On July 3, Shenzhen Kinwong Electronic Co.,Ltd. (603228.SH) submitted an application for a main board listing on the Hong Kong Stock Exchange. The joint sponsors for the offering are CITIC Securities, Bank of America Securities, and Guolian Securities International. The company had previously filed an application on January 1, 2026.

Company Overview

According to its prospectus, Kinwong is a manufacturer of printed circuit board (PCB) products. Its PCBs provide the foundational connectivity for global clients in sectors such as automotive electronics, communications and data infrastructure, smart devices, and industrial control. Leveraging its PCB products and intelligent manufacturing capabilities, the company has become a global leader in automotive electronics PCBs and one of the few suppliers of core components for AI computing infrastructure. With its leading technological advantages in advanced HDI and high-layer-count PCBs, along with a long-term-oriented layout of high-end production capacity, the company is well-positioned to meet diverse global customer demands and capture significant growth opportunities in the AI era.

According to data from China Insights Consultancy, based on 2025 revenue, the company is the world's largest supplier of automotive electronics PCBs, holding a 10.6% market share. It also ranks eleventh among global PCB suppliers with a 2.5% market share. Eight of the world's top ten Tier 1 automotive suppliers are its customers, and its PCB products are widely used in vehicles from the world's top ten automotive groups. The company has the capability to supply all PCBs required for a single vehicle. It has achieved mass production of lidar boards, fifth and sixth-generation millimeter-wave radar boards, ADCU high-end HDI motherboards, and high-voltage-resistant PCBs for 400V/800V electrical platforms. It also possesses manufacturing capabilities for seventh-generation millimeter-wave radar boards and autonomous driving multi-domain control HDI PCBs.

Revenue Breakdown by End Market

Kinwong is one of the few manufacturers supplying PCB products to global leaders in AI computing infrastructure. It has mass-produced high-end PCBs applicable in AI computing infrastructure and other fields, including PCBs with over 40 layers, 6-step 22-layer HDI PCBs, 14-layer HDI PCBs using the mSAP process, and multi-layer PTFE FPCs. The company has the manufacturing capability for PCBs with over 70 layers, 9-step 28-layer HDI PCBs, 12-layer any-layer rigid-flex boards, and high-speed FPCs. It has also initiated customer certification processes for 11-step HDI PCBs. The company's 9-step HDI PCBs received customer certification in just 90 days, demonstrating its technical maturity and product reliability in the AI infrastructure field.

After over 30 years of development, the company has achieved extensive business expansion through strong R&D capabilities, a high-quality customer base, leading production capacity layout, and advanced intelligent manufacturing. Its end markets have expanded from consumer electronics and industrial control to automotive electronics, and more recently to advanced technology fields such as AI computing, next-generation communications, AIoT, drones, and robotics. As a PCB manufacturer serving multiple end markets, the company is in a favorable position to seize emerging business opportunities across various sectors.

The PCB industry continues to benefit from the global wave of technological advancement, presenting dual opportunities for breakthrough innovation and growth. With the accelerated arrival of the AI era, construction booms are underway for AI infrastructure like data centers and high-speed network communications. Catalyzed by AI technology, downstream applications such as automotive electronics, smart devices, and industrial control are also accelerating intelligent upgrades, evolving deeply towards AI edge-side applications. These trends collectively inject strong growth momentum into the PCB industry, foster diversified market demand, and drive the overall market's continued expansion. According to China Insights Consultancy, the global PCB market size by revenue is expected to grow from $85.2 billion in 2025 to $123.3 billion in 2030, representing a compound annual growth rate (CAGR) of 7.7%.

Financial Information

Revenue: For the years 2023, 2024, 2025, and for the four months ended April 30, 2025, and 2026, the company's revenue was approximately RMB 10.757 billion, RMB 12.659 billion, RMB 15.308 billion, RMB 4.534 billion, and RMB 5.341 billion, respectively.

Profit: For the same periods, the annual/period profit was approximately RMB 911 million, RMB 1.160 billion, RMB 1.244 billion, RMB 424 million, and RMB 317 million, respectively.

Gross Margin: For the same periods, the company's gross margin was 23.2%, 22.7%, 21.6%, 20.7%, and 18.7%, respectively.

Industry Overview

The global PCB industry has shown relatively stable growth in recent years. By revenue, the market size grew from $65.2 billion in 2020 to $81.7 billion in 2022, a CAGR of 12.0%. In 2023, the industry experienced a temporary downturn due to weak downstream demand, with the market size decreasing to $69.5 billion from $81.7 billion in 2022, a year-on-year decline of 15.0%. The global PCB market size by sales revenue increased from $69.5 billion in 2023 to $85.2 billion in 2025, with a CAGR of 10.7% from 2023 to 2025. It is projected to reach $123.3 billion by 2030, with a CAGR of 7.7% from 2025 to 2030.

Since 2024, the global PCB industry has recovered overall, with growth across all product types. By sales revenue in 2025, the global market sizes for single/double-layer PCBs, multi-layer PCBs, HDI PCBs, FPCs, and IC substrates were $8.4 billion, $33.1 billion, $15.8 billion, $12.9 billion, and $14.9 billion, respectively. Technological upgrade trends in downstream application areas are driving the high-end transformation of the PCB industry, with high-tech-barrier, high-value-added products like HDI PCBs and IC substrates becoming the main growth drivers. By 2030, these market sizes are projected to reach $9.7 billion, $48.6 billion, $24.5 billion, $15.5 billion, and $25.0 billion, respectively.

By application area, since 2024, the market size for all global PCB application areas has grown, with overall industry recovery continuing into 2025. By revenue in 2025, the global PCB market sizes in the five major application areas of automotive electronics, data infrastructure, communications, smart devices, and industrial control were $9.7 billion, $18.1 billion, $10.1 billion, $39.8 billion, and $3.2 billion, respectively. Benefiting from increased PCB usage and value per vehicle driven by automotive intelligence and electrification, and the strong push from exploding AI computing demand for PCBs used in servers and switches, the PCB market sizes in automotive electronics and data infrastructure are expected to reach $13.0 billion and $36.4 billion by 2030, with CAGRs of 6.2% and 15.0% from 2025 to 2030, respectively. The communications, smart devices, and industrial control sectors are expected to maintain steady growth, with projected market sizes of $13.6 billion, $51.0 billion, and $4.0 billion by 2030.

Driven by the dual forces of electrification and intelligence in the global automotive industry, the automotive electronics PCB sector is encountering new growth opportunities. The core electronic control systems of electric vehicles impose higher requirements on PCB reliability, heat dissipation, and current-carrying capacity, significantly increasing PCB usage and value per vehicle. Concurrently, the substantial increase in the number of sensors, domain controllers, and in-vehicle entertainment devices in smart cars further drives demand for high-end PCB products, raising the PCB value per vehicle to several times that of traditional models. By revenue, the global automotive electronics PCB market grew from $6.5 billion in 2020 to $9.7 billion in 2025, a CAGR of 8.4% during this period. Looking ahead, with the deepening of automotive electrification and intelligence, coupled with technological upgrades and product optimization, the automotive electronics PCB industry will maintain sustained growth. High-power application scenarios from electrification will promote the use of high-reliability PCBs like heavy-copper PCBs and ceramic substrates. Meanwhile, the continuous improvement of autonomous driving levels is driving the deployment of millimeter-wave radars and domain controllers, further stimulating demand for high-layer-count PCBs and HDI PCBs. The global automotive electronics PCB market is projected to reach $13.0 billion by 2030, with a CAGR of 6.2% from 2025 to 2030.

With the rapid development of artificial intelligence, cloud computing, and the Internet of Things, global data communication and computing power demands are rising, accelerating the construction, iteration, and upgrading of data infrastructure. As key carrying and connecting components in data infrastructure hardware, data infrastructure PCBs are maintaining a rapid development trend. By revenue, the global data infrastructure PCB market grew from $6.4 billion in 2020 to $18.1 billion in 2025, a CAGR of 23.1%. Looking forward, the increasing demand from AI servers for high-speed, high-layer-count, high-density interconnect PCBs will continue to drive the data infrastructure PCB industry towards higher-end, higher-value-added development. Additionally, to meet the high-bandwidth, low-latency data exchange demands of large-scale GPU clusters, switch products continue to increase port density and bandwidth, which will further drive demand for high-end PCBs. By revenue, the global AI server PCB and switch PCB markets are projected to reach $18.5 billion and $14.2 billion by 2030, with CAGRs of 24.3% and 16.0% from 2025 to 2030, respectively.

The global communications PCB industry shows a steady growth trend. By revenue, the market size grew from $7.7 billion in 2020 to $10.1 billion in 2025, a CAGR of 5.6%. This growth is primarily driven by the large-scale deployment of 5G networks, which has expanded demand for communications PCBs. As 5G construction evolves from wide-area coverage to deep coverage, the dense deployment of small cells continues to drive demand for high-frequency, high-speed PCBs. Meanwhile, the accelerated commercialization of low-earth-orbit satellite communication and ongoing 6G technology research are gradually fostering the application of high-performance PCBs, injecting new growth momentum into the industry. The global communications PCB market is expected to grow to $13.6 billion by 2030, with a CAGR of 6.0% from 2025 to 2030.

Board Composition

The board of directors will consist of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors. Directors serve three-year terms and are eligible for re-election upon expiry.

Shareholding Structure

Jinghong Yongtai, Zhichuang Investment, Yizhao Investment, Mr. Liu Shaobai, Ms. Huang Xiaofen, Ms. Zhuo Jun, and Mr. Liu Yu constitute the company's controlling shareholder group. Ms. Huang Xiaofen is the wife of Mr. Liu Shaobai, and Mr. Liu Yu is their son. Jinghong Yongtai, Zhichuang Investment, Yizhao Investment (an entity for which Ms. Huang Xiaofen serves as the executive managing partner), Mr. Liu Shaobai, Ms. Huang Xiaofen, Ms. Zhuo Jun, and Mr. Liu Yu are acting in concert and constitute the controlling shareholder group.

Intermediary Team

Joint Sponsors: CITIC Securities (Hong Kong) Limited, Merrill Lynch (Asia Pacific) Limited, Guolian Securities International Capital Market Limited

Company's Legal Advisors: For Hong Kong and U.S. law: Latham & Watkins LLP; For Chinese law: Beijing Guantao Law Firm; For U.S. export controls and sanctions: Pillsbury Winthrop Shaw Pittman LLP

Joint Sponsors' Legal Advisors: For Hong Kong and U.S. law: Herbert Smith Freehills; For Chinese law: Beijing Deheng Law Offices

Auditor and Reporting Accountant: Ernst & Young

Industry Consultant: China Insights Consultancy Limited

Compliance Advisor: Ligao Corporate Finance Limited