On November 28, Xinqiang Electronics (Qingyuan) Co., Ltd. (referred to as Xinqiang Electronics) saw its ChiNext IPO review status updated to "terminated" by the Shenzhen Stock Exchange. The termination followed the withdrawal of the issuance and listing application by Xinqiang Electronics and its sponsor, in accordance with Article 63 of the Shanghai Stock Exchange's Rules for the Review of Stock Issuance and Listing.
According to its prospectus, the company specializes in the R&D, production, and sales of printed circuit boards (PCBs), maintaining this core business since its establishment. Xinqiang Electronics focuses on the mid-to-high-end PCB market, primarily producing eight-layer and above high-end PCBs, with an average product price exceeding RMB 2,000 per square meter, positioning it in the industry's top tier. Its main competitors are leading enterprises in the sector, and the company has established a strong reputation and brand advantage in the storage and communications fields.
The company's products are characterized by high reliability, stability, precision, and continuous iteration. Its main offerings include rigid boards, HDI boards, flexible boards, and rigid-flex boards, with ongoing R&D and trial production of high-end substrate-like PCBs. This diverse product portfolio enables the company to meet varied customer demands, providing one-stop solutions and enhancing its market competitiveness.
Xinqiang Electronics' PCBs are widely used in storage, communications, and consumer electronics, with storage-related PCB products accounting for approximately 60%-70% of revenue. In 2024, the company held a 12.57% global market share in memory module PCBs and a 2.57% share in SSD PCBs. Memory module boards, primarily used to support memory chips, require fast transmission speeds for large-capacity data transfer, high-temperature resistance, high-frequency performance, and strict thickness tolerance control (±5%). The company ensures excellent gold finger flatness and coating uniformity, significantly reducing signal loss.
With two decades of expertise in the storage sector, Xinqiang Electronics emphasizes craftsmanship and possesses independent design, R&D, and production capabilities for a full range of memory modules, solidifying its market position. In communications, the company has achieved mass production capabilities for 800G and 1.6T optical module boards, which demand high reliability, stability, superior impedance performance, low loss rates, and signal integrity. These products require stringent specifications for back drilling, blind vias, copper thickness uniformity, and impedance tolerance. The company's 1.6T optical module boards achieve an impedance line width of 1.8mil/1.8mil, impedance tolerance of ±3%, and blind via diameter of 3mil, reflecting high technical difficulty.
Since its inception, Xinqiang Electronics has prioritized technological innovation and process improvement as core drivers of growth, adhering to a specialized, technical, and high-end development strategy. The company has established a comprehensive product structure, covering rigid boards, HDI boards, flexible boards, and rigid-flex boards, with strong R&D and production capabilities across all categories.
According to the CPCA's "2024 China Electronic Circuit Industry Revenue Ranking," the company ranked 71st among the top 100 PCB enterprises. Financially, Xinqiang Electronics reported revenues of approximately RMB 869 million, RMB 1 billion, and RMB 999 million in 2022, 2023, and 2024, respectively, with net profits of RMB 86.01 million, RMB 131 million, and RMB 167 million during the same periods.
Comments