Market capitalization exceeds 49.5 billion! The richest person in Xiaogan, Hubei, secures an IPO.

Focusing on the Manufacturing of Power Server Printed Circuit Boards (PCBs).

By丨Zhitong IPO ID: zhitongIPO

Author丨Han Wenjing

On March 20, Guanghe Technology officially listed on the main board of the Hong Kong Stock Exchange, with an issue price of HKD 71.88 per share, opening up 32.23% to HKD 95.05, with a total market capitalization of HKD 45 billion; as of the lunch break, the share price rose 45.8% to HKD 104.8, with a total market capitalization of HKD 49.512 billion.

This impressive capital performance is backed by the founders, Xiao Hongxing and his wife, Liu Jinchang, who have been deeply involved in entrepreneurship for decades. Xiao Hongxing was born in 1967 and graduated from South China University of Technology with a major in chemistry. In the 1990s, Xiao Hongxing and his wife Liu Jinchang started a business related to PCB auxiliary materials in Dongguan, and in 2010 returned to their hometown of Xiaogan, Hubei to focus on deep processing services for LCD panels.

A turning point occurred in 2013. Xiao Hongxing and Liu Jinchang decisively took action, acquiring 92.5% of Guanghe Technology for USD 25.53 million through their company, becoming the actual controller, achieving profitability in 2015, and eventually successfully listing on the Shenzhen Stock Exchange in 2024, and now smoothly opening the door to the Hong Kong Stock Exchange, completing the layout of dual listings.

According to the prospectus, Guanghe Technology is dedicated to the research, production, and sales of customized printed circuit boards (PCBs) for power servers and other power scenarios, covering multiple application scenarios, including cloud computing, data centers, telecommunications, automotive electronics, consumer electronics, and other industry fields.

According to Frost & Sullivan data, based on cumulative revenue from 2022 to 2024, the company ranks first among PCB manufacturers for power servers headquartered in mainland China and third among global power server PCB manufacturers, holding a global market share of 4.9%.

On the “2025 Hurun Rich List,” Xiao Hongxing and Liu Jinchang ranked 443rd with a wealth of 15 billion, also being hailed as “the richest in Xiaogan, Hubei.” Before the IPO, Xiao Hongxing and Liu Jinchang together controlled approximately 53.65% of the company’s total issued share capital through Zhenyun Investment, Guangsheng Investment, and Guangcai Investment.

According to the prospectus, from 2022 to 2024, Guanghe Technology achieved revenues of 2.412 billion, 2.678 billion, and 3.734 billion, with annual profits of 280 million, 415 million, and 676 million, respectively. In the first three quarters of 2025, the company achieved revenue of 3.835 billion, a year-on-year increase of 43.07%; the profit during this period was 724 million, a year-on-year increase of 46.97%.

Guanghe Technology’s revenue mainly comes from PCB sales. In 2022, 2023, 2024, and the first three quarters of 2025, Guanghe Technology’s revenue from PCBs was 2.27 billion, 2.54 billion, 3.48 billion, and 3.57 billion, accounting for 94.2%, 94.7%, 93.2%, and 93.2% of total revenue, respectively.

With the popularity of AI, the expansion of data centers, vehicle networking, robotics, and IoT applications, the global demand for comprehensive electronic devices continues to grow. As a key component of electronic products, PCBs are ushering in significant growth opportunities. According to sales figures, the global PCB market size shows a steady growth trend, increasing from USD 62 billion in 2020 to USD 75 billion in 2024, with a compound annual growth rate of 4.9% during this period.

In terms of fundraising purposes, Guanghe Technology plans to use the funds for the Phase II construction of its Thailand base, expansion and upgrading of production facilities at its Guangzhou base, enhancing the company’s R&D capabilities in material technology development, improving production processes and product development, seeking strategic partnerships that are complementary to its business and align with its development strategy, and investing in or acquiring projects, among others.

(Source of the main image: Yitu Network)