On April 21, global AI computing power PCB leader Shengguang Technology (02476.HK) officially debuted on the main board of the Hong Kong Stock Exchange. The opening price was HK$330 per share, a significant increase of 57.23% compared to the issue price of HK$209.88. The intraday peak surge reached 60.19%, reflecting high market subscription enthusiasm. By the close on the 21st, Shengguang Technology's H-share price settled at HK$313 per share, up over 49%, giving the company a market capitalization of HK$359.8 billion. Its A-share closed down 3.53% at 330.9 yuan per share, with a latest market cap of 315.2 billion yuan.
Notably, in 2024, Shengguang Technology's A-share market cap was only around 29 billion yuan, meaning the company's value has increased nearly tenfold in just one year.
This issuance was jointly sponsored by J.P. Morgan, CSC Financial International, and GF Securities. According to the final offer price announcement, the company globally offered 83.348 million H-shares, with the Hong Kong public offering and international offering accounting for 10% and 90% respectively. The company attracted 38 cornerstone investors, including CPE Rosewood, Janchor Fund, Yunfeng Capital, and Deliante, who collectively subscribed to approximately $997 million (about HK$7.812 billion).
The successful listing on the Hong Kong Stock Exchange marks another IPO in the capital markets for Shengguang Technology following its 2015 A-share listing. It is noteworthy that the net proceeds from this global offering amounted to approximately HK$19.89 billion, surpassing the H-share offering of Muyuan Foods (HK$12.099 billion) to become the largest IPO on the Hong Kong stock market so far this year.
Shengguang Technology stated that the net proceeds from the H-share issuance will be primarily used for capacity expansion, smart manufacturing equipment upgrades, and high-end product research and development, further consolidating its global leading position and steadily advancing towards the goal of achieving 100 billion yuan in output value. Specifically, the company plans to allocate about 74% of the funds to expand production scale in mainland China; approximately 7% for purchasing smart manufacturing equipment to optimize the product mix; the remaining funds will be used for R&D activities, working capital, and general corporate purposes.
At the listing ceremony at the Hong Kong Exchange, Shengguang Technology Chairman Chen Tao stated that this H-share listing is a new starting point for the company to create value with global partners and a new engine for connecting globally and driving further rapid development. He emphasized the company's commitment to technology leadership and speed to win, accelerating the expansion of high-end capacity, focusing on advanced HDI, and concentrating on the technological iteration and capacity layout of high-end PCB products to deliver better performance for investors and jointly embrace the AI era with all sectors.
Shengguang Technology is a supplier to Nvidia and Tesla Motors. In the 2025 Hurun Rich List, the net worth of founders Chen Tao and Liu Chunlan surged from 9 billion yuan to 65 billion yuan, placing them at the top as the wealthiest individuals in Huizhou, Guangdong. According to the 2026 Hurun Global Rich List, the couple's wealth increased further to 68 billion yuan.
As the global leader in market share for AI and high-performance computing PCBs, Shengguang Technology holds the top position with a 13.8% market share and ranks sixth among global PCB suppliers.
To steadily advance towards its 2030 goal of 100 billion yuan in output value, Shengguang Technology is fully promoting capacity expansion both domestically and overseas. The current progress of capacity expansion is at a leading level within the industry. Domestically, the Phase 4 project of the Huizhou plant has commenced production in stages and is currently in the ramp-up and mass production phase; the Phase 10 and Phase 11 projects are progressing rapidly and orderly according to plan. For overseas capacity layout, the Phase 1 upgrade of the Thailand factory's A1 building was completed in March 2025, and Phase 2 high-end capacity has begun delivering validation boards for production; the construction of the Thailand A2 building and the Vietnam factory is also progressing as planned.
Regarding capital expenditure, to support the advancement towards the 100 billion yuan output target, the company has planned total fixed asset investments not exceeding 18 billion yuan for 2026, covering new plant construction, equipment procurement, and automated production line upgrades. The company stated that it will dynamically adjust its capacity expansion and capital expenditure plans based on business development pace and customer demand to ensure strategic support for core aspects like capacity, personnel, and technology.
Latest financial data shows that in 2025, Shengguang Technology's revenue reached 19.292 billion yuan, a year-on-year increase of 79.77%; net profit attributable to shareholders was 4.312 billion yuan, a substantial increase of 273.52% year-on-year. Wind data indicates that the company's stock price accumulated a gain of 586.02% throughout 2025, with a peak increase reaching 724.4%, ranking fifth in cumulative gains among all A-share companies.
Previously, at the 2026 Huizhou High-Quality Development Conference, Chen Tao revealed that 2025 was a milestone year for the company, achieving "four new highs": first, a new high in net profit; second, the peak market capitalization broke through 300 billion yuan, ranking 69th in the 2025 China Top 100 Listed Companies; third, technological advantages in AI computing power and AI server fields continued to expand, with product yield rates significantly improving and the AI head client base continuing to grow; fourth, the company's stock price grew rapidly, creating considerable returns for shareholders and employees, generating numerous millionaires and multi-millionaires, with just the tax paid on equity incentives exceeding 800 million yuan.