of operation must not be less than 4 billion yuan. After full operation, the project will be assessed every five years, requiring an annual output of no less than 7 billion yuan and annual tax payments of no less than 270 million yuan. The land cannot be arbitrarily transferred or used for disguised cash-outs for 30 years. Failure to meet the assessment criteria consecutively could result in land repossession and substantial penalty fees.
As per the "Shenzhen Key Industrial Project Development Supervision Agreement," this project falls under the encouraged category of the information industry in the "Industrial Structure Adjustment Guidance Catalog (2024 Edition)." The planned construction is for a high-end manufacturing base focused on artificial intelligence advanced substrates and flexible printed circuit boards.
Avary Holding stated that the acquisition primarily aims to meet future investment needs in the PCB industry and secure ample development space for the company's growth. Printed Circuit Boards (PCBs) are often described as the "skeleton" of chips and are known as the "mother of electronic products."
Public information shows that Avary Holding was founded in 1994 and listed on the Shenzhen Stock Exchange Main Board in 2018. Headquartered in Bao'an District, the company employs over 40,000 people and is a globally leading professional PCB manufacturer. It is primarily engaged in the design, R&D, manufacturing, and sales of various PCBs, with products widely used in smartphones, communication equipment, tablets, wearables, notebooks, automotive electronics, AI servers, and high-speed computing. The company is deeply integrated into the Apple supply chain and has ranked first globally in PCB revenue since 2017.
A review of its shareholding structure reveals that the largest shareholder of Avary Holding is Meigang Industrial, holding 64.53% of shares. Meigang Industrial is controlled by Taiwan-listed Zhen Ding Technology Holding Limited. Foxconn is the largest shareholder of Zhen Ding, holding approximately 27% of its shares. Consequently, Avary Holding is also considered to have strong "Foxconn" lineage.
The company's financial report for 2025 shows operating revenue of 39.147 billion yuan, a year-on-year increase of 11.40%, and a net profit attributable to shareholders of 3.738 billion yuan, up 3.25% year-on-year. Recently, driven by surging demand for AI servers, the company's stock price reached a historical high, having risen 126% year-to-date, with a market capitalization exceeding 265 billion yuan.
It is understood that besides this recent land acquisition, the company currently has several key projects under construction. In February of this year, it secured a Class II industrial land parcel in Huaian, Jiangsu, for 66.14 million yuan, with a total area of 370,000 square meters. The company plans to invest 11 billion yuan to build a high-end PCB production base there, a time when its market capitalization was approximately 120 billion yuan. In August last year, Avary Holding commenced construction on an expansion project for AI chip supporting circuit boards in Huaian, with a total investment of about 8 billion yuan.
Industry analysis suggests that during the current window of explosive demand for AI servers, the company is actively expanding its scale to secure future market position, aiming to capture the next growth cycle with high-end production capacity.
Notably, Avary Holding's land acquisition in Shenzhen follows the relaxation of Shenzhen's industrial land policies. It is among the first major industrial land supply deals finalized after the new "Shenzhen Industrial and Other Industrial Land Supply Management Measures" took effect on May 7th. Besides extending the land use term from 20 to 30 years, the new measures propose that for major projects and leading enterprises selected through city and district-level processes, land can be supplied with significant price discounts. The reserve price for key industrial projects can be set at 60% to 70% of the market price. If the key industrial project belongs to a strategic emerging industry, the reserve price can be as low as 30% to 35% of the market price.