【New Stock IPO】One of NVIDIA's suppliers, Shenghong Technology, passes the listing hearing with a market value of 228.6 billion RMB

“A+H” companies are on the rise! Mainland A-shares of Shenghong Technology (Shenzhen: 300476) have passed the listing hearing at the Hong Kong Stock Exchange. JPMorgan, CITIC Securities International, and GF Securities are the joint sponsors. Last Friday (27th), it closed at 262.1 yuan (the same below), with a market capitalization of 228.697 billion yuan.

Shenghong Technology was established in 2006 and focuses on producing printed circuit board products for AI servers, being one of the suppliers for chip giant NVIDIA (US: NVDA). Earlier, it was rumored that the company would be listed as soon as next month, raising $2 billion (approximately HKD 15.6 billion). Earlier this month, it obtained the listing registration from the China Securities Regulatory Commission, and documents show that it plans to issue no more than approximately 110 million overseas listed ordinary shares in Hong Kong.

According to the updated preliminary prospectus, based on sales revenue for 2024 and the first half of 2025, the company is one of the leading suppliers of advanced artificial intelligence (AI) and high-performance computing printed circuit board (PCB) products, focusing on the R&D, production, and sales of high-end high-density interconnect (HDI) and multilayer printed circuit boards (MLPCB).

The document cites an industry report, stating that based on the revenue scale of AI and high-performance computing PCBs in the first half of 2025, the company’s market share is 13.8%, ranking first in the world.

Last year’s profit more than doubled

The company earned 4.311 billion yuan last year, a year-on-year increase of 2.73 times; revenue reached 19.292 billion yuan, up 79.77% year-on-year. Among them, HDI revenue was 7.424 billion yuan, a year-on-year increase of 3.88 times; MLPCB revenue was 8.316 billion yuan, an increase of 34.72% year-on-year.

The funds raised will be used to expand production in mainland China; to purchase improved semi-additive manufacturing (mSAP) equipment and other intelligent manufacturing machinery; to be used for R&D activities over a five-year period; and for working capital and general corporate purposes.

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