Fresh off a major regulatory milestone, Shenzhen Kinwong Electronic Co.,Ltd. (603228.SH) has successfully passed the listing hearing for the Main Board of the Hong Kong Stock Exchange, as disclosed in a filing on September 7th. The company has enlisted CITIC Securities, BofA Securities, and Guolian Securities International as its joint sponsors for the proposed listing.

According to the draft prospectus, Kinwong is a globally recognized manufacturer of printed circuit boards (PCB). Its product portfolio serves as the interconnection foundation for worldwide clients operating in sectors such as automotive electronics, communications and data infrastructure, smart devices, and industrial control. Leveraging its PCB offerings coupled with advanced intelligent manufacturing capabilities, the company has risen to become a dominant force in the global automotive electronics PCB sector and stands as one of the few suppliers of core components for AI computing infrastructure.

Relying on its technological edge in high-end HDI and high multi-layer PCBs, supported by a long-term, high-specification capacity layout, Kinwong is well-positioned to address the diverse needs of its global clientele. This strategic focus allows the firm to seize significant growth prospects emerging in the AI era. Based on data from CIC (China International Capital Corporation Limited, though this refers to the consulting firm 灼识咨询), measured by 2025 revenue, the company is the world's largest automotive electronics PCB provider, holding a 10.6% market share. Furthermore, it ranks eleventh globally among all PCB suppliers, accounting for a 2.5% market share.

The company's market penetration is notable, with eight of the world's top ten Tier 1 automotive suppliers counting themselves as customers. Indeed, Kinwong's PCBs are broadly integrated into the vehicles of the world's leading ten automotive groups. Beyond the automotive sector, Kinwong is one of a select few manufacturers supplying PCBs to leading global enterprises in AI computing infrastructure. The firm has already commenced mass production of high-end PCBs applicable to such fields, including those with over 40 layers, 6-order 22-layer HDI PCBs, 14-layer HDI boards utilizing the mSAP process, and multi-layer PTFE flexible printed circuits.

Demonstrating its robust manufacturing prowess, Kinwong possesses the capability to fabricate PCBs exceeding 70 layers, 9-order 28-layer HDI PCBs, 12-layer any-layer rigid-flex boards, and high-speed flexible circuits. The company has also initiated customer certification for its 11-order HDI PCB technology. Notably, its 9-order HDI PCB secured customer certification in just 90 days, highlighting the technical maturity and product reliability of its offerings in the AI infrastructure space. For the fiscal years 2023, 2024, and 2025, along with the four months ended April 30, 2025, and 2026, the company generated revenues of approximately RMB 10.757 billion, RMB 12.659 billion, RMB 15.308 billion, RMB 4.534 billion, and RMB 5.341 billion, respectively. Over these same periods, its profits were around RMB 911 million, RMB 1.160 billion, RMB 1.244 billion, RMB 424 million, and RMB 317 million.