IPO News | Platinum Electronics once again submitted the Hong Kong Stock Exchange as the second-largest supplier of high-performance computing power server power supplies in mainland China
The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on July 13, Hangzhou Platinum Electronics Co., Ltd. (abbreviation: Platco Electronics) submitted a listing application to the main board of the Hong Kong Stock Exchange, and China Merchants Securities is the sole sponsor. The company submitted a listing application to the Hong Kong Stock Exchange on January 12, 2026.
Company profile
According to the prospectus, according to the 2025 revenue, Platco Electronics is the second-largest supplier of high-performance computing power server power supplies in mainland China, enabling a wide range of industrial, consumer and commercial power conversion applications. According to Frost & Sullivan's data, according to 2025 revenue, the company's market shares in the global and mainland China high-performance computing power supply markets were 6.9% and 15.8% respectively, while the market shares in the global and mainland China computing power supply markets were 1.0% and 2.5% respectively.
With deep technical experience in computing power server power supplies and strong customer resources, the company successfully expanded into the energy storage solution (“ESS”) power conversion business. Through this business line, the company mainly provides electric energy conversion systems for portable and household energy storage products, serving top portable energy storage brands such as Huabao New Energy (according to Frost & Sullivan data, the world's second-largest portable energy storage company in terms of shipments in 2025, with a market share of 13.4%), and also takes into account industrial and commercial applications.
The rapid progress of AI is driving global demand for computing power servers into a high growth trajectory, putting higher demands on the power supply, output power, efficiency, power density and reliability of server systems. This transformation has not only expanded the overall market size, but also accelerated the qualitative transformation of traditional power products to higher performance, more customized, and more integrated power solutions driven by optimized design. Driven by these factors, the global computing power server power supply market is expected to grow from RMB 75.7 billion in 2025 to RMB 865 billion in 2030. In this market, the high-performance segment (defined as a stand-alone rated power of at least 3,000 W and products widely used in AI data centers (“AIDC”) and blockchain applications) is expected to grow at a compound annual growth rate of 110.5% (“CAGR”) from RMB 10.5 billion in 2025 to RMB 433.6 billion in 2030.
Demand for ESS power conversion solutions is mainly driven by the rise of outdoor leisure activities driven by lifestyle evolution, replacement of fossil fuel drives with electric alternatives in outdoor work, increasing concerns about energy prices and energy safety, demand for backup electricity in homes, and the use of portable energy storage systems in disaster relief and emergency rescue. As a result, ESS power conversion solutions are evolving towards higher energy density, higher conversion efficiency, faster charging speed, longer cycle life, and more compact design. According to Frost & Sullivan, in terms of revenue, the market size of the global ESS power conversion system industry is expected to grow from RMB 52.3 billion in 2025 at a CAGR of 33.7% to RMB 223.7 billion in 2030.
Financial data
Earnings:
In 2023, 2024, 2025, 2025, and 2026 for the three months ending March 31, the company achieved revenue of approximately RMB 261 million, RMB 556 million, RMB 1,045 million, RMB 159 million, and RMB 215 million, respectively.
Profit:
For the three months ending March 31 in 2023, 2024, 2025, and 2026, the annual/period profit attributable to company owners was RMB 4.237 million, RMB 396.01 million, RMB 97.131 million, RMB 69.99 million, and RMB -5.324 million, respectively.
Gross profit margin:
For the three months ending March 31 in 2023, 2024, 2025, and 2026, the company's gross margins were approximately 22.6%, 22%, 22.7%, 18.6%, and 18.2%, respectively.
Industry Overview
The global and mainland China computing power scales are expected to reach 50,542 EFLOPS and 8,965EFLOPS respectively by 2030, with CAGR of 40.3% and 35.6% respectively from 2025 to 2030. Driven by further growth in computing power demand, the market size of the computing power server power industry is expected to reach RMB 865 billion globally by 2030 and RMB 76.3 billion in mainland China, with compound annual growth rates of 62.8% and 37.7% respectively from 2025 to 2030.
Since 2021, AI and blockchain technology have experienced rapid growth, and many high-performance computing power chips have entered the market, thus driving the emerging demand for high-performance computing power server power supplies. In 2025, in terms of revenue, the global market size of the high-performance computing power server power industry reached RMB 10.5 billion and mainland China reached RMB 2.4 billion. The compound annual growth rates from 2021 to 2025 were 169.2% and 121.3%, respectively. By 2030, in terms of revenue, the market size of the high-performance computing power server power industry is expected to reach RMB 433.6 billion globally and RMB 45.9 billion in mainland China. The compound annual growth rates from 2025 to 2030 are 110.5% and 80.4%, respectively.
The rapid expansion of artificial intelligence is accelerating the transformation of computing architectures from general computing to intelligent computing. Intelligent computing power servers with integrated high-power chips continue to grow in power density and single-cabinet power requirements. At the same time, the power consumption of each AI server continues to be upgraded with each new generation of processors, and the power consumption of a single chip has risen from about 300W-400W in previous generations to 700W-1,000W or more in the current market. This has boosted the rated power and the number of power products required per server.
Furthermore, the technical requirements of AI workloads (including high conversion efficiency, high power density, and fast transient response) make high-performance computing power server power supplies a key contributing factor. Coupled with the rising power consumption trend driven by past computing chips, the demand for high-performance computing power supplies is expected to increase dramatically, thereby driving the share of the high-performance computing power supply industry in the overall computing power server power supply industry.
The global high-performance computing power server power industry is relatively concentrated. As of December 31, 2025, there are about 20 high-performance computing power server power supply manufacturers around the world. According to revenue from high-performance computing server power supplies in 2025, the world's top five high-performance computing power supply manufacturers are about 85.1%, of which the Group ranked fifth, with a market share of about 6.9%. The high-performance computing power server power supply industry in mainland China is relatively concentrated. As of December 31, 2025, there are about 10 high-performance computing power server power supply manufacturers in mainland China. According to revenue from high-performance computing server power supplies in 2025, the top five high-performance computing power server power manufacturers in mainland China are about 77.1%, of which the Group ranked second, with a market share of about 15.8%.
In 2025, in terms of revenue, the ESS power conversion systems industry reached RMB 52.3 billion globally and RMB 33.5 billion in mainland China, with compound annual growth rates of 65.3% and 67.1% respectively from 2021 to 2025. In the future, in terms of revenue, the ESS power conversion system industry is expected to reach RMB 223.7 billion globally and RMB 154.2 billion in mainland China by 2030, with compound annual growth rates of 33.7% and 35.7% respectively from 2025 to 2030.
Board Information
The Board consists of eight directors, including five executive directors and three independent non-executive directors. Directors serve for three years and are eligible for re-election after their term expires.
Shareholding structure
As of the last practical date, Mr. Yin's spouse, Ms. Zhu Yanhui, held 0.98% and 17.79% of the shares in Hangzhou Qixin and Hangzhou Lincheng respectively; the remaining 40% of Hunan Saibo Electronics was held by Salcomp PlC, an independent third party of the company.
Intermediary team
Sole sponsor: China Merchants Securities (Hong Kong) Limited
Overall coordinator: China Merchants Securities (Hong Kong) Limited
Company Legal Advisors: Related to Hong Kong and US Law: Fuerte Law Firm; Relevant Chinese Law: Shanghai AllBright (Shenzhen) Law Firm; Related International Sanctions: Fuller Law Firm
Sole Sponsor's Legal Adviser: Hong Kong and US Law: Gao Weishen Law Firm; Related Chinese Law: Jun He Law Firm
Auditor and reporting accountant: Deloitte Guan Huang Chen Fang
Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch