【New Stock IPO】One of NVIDIA's suppliers, Shenghong Technology, reportedly to go public as early as next month, raising 15.6 billion yuan

“A+H” is coming soon! Mainland China-based PCB company Shenghong Technology (SZ: 300476) is reportedly set to go public next month, raising $2 billion USD (about HKD 15.6 billion). JPMorgan Chase, CITIC Securities International, and GF Securities are joint sponsors.

The company received approval from the China Securities Regulatory Commission for listing last week. Documents show it plans to issue no more than approximately 110 million overseas-listed common shares in Hong Kong.

Shenghong Technology was founded in 2006, focusing on manufacturing printed circuit boards for AI servers. Preliminary IPO documents cite industry reports indicating that by the first half of 2025, its market share in AI and high-performance computing PCB revenue will rank first globally.

The funds raised will be used to purchase and install manufacturing equipment, build production and supporting facilities, and fund R&D activities over the next five years.

Profit expected to more than double by 2025

The company released a performance forecast on the Shenzhen Stock Exchange in January, estimating profits between 416 million RMB and 456 million RMB in 2025, representing a significant year-over-year increase of 2.6 to 2.95 times.

As of the end of September last year, the company’s net profit for the first three quarters was 3.244 billion RMB, up 3.24 times year-over-year; revenue reached 14.117 billion RMB, an 83.39% increase year-over-year. Notably, revenue from AI and high-performance computing PCBs surged 12.78 times to 5.865 billion RMB, accounting for 41.5% of total revenue, up 36 percentage points year-over-year.

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