On April 28th, the initial public offering application of Guangdong Weirong Electronic Technology Co., Ltd. (Weirong Technology) for the Shenzhen Stock Exchange's ChiNext board has been accepted. Huatai United Securities is acting as the sponsor for the offering, which aims to raise 1.675 billion yuan.
According to its prospectus, Weirong Technology is a national high-tech enterprise specializing in the research and development, production, and sales of high-end multilayer ceramic capacitors (MLCCs), characterized by miniaturization, high capacitance, and high reliability. Its products are widely used in downstream sectors including consumer electronics, industrial equipment primarily represented by AI servers, and automotive electronics.
Since its establishment in 2017, Weirong Technology has consistently focused on the R&D innovation and mass production of MLCC products, growing into a leading domestic MLCC manufacturer. According to data from Frost & Sullivan, the company ranked third among mainland Chinese manufacturers by MLCC operating revenue in 2024.
Leveraging long-term technical expertise and continuous innovation, Weirong Technology has established a comprehensive technological capability system covering key areas across the entire chain. These areas include functional ceramic material formulation, product structure design, nano-powder dispersion, ultra-thin ceramic film formation, precision pattern printing, high-precision stacking and lamination, and rapid co-firing of thin dielectric ceramics and metal electrodes. The company's overall technical strength is at a leading level within the industry.
As of the end of March 2026, the company held 101 patents, including 34 invention patents. Its product range and performance are among the best in the industry, having established three core product systems: consumer-grade, industrial-grade, and automotive-grade MLCCs. These are extensively applied in the three main fields of consumer electronics, industrial equipment centered on AI servers, and automotive electronics.
In the consumer electronics sector, the company's ultra-miniature MLCC products maintain a leading position. It is one of the few manufacturers capable of the mass production and large-volume supply of ultra-miniature MLCCs in sizes such as 008004, 01005, and 0201. According to Frost & Sullivan data, based on 2024 product sales volume, the company ranked first in the Chinese market and second globally for ultra-miniature MLCCs, following only Murata.
In the industrial equipment sector, where AI servers are a primary application, the company's MLCC products offer advantages in high capacitance. Utilizing its domestically leading high-precision stacking and lamination technology, the company has achieved a process capable of stacking over 1,200 layers. Supported by this core technological breakthrough, its industrial-grade MLCCs can achieve ultra-high capacitance of 100μF and 220μF in the 0805 and 1206 sizes, respectively. These models are already being supplied in volume to leading server manufacturers, filling a supply gap previously unmet by mainland Chinese manufacturers.
In the automotive electronics field, the company's MLCC products demonstrate significant reliability advantages. Weirong Technology has completed the development of a full-size series of automotive MLCC products ranging from 0201 to 1210. It is currently one of the few MLCC manufacturing enterprises in China certified under the IATF 16949 system whose full-size series of automotive MLCC products meet the AEC-Q200 standard. The company has established collaborations with several well-known automobile manufacturers and their Tier 1/Tier 2 suppliers, achieving mass supply of automotive-grade MLCCs.
The net proceeds from this issuance, after deducting offering expenses, are intended to be invested in the following projects, prioritized by importance and urgency:
Financially, for the fiscal years 2023, 2024, and 2025, the company reported operating revenues of approximately 1.041 billion yuan, 1.512 billion yuan, and 1.845 billion yuan, respectively. During the same periods, it recorded net profits of approximately 57.4143 million yuan, 235 million yuan, and 269 million yuan.
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