Liuxin Industrial Co., Ltd., based in Shenzhen, has had its application for an initial public offering on the ChiNext board accepted, as of June 12th. CSC is acting as the sponsor for the offering, which aims to raise approximately 568.59 million yuan. According to the prospectus, Liuxin Industrial is a high-tech enterprise specializing in the research, development, production, and sales of PCB functional materials. Its products are primarily used in processes such as PCB precision drilling, with its downstream customers mainly being PCB manufacturers.
Leveraging extensive industry experience and technological expertise, the company has established a comprehensive product portfolio and a strong customer base. Its products ultimately serve a wide range of end markets, including AI servers/high-performance computing, network communications, smart vehicles, consumer electronics, industrial control, aerospace, new energy, and medical devices. This has positioned Liuxin Industrial as a leading provider of key functional materials for PCB manufacturing.
Data from CPCA indicates that Liuxin Industrial is currently the largest company in the PCB functional materials segment specifically for cover pads. The company has held the top global market share in the PCB cover pad sector for the consecutive years of 2023, 2024, and 2025. Its customer network includes a majority of leading domestic and international PCB manufacturers. Notably, over 60% of the world's top 100 PCB companies, as ranked by Prismark, have established direct business relationships with Liuxin.
The company's client roster features prominent names such as Wus Printed Circuit(Kunshan)Co.,Ltd., Shengyi Group, Shennan Circuits Co.,Ltd., TTM Technologies, Compeq Manufacturing, Victory Giant Technology(Huizhou) Co.,Ltd., Shenzhen Fastprint Circuit Tech Co.,Ltd., Founder Technology Group Co.,Ltd., Shenzhen Kinwong Electronic Co.,Ltd., and Avary Holding(Shenzhen) Co.,Limited. For three consecutive years, Liuxin Industrial has ranked second (and first for its specific product category) on the list of major enterprises in China's electronic circuit industry within the "other specialized materials" category.
Market Drivers and Growth Prospects
The company's products find applications across diverse sectors. The rapid growth in areas like AI computing power, automotive electrification and intelligence, and 5G/6G communications is driving the PCB industry towards higher precision, greater integration, and higher frequency/speed. This trend is fueling sustained demand for PCB functional materials.
Prismark data shows that the global PCB market output value reached $85.2 billion in 2025, representing a year-on-year increase of 15.76%. The market is expected to maintain its growth trajectory, with global PCB output value projected to reach approximately $123.3 billion by 2030. This outlook provides a vast market space for Liuxin Industrial's business expansion.
Financial Performance Overview
Financially, the company reported operating revenues of approximately 791 million yuan, 982 million yuan, and 1.144 billion yuan for the years 2023, 2024, and 2025, respectively. During the same periods, it recorded net profits of about 8.38 million yuan, 64.49 million yuan, and 122 million yuan.
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