Delton Technology (Guangzhou) Inc. (001389.SZ), a leading manufacturer of PCBs for computing servers, is set to list on the Hong Kong Stock Exchange, aiming for a dual listing in both A-shares and H-shares. The company initially filed for a listing on Shanghai's STAR Market in December 2020 but withdrew its application three months later. After successfully listing on the Shenzhen Stock Exchange in April 2024, its market capitalization surged over 60% this year.
On December 14, Delton Technology submitted its application to the Hong Kong Stock Exchange's main board, with CITIC Securities and HSBC acting as joint sponsors. According to Frost & Sullivan, the company ranks third globally and first among mainland China-based manufacturers in cumulative revenue for computing server PCBs from 2022 to 2024.
The company has demonstrated strong financial performance, with revenues of RMB 2.412 billion, RMB 2.678 billion, RMB 3.734 billion, and RMB 3.835 billion from 2022 to the first nine months of 2025, maintaining double-digit growth. Net profit margins also improved significantly, rising from 11.6% in 2022 to 18.9% in the first nine months of 2025. As of October 2025, the company held RMB 715 million in cash and equivalents.
Founded in April 2002, Delton Technology provides customized PCB products for various applications, including cloud computing, data centers, telecommunications, automotive electronics, and consumer electronics. Its core production bases are located in Dongguan and Huangshi.
The company's PCB sales are primarily driven by computing server applications, accounting for 67.8% to 73.9% of total revenue from 2022 to the first nine months of 2025. Industrial and consumer applications contributed 7.6% and 11.7%, respectively, during the same period.
Delton Technology serves 202 customers, including 155 direct clients that contribute over 90% of revenue. Its top five customers accounted for 59.3% of total revenue in the first nine months of 2025, down from 63.6% in 2022.
The company boasts robust profitability, with gross margins increasing from 26.1% in 2022 to 34.8% in the first nine months of 2025. Computing server PCBs generate over 90% of gross profit, with a 36.2% gross margin in the first nine months of 2025.
Globally, the PCB market is projected to grow at a 4.5% CAGR, reaching $93.7 billion by 2029. China dominates the market with a 56% share. Delton Technology holds a 4.9% global market share in computing server PCBs, ranking third worldwide and first among mainland China-based manufacturers.
While most of its PCB products are sold overseas (70.6% in the first nine months of 2025), domestic sales grew 84.2% during the same period. The company plans to expand internationally through strategic partnerships and localized operations.
With a strong cash position and low debt ratio (46.4% as of September 2025), Delton Technology is well-positioned for growth. Its A-share market capitalization exceeds RMB 34 billion, and a successful Hong Kong listing could further enhance its valuation through AH-share linkage.
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