IPO News | Chaoying Electronics (603175.SH) reports that the Hong Kong Stock Exchange ranks first in the world in the automotive HDI board market

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on September 21, Chaoying Electronic Circuit Co., Ltd. (603175.SH for short) submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC and Guolian Securities International as co-sponsors.

Company profile

According to the prospectus, the company is a world-renowned manufacturer of high-end printed circuit boards (PCBs) and one of the world's leading automotive PCB suppliers. The company was founded in 2015, and the origin of the PCB business can be traced back to 1988. The company is committed to developing, producing and commercializing a range of high-reliability, high-complexity PCB products, including double-panel, multi-layer and high-density interconnect (HDI) boards, which are the physical interconnection foundation for almost all electronic systems.

The company's main production bases are located in Huangshi and Kunshan, China, and has strategic overseas manufacturing bases in Thailand, serving leading global customers in many advanced applications: automotive electronics form the commercial and technical foundation of the company's business, while data storage, communication and AI server applications are increasingly important growth engines.

The company's main products are rigid plates, which provide mechanical support for electronic components and provide conductive paths for electrical connections.

Double panel. The company's double panels include two layers of conductive copper, which are located on both sides of the insulation substrate, and are usually connected through metallized holes. It is suitable for products with medium circuit complexity, and is mainly used in automotive electronics and display applications.

Multi-layer board. The company's multi-layer boards include multiple conductive layers, separated and pressed into a single circuit board with insulating materials, providing additional wiring space and supporting more complex circuit layouts, power distribution, and signal transmission. The company further divides these products into 4 to 6 layer PCBs, 8 to 14 layer PCBs, and 16 layer and above PCBs, which can cover vehicle control systems, storage modules, communication equipment and AI computing power boards.

HDI board. The company's HDI boards use microholes, blind holes and buried holes, and sequential additive structures to achieve denser interconnections, more detailed wiring, and higher component integration. These products support compact design and high-speed signal transmission in the company's main application areas. They can be applied to high-end products such as autonomous driving and intelligent cockpit domain controllers, memory modules, GPU acceleration card boards, and AI computing power boards.

According to Frost & Sullivan's report, the company ranked 8th and 6th in the world in the automotive PCB market in 2025 and the first half of 2026, respectively. In two periods, the company ranked first in the world in the automotive HDI board market and third in the world in the memory module PCB market and the AI data storage PCB market. All of the above are based on sales revenue.

Financial data

revenue

For the six months ended June 30 in 2023, 2024, 2025 and 2026, the company's revenue was approximately RMB 3,656 billion, RMB 4.124 billion, RMB 4.752 billion, and RMB 2,912 billion, respectively.

profit

For the six months ended June 30 in 2023, 2024, 2025 and 2026, the company's annual/period profits were approximately RMB 266 million, RMB 276 million, RMB 231 million, and RMB 191 million, respectively.

Industry Overview

The global PCB industry is undergoing a shift from cyclical recovery to structural growth. From 2021 to 2025, the global PCB market grew from US$76.9 billion to US$85.8 billion, with a compound annual growth rate of 2.8%. By product type, HDI boards are the fastest growing category, with a compound annual growth rate of 9.4%, and the market size increased from US$11.3 billion to US$16.2 billion. The core driving force comes from the demand for high-density interconnections in communication and AI servers and automotive electronics; the compound annual growth rate of multilayer boards is 3.6%; and the compound annual growth rate of packaging substrates is 2.3%. The compound annual growth rates of single/double panels and flexible panels over the same period were — 3.2% and — 0.9%, respectively.

Looking ahead to 2026 to 2030, the global PCB market is expected to grow from US$102 billion to US$144.6 billion, with a compound annual growth rate of 9.1%. Among them, packaging substrates are growing rapidly at a CAGR of 11.5%, and the market size is expected to reach US$29.6 billion by 2030. HDI boards and multilayer boards are growing steadily at a CAGR of 10.8% and 9.8% respectively, and the market size is expected to reach US$30 billion and US$58.6 billion respectively by 2030. Although single/double panel and FPC have improved, the growth rate has remained low.

By application area, from 2021 to 2025, the communications and AI server sector jumped from US$9.5 billion to US$20.9 billion, making it the fastest growing segment; the data storage sector increased from US$4.7 billion to US$6.1 billion, with a compound annual growth rate of 6.3%; and the automotive electronics sector increased from US$8.3 billion to US$9.8 billion, with a compound annual growth rate of 4.1%. Although the market size shrank from $38 billion to $32.1 billion, with a CAGR of — 4.1%, consumer electronics remained the largest downstream PCB market from 2021 to 2025.

Looking ahead to 2026 to 2030, the communications and AI server sector will continue to grow at a compound annual growth rate of 13.9%, and the market size is expected to reach US$47.2 billion in 2030; the data storage sector is expected to grow at a compound annual rate of 13.7%, and the market size is expected to reach US$15.7 billion in 2030; the automotive electronics, consumer electronics and display sectors are also expected to maintain steady growth. Therefore, it is expected that the growth of the global PCB market will be increasingly driven by the expansion of the communications and AI server sector and data storage sector.

Board Information

According to the compilation, the board of directors will be composed of seven directors, including three executive directors, one non-executive director and three independent non-executive directors.

Shareholding structure

As of the last practical date (September 14, 2026), DEH has the right to exercise approximately 86.10% of the company's voting rights through its direct holdings of 376,277,619 A-shares. DEH is wholly-owned by WinTekMauritius, while WinTekMauritius is wholly-owned by Dingying Electronics, and Dingying Electronics is wholly-owned by Dingying Investment and Control. Ding Ying Investment is a company listed on the Taiwan Stock Exchange in China (stock code: 3715), and as of the last practical date, none of Ding Ying's shareholders held 30.00% or more of its shares.

Intermediary team

Co-sponsors: China International Finance Hong Kong Securities Co., Ltd., Guolian Securities International Capital Markets Limited;

Legal advisors: Pu Heng Law Firm (Hong Kong) Limited Liability Partnership, Fangda Law Firm;

Legal advisors to the co-sponsors: Fuld Law Firm, Commerce & Commerce Law Firm;

Auditors and reporting accountants: Ernst & Young;

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.