IPO Prospects|Jingwang Electronics: Revenue exceeds 10 billion dollars vs. short-term profit growth is under pressure. Can PCB leaders still be expected to sprint “A+H”?

Beginning in 2026, the “A+H” listing boom continued.

On January 1, 2026, Jingwang Electronics, a leading high-end PCB company in China, submitted a prospectus for the first time to the Hong Kong Stock Exchange to be listed on the Hong Kong Main Board. The co-sponsors are CITIC Securities, Bank of America Securities, and League of Nations Securities.

Established in 1993, Jingwang Electronics is a leading global manufacturer of PCB products. With high-quality PCB products and advanced intelligent manufacturing capabilities, Jingwang Electronics has now become a leader in the global automotive electronics PCB industry and one of the few suppliers of core components of AI computing infrastructure.

Zhitong Finance observed that the company was listed on the main board of the Shanghai Stock Exchange in January 2017. By the close of January 8, 2026, its stock price was 7.712 yuan, and the market value was 75.2 billion yuan. Once successfully listed on Hong Kong stocks, Jingwang Electronics will form an “A+H” stock pattern, thereby transitioning from a “local leader” to a “global player” in the capital market.

According to Wind News data, in 2025, a total of 19 A-share listed companies successfully entered the Hong Kong stock market through the A+H model, surging 533% year-on-year from the 3 companies in 2024. There is no doubt that behind this data, there is no doubt that companies are increasingly favoring the dual listing strategy. In response, market analysis indicates that the continued release of institutional dividends at the policy level, such as deepening regulatory cooperation between the two places, as well as improved liquidity in Hong Kong stocks and narrowing AH share premiums, have reduced companies' concerns about valuation concessions, and may further drive the A+H boom.

So, under the “A+H” listing boom, how will Jingwang Electronics write its own development story in the Hong Kong stock market?

Automotive electronics PCB leaders vs. short-term profit growth under pressure

According to Insight Consulting data, Jingwang Electronics is the world's largest automotive electronics PCB supplier in terms of 2024 revenue.

Seven of the world's top ten Tier 1 automotive suppliers are the company's customers, and the company's PCB products have been widely used in the automotive products of the top ten global automobile groups. The company is capable of supplying all the PCBs needed for a car.

After more than 30 years of development, the company's terminal market has expanded from the field of consumer electronics and industrial control to the field of automotive electronics, and recently extended to cutting-edge technology fields such as AI computing, next-generation communications, AIoT, drones and robots, forming a “1+1+N” business model, that is, 1 pillar business (automotive electronics), 1 key development business (communication and data infrastructure), and N high-potential business combinations (covering smart terminals, industrial control, etc.).

At the same time, Jingwang Electronics' PCB product portfolio shows diversified characteristics, and can manufacture and supply products such as single and double sided PCBs, multi-layer PCBs, HDI PCBs, FPCs, MPCB, and rigid-flex boards. During its track record, the company has served more than 700 global customers, and its products have been exported to 53 countries or regions.

The huge number of customers has also contributed to Jingwang Electronics' performance having a certain leading temperament — the revenue scale exceeds 10 billion dollars and continues to grow steadily.

According to prospectus data, in the first three quarters of 2023, 2024, and 2025, the company achieved revenue of 10.757 billion yuan, 12.659 billion yuan, and 11,083 billion yuan, respectively, with year-on-year increases of 17.68% and 22% in the first three quarters of 2024 and 2025, respectively.

Looking at the revenue structure, the automotive electronics business is still the company's main source of revenue. The sector's revenue for the third quarter of 2025 was $5,066 billion, accounting for 45.7%. During the period, revenue from smart terminals accounted for 24.7%; revenue from industrial control and medical equipment accounted for 14.2%; revenue from communications and data infrastructure accounted for 9.5%, and the “1+1+N” business model gradually took shape.

However, at the same time, the short-term profit growth pressure of Jingwang Electronics has also become a shortcoming of this PCB leader in the US and China.

From 2023 to the first three quarters of 2025, the company achieved net profit of 911 million yuan, 1,160 million yuan, and 961 million yuan respectively. The year-on-year increase in 2024 and the first three quarters of 2025 were 27.3% and 7.25%, respectively. Profit growth in 2025 slowed significantly.

This may not be unrelated to the company's continuing decline in gross margin. According to the prospectus, from 2023 to the first three quarters of 2025, Jingwang Electronics' gross margins were 23.2, 22.7%, and 21.6% respectively, declining year by year. Among them, regarding the decline in gross margin in the first three quarters of 2025, the company explained that it was mainly affected by high fluctuations in raw material prices, rising production capacity in new plants, and strategic investment in high-end production capacity.

This also shows the “scissor gap” between Jingwang Electronics' current revenue growth and efficiency, that is, the profit growth rate is less than the revenue growth rate, which in turn puts pressure on the company's gross margin. Of course, this is also the company's active strategic choice. It is an inevitable development “pain” during strategic expansion and product structure optimization.

Can the card position “AI+” track start a new cycle of growth

According to reports, with the accelerated advent of the AI era, downstream applications such as automotive electronics, smart terminals, and industrial control are also accelerating intelligent upgrading and evolving in depth towards AI end-side applications. Together, these trends have injected strong growth impetus into the PCB industry. Together, these trends have injected strong growth impetus into the PCB industry and promoted the continuous expansion of the overall market.

However, the current growth of the PCB industry is not a full explosion, but rather a structural opportunity driven by the two high-end fields of AI computing power and automotive electronics.

According to Insight Consulting, in terms of revenue, the global PCB market is expected to grow from US$75 billion in 2024 to US$105.2 billion in 2030, with a compound annual growth rate of 5.8%.

Among these, AI infrastructure is in an explosive investment cycle. As AI servers continue to increase demand for high-end PCBs such as high-speed, multi-layer, and high-density interconnections, it will further promote the evolution of data infrastructure PCBs to the supply of high-end, high-value-added products. According to Insight Consulting, in terms of revenue, the global AI server PCB market is expected to grow from US$3.5 billion in 2024 to US$10.8 billion in 2030, with a compound annual growth rate of 20.7% from 2024 to 2030.

The wave of automotive electrification and intelligent development is also driving the continuous growth of the automotive electronics PCB market. According to Insight Consulting, in terms of revenue, the global automotive electronics PCB market is expected to reach US$12.2 billion by 2030, with a CAGR of 4.8% from 2024 to 2030

It is worth mentioning that in addition to being the world's leading automotive electronics PCB supplier, Jingwang Electronics is one of the few manufacturers that provide PCB products to leading global AI computing infrastructure companies.

Currently, Jingwang Electronics has mass-produced high-end PCBs that can be used in AI computing infrastructure, including 40-layer high-layer PCBs, 6-layer 22-layer HDI PCBs, 14-layer HDI PCBs using the MSAP process, and multi-layer PTFE FPC. In addition, the company also has manufacturing capabilities for high-multi-layer PCBs with more than 70 layers, 9-layer 28-layer HDI PCBs, 12-layer Any-layer rigid-flex boards, and high-speed FPCs.

Overall, Jingwang Electronics has shown strong growth with its leading position in the field of automotive electronics and its successful entry into the AI circuit. The core of the company's investment value is whether it can successfully transform the stable basic market and leading advantage of automotive electronics into share and profit in emerging markets such as AI computing power.

This also means that even if Jingwang Electronics is expected to enjoy the dividends of rising industry valuations, investors should pay attention to the company's growth risks: Currently, the PCB industry is benefiting from the explosion of AI and new energy vehicles, and the market is paying high attention. However, investors also need to consider risks such as industry capacity expansion, which may increase competition, uncertainty in high-end technology research and customer certification, and fluctuations in raw material prices.