On the evening of October 30, Kexiang Shares (SZ300903, share price 64.46 yuan, market value 28.065 billion yuan) issued multiple announcements in succession. The company's board of directors reviewed and approved three external investment proposals: investing 3.5 billion yuan in Huizhou Daya Bay to build the "Kexiang Intelligent Computing Annual Output of 500,000 m² AI Computing Power Printed Circuit Board Project"; investing 3 billion yuan in Jiujiang, Jiangxi to build the "AI Computing Power Server Project"; and investing approximately 2 billion yuan in the Xiangshui River Industrial Park in Huizhou Daya Bay to build the "High-End AI Computing Power PCB Substrate Project." The three investments total 8.5 billion yuan. On the same evening, Kexiang Shares also disclosed its intention to issue H shares and list on the Main Board of the Hong Kong Stock Exchange.
Three projects totaling 8.5 billion yuan, with two located in Huizhou Daya Bay
According to the "Announcement on Signing a Project Investment Agreement with the Management Committee of Huizhou Daya Bay Economic and Technological Development Zone," on October 29, the company's third board of directors held its thirteenth meeting and approved the relevant proposal. After the board meeting, the company, its wholly-owned subsidiary Guangdong Kexiang Intelligent Computing Technology Co., Ltd., and the Business Environment and Investment Promotion Bureau of the Management Committee of Huizhou Daya Bay Economic and Technological Development Zone signed the "Kexiang Intelligent Computing Annual Output of 500,000 m² AI Computing Power Printed Circuit Board Project Investment Agreement." The announcement shows that the project covers a total land area of approximately 184,000 square meters, with a total investment (including land transfer fees) of 3.5 billion yuan, of which fixed asset investment (factory buildings, infrastructure, and equipment, etc.) amounts to 3 billion yuan. It will produce AI computing power printed circuit board products with an annual capacity of 500,000 square meters. The agreement stipulates that once the project "reaches full production, the annual output value will be 4.5 billion yuan, with annual tax payments of 221 million yuan."
The second project is located in Jiujiang. According to the "Announcement on External Investment in the Construction of Jiangxi Kexiang Electronic Technology Co., Ltd. AI Computing Power Server Project," the company plans to build the project on the remaining land adjacent to the existing factory area of Jiangxi Kexiang at Gangxing Road, Jiujiang Economic and Technological Development Zone, Jiangxi Province. The implementing entity is Jiangxi Kexiang Electronic Technology Co., Ltd., which plans to build a new intelligent manufacturing production line for high-order HDI and high-layer circuit boards with a designed annual capacity of 200,000 square meters. According to the announcement, the products include 26-layer and above high-layer boards for AI server motherboards, mid-backplanes, high-speed switches, and high-end communication boards; sixth-order and above high-order HDI boards for AI accelerator cards, high-speed storage modules, high-end consumer electronics, and automotive electronics; as well as ceramic mixed-pressure HDI boards. The project has a planned total investment of 3 billion yuan, of which 300 million yuan is for factory buildings and supporting facilities, 100 million yuan for factory renovation, 2.3 billion yuan for process equipment (including one MSAP semi-additive fine circuit production line), and 300 million yuan for raw material reserves and other working capital.
The third is the high-end AI computing power PCB substrate project. The announcement states that the company plans to build it in the Xiangshui River Industrial Park in Daya Bay, Huizhou, with a total investment of approximately 2 billion yuan and a planned construction period of 2 years. After completion, the company will achieve new production capacity of 46,000 square meters per year of mSAP substrates and 1.2 million square meters per year of AI server PCB substrates. The total project investment is approximately 2 billion yuan (the specific investment amount shall be subject to actual investment and construction conditions), and the source of funds is the company's own or self-raised funds.
The three announcements also disclosed risk warnings. The implementation of the relevant projects "still requires handling project filing, environmental impact assessment approval, construction planning permits, and other pre-approval work with relevant government authorities," and there may be "risks of uncertainty such as modification, delay, or cancellation"; the project investment amounts, construction periods, output values, tax revenues, and other figures "are all planned or estimated figures, involve uncertainty, and do not represent the company's forecasts of future performance." All three proposals need to be submitted to the company's third extraordinary shareholders' meeting in 2026 for review, which is scheduled to be held on November 16.
Planning to Issue H Shares, Q3 Net Profit Attributable to Parent Up Over 630%
Kexiang Shares' main business is the research and development, production, and sales of high-end printed circuit boards (PCB), with products covering high-layer boards, HDI boards, flexible boards, rigid-flex boards, thick copper boards, metal substrate boards, ceramic substrate boards, and other categories, applied in artificial intelligence, big data centers, automotive electronics, next-generation communication technology, and other fields. On the same evening, Kexiang Shares disclosed the "Announcement on Planning to Issue H Shares and List on the Hong Kong Stock Exchange." The announcement stated that planning the H-share listing is "to meet the company's global development needs, further advance the company's global strategic layout, further enhance the company's global brand awareness and comprehensive competitiveness, and consolidate its industry position." The company will advance the relevant work in accordance with the "Company Law of the People's Republic of China," the "Securities Law of the People's Republic of China," the "Trial Measures for the Administration of Overseas Securities Offering and Listing by Domestic Enterprises," the "Rules Governing the Listing of Securities on the Hong Kong Stock Exchange," and other regulations, and needs to obtain approval, authorization, or filing from the China Securities Regulatory Commission, the Hong Kong Stock Exchange, the Hong Kong Securities and Futures Commission, and other relevant institutions.
From a financial performance perspective, the company has just emerged from consecutive losses. In 2024, net profit attributable to the parent was -344 million yuan, and in 2025 it was -246 million yuan. In the first three quarters of 2026, the company achieved operating revenue of 3.979 billion yuan, a year-on-year increase of 45.92%; net profit attributable to the parent was 244 million yuan, a year-on-year increase of 304.01%. Among them, in the third quarter alone, operating revenue was 1.85 billion yuan, a year-on-year increase of 100.90%; net profit attributable to the parent was 311 million yuan, a year-on-year increase of 638.54%. In the secondary market, as of the close on October 30, Kexiang Shares had risen approximately 234% year-to-date. Disclaimer: The content and data in this article are for reference only, do not constitute investment advice, and should be verified before use. Operate at your own risk based on this information. Cover image source: Liu Guomei
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