It has been reported that Guangdong Dtech Technology Co.,Ltd., also known as Dingtai Gaoke (301377.SZ), has successfully passed the listing hearing for the main board of the Hong Kong Stock Exchange. CITIC Securities and HSBC are acting as joint sponsors for the offering.
According to its prospectus, the company is a leading integrated supplier of precision manufacturing solutions. It provides tools, materials, and intelligent equipment for key process stages in the global printed circuit board (PCB) manufacturing value chain, including drilling, milling/shaping, and other related precision manufacturing processes.
Data from Frost & Sullivan indicates that, based on sales volume, the company is the world's largest supplier of drill bits. Throughout the track record period, it ranked first globally in drill bit sales volume for each of the years 2023, 2024, and 2025, with corresponding global market shares of 26.5%, 26.8%, and 29.2%. In terms of sales revenue from PCB drill bits, the company was first globally in 2023, second in 2024, and returned to the top position in 2025, with global market shares of 21.4%, 20.8%, and 22.9% respectively.
The company is committed to creating greater value for its customers through high-end precision intelligent manufacturing, thereby boosting the development of global industries. Its product portfolio encompasses four major categories: (i) precision cutting tools; (ii) grinding and polishing materials; (iii) functional film materials; and (iv) intelligent CNC equipment. These products serve a wide range of strategically important end markets, including AI servers, embodied robots, semiconductor and integrated circuit-related applications, low-earth orbit satellite communications, high-end equipment manufacturing and smart vehicles, as well as several other industries such as consumer electronics, communications, and industrial control.
PCBs are widely regarded as the mother of the electronics industry, playing a crucial role in global industrial manufacturing. The technical level of PCB-specific cutting tools is a key foundational factor that directly influences and determines the pace of PCB technology iteration and the performance of end products. Furthermore, the quality and lifespan of these tools affect PCB production costs and delivery cycles, thereby influencing the technological competitiveness and market responsiveness of downstream application fields through the industrial chain.
As a global leader in specific PCB manufacturing-related tools, materials, and intelligent equipment, the company supports the rapid development of downstream industries through an integrated combination of tools, materials, and equipment. By providing high-end, reliable, and scalable manufacturing support, the company contributes to the high-quality development of the global PCB industry and the advancement of precision manufacturing and smart industrial technologies.
Market Prospects and Growth Drivers
The company's market opportunities benefit from the steady growth in global PCB demand and a structural shift toward high-end application areas. According to Frost & Sullivan statistics, driven by AI, data centers, next-generation communications, autonomous driving, and AR/VR, the global PCB market (by revenue) is expected to grow from $93.20 billion in 2026 to $114.80 billion in 2030, representing a compound annual growth rate (CAGR) of 5.3%. Within this broad market, high-value product segments such as high-layer-count boards, HDI boards, and IC substrates are projected to outpace average market growth, with expected CAGRs of 7.4%, 6.7%, and 6.9% respectively from 2026 to 2030, driven by increasing demand for high-density interconnects and high-performance signal integrity.
The rapid construction of AI infrastructure is creating substantial demand for the high-performance printed circuit boards manufactured by the company's customers, which in turn drives demand for the company's PCB tools and related products. According to Frost & Sullivan, in 2025, the server segment recorded revenue of approximately $15.8 billion in the global PCB market. It is expected to remain one of the fastest-growing segments in the next five years as AI servers, large-scale data centers, and high-performance computing continue to expand. These applications require PCBs with higher layer counts, finer line widths and spacing, smaller aperture sizes, and stricter positional tolerances. Consequently, these trends directly drive the consumption and performance requirements for PCB cutting tools, especially micro-drills, high aspect ratio drill bits, and advanced coated drill bits, an area where the company has established a leading position.
As a global leader with specific PCB manufacturing-related tools, materials, and intelligent equipment, a broad foundation of self-developed equipment, and an expanding global business, the company believes it is well-positioned to seize these market opportunities.
Financial Performance
Financially, for the years 2023, 2024, and 2025, the company's revenues were approximately RMB 1.295 billion, RMB 1.553 billion, and RMB 2.084 billion, respectively. During the same period, its annual profits were approximately RMB 219 million, RMB 227 million, and RMB 432 million, respectively.
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