Delton Technology (Guangzhou) Inc., also known as Guanghe Technology, has published a post-hearing prospectus with the Hong Kong Stock Exchange on February 27, 2026, signaling a potential imminent listing on the Main Board. The company had previously submitted listing applications on June 11, 2025, and December 14, 2025.

Guanghe Technology was listed on the Shenzhen Stock Exchange on April 2, 2024. As of the market close on February 27, 2026, the company's total market capitalization was approximately 51 billion yuan.

As a manufacturer of PCBs, which are key components for computing power servers, Guanghe Technology is primarily engaged in the research, development, production, and sale of customized PCBs for these servers and other computing scenarios. The company originated from an entity established in 2002 by a subsidiary of First International Computer. In 2013, Mr. Xiao Hongxing and his wife, Ms. Liu Jinchan, acquired a majority stake.

According to data from Frost & Sullivan, based on cumulative revenue from 2022 to 2024, Guanghe Technology ranked first among mainland China-headquartered PCB manufacturers for computing power servers and third globally, holding a 4.9% share of the worldwide market. In the same period, for CPU motherboard PCBs used in computing power servers, the company also ranked first in mainland China and third globally, commanding a 12.4% global market share.

Revenue is primarily generated from the sale of PCBs, categorized into three segments: computing scenario PCBs, industrial scenario PCBs, and consumer scenario PCBs. The company operates two production bases located in Guangzhou, Guangdong, and Huangshi, Hubei.

Computing scenario PCBs are high-density, multi-layer boards designed for computing power servers and equipment used in AI training for computation and data management. This category includes server PCBs and data center switch PCBs. Industrial scenario PCBs are designed for industrial environments requiring enhanced durability, precision, and consistent performance, encompassing industrial control PCBs, automotive electronics PCBs, and communication PCBs. Consumer scenario PCBs are designed for mass-consumer electronics and security devices, characterized by compact structure, cost-effectiveness, and stable performance across various environments, including consumer electronics PCBs and electronic security PCBs.

Prior to the Hong Kong listing, the shareholding structure shows Mr. Xiao Hongxing and Ms. Liu Jinchan collectively hold a 53.65% controlling stake. Guangxiehe Investment holds a 10.14% stake, while other A-share shareholders own 36.20%.

The board of directors comprises seven members, including three executive directors: Mr. Xiao Hongxing (Chairman), Ms. Zeng Hong (General Manager), and Mr. Peng Jinghui (Director of the Research Institute). There is one non-executive director, Ms. Liu Jinchan, and three independent non-executive directors. Senior management also includes a Deputy General Manager & Chief Engineer, a Deputy General Manager, a Deputy General Manager & Board Secretary, and a Chief Financial Officer.

Financially, for the years 2022, 2023, 2024, and the first nine months of 2025, the company reported revenues of 2.412 billion yuan, 2.678 billion yuan, 3.734 billion yuan, and 3.835 billion yuan, respectively. Corresponding net profits were 280 million yuan, 415 million yuan, 676 million yuan, and 724 million yuan.

The IPO is supported by a consortium of intermediaries, with CITIC SEC and HSBC Holdings PLC acting as joint sponsors. The audit is handled by Ernst & Young, with specific legal advisory roles assigned to various domestic and international law firms. Frost & Sullivan serves as the industry advisor.