【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 coming one after another! Mainland A-share Shenghong Technology (Shenzhen: 300476) has passed the listing hearing at the Stock Exchange. JPMorgan, CITIC Securities International, and GF Securities are the joint sponsors. Last Friday (27th), it closed at 262.1 yuan (same currency), with a market value of 228.697 billion yuan.

Shenghong Technology was established in 2006, focusing on the production of printed circuit board products for AI servers, and is one of the suppliers for chip giant NVIDIA (US: NVDA). Earlier, it was reported that the company plans to go public as soon as next month, raising $2 billion (approximately 15.6 billion HKD). At the beginning of this month, it obtained the listing filing 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 major suppliers of advanced artificial intelligence (AI) and high-performance computing printed circuit board (PCB) products, focusing on the research, development, production, and sales of high-end high-density interconnect (HDI) and high multilayer printed circuit boards (MLPCB).

The document cites industry reports, stating that based on the revenue scale of AI and high-performance computing PCB in the first half of 2025, the company holds a market share of 13.8%, ranking first globally.

Last year’s profit more than doubled

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

The proceeds from this fundraising will be used to expand production in mainland China; to purchase improved semi-additive manufacturing (mSAP) equipment and other smart manufacturing machines; to be allocated for research and development activities over a period of five years; and for working capital and general corporate purposes.

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