Shengguang Technology made a strong debut on the Hong Kong Stock Exchange, marking one of the most notable recent IPOs in the Hong Kong capital market. As a global leader in AI computing power printed circuit boards (PCBs), the company's listing attracted intense interest from top-tier global institutional investors, signaling its powerful entry into international capital markets.
On April 21, Shengguang Technology officially began trading on the main board of the Hong Kong Stock Exchange. It opened at HK$330, representing a sharp jump of 57.23% above its issue price of HK$209.88. During the session, the stock's gains peaked at 60.19%. By the close, the share price stood at HK$315, up 50.09%, giving the company a market capitalization of HK$305.05 billion. The IPO raised net proceeds of approximately HK$19.89 billion, making it the largest Hong Kong IPO so far this year and the biggest new listing in Hong Kong in nearly seven months.
Citing sources familiar with the matter, Bloomberg reported that China Investment Corporation (CIC), Norges Bank Investment Management (NBIM) – the world's largest sovereign wealth fund – BlackRock, and Fidelity Investments all participated in the bookbuilding for the offering.
These top global institutions joined the order book as regular bookbuild investors, rather than as cornerstone investors. Cornerstone investors typically receive guaranteed allocation but are subject to a lock-up period of at least six months.
The IPO included a total of 38 cornerstone investors, including institutions such as CPE Rosewood, Janchor Fund, Yunfeng Capital, and Deliante, which collectively subscribed to approximately $997 million (around HK$7.812 billion). The offering was jointly sponsored by J.P. Morgan, CSC Financial International, and GF Securities. It involved the global sale of 83.348 million H shares, with the Hong Kong public offering and international offering accounting for 10% and 90% of the total, respectively.
Bloomberg noted that despite heightened market volatility amid the Iran conflict, Shengguang Technology successfully completed this large-scale offering, providing a reference case for executing major equity issuances in a highly uncertain environment.
Shengguang Technology is a PCB supplier to NVIDIA. It holds the leading position in the global AI and high-performance computing PCB market with a 13.8% market share and ranks among the top six global PCB suppliers.
Latest financial data shows that for the full year 2025, the company's revenue reached RMB 19.292 billion, a year-on-year increase of 79.77%. Its net profit attributable to shareholders was RMB 4.312 billion, surging 273.52% compared to the previous year. On the A-share market, the company's stock gained 586.02% throughout 2025, with its peak increase reaching 724.4%, ranking fifth among all A-share companies.
Speaking at the listing ceremony in Hong Kong, Shengguang Technology's Chairman Chen Tao stated that the Hong Kong listing marks a new starting point for the company to create value together with global partners. He emphasized that the company will continue to focus on technology leadership and speed, concentrating on the technological iteration and capacity layout of high-end PCB products to deliver better performance for investors.
Shengguang Technology indicated that the net proceeds from the Hong Kong share offering will be used primarily for capacity expansion, upgrades to smart manufacturing equipment, and high-end product R&D. Specifically, approximately 74% of the funds will be allocated to expanding production scale in mainland China, about 7% will be used for purchasing smart manufacturing equipment to optimize the product mix, and the remaining funds are designated for R&D, working capital, and general corporate purposes.
Regarding capacity layout, the Phase IV project at the company's Huizhou plant in China has commenced production in stages, while the Phase X and XI projects are progressing according to plan. Overseas, the second phase of high-end capacity in Building A1 of the Thailand factory has begun delivering validation boards for production, and construction of Thailand's Building A2 and the Vietnam factory is also advancing in an orderly manner.
In terms of capital expenditure, the company has planned total fixed asset investments not exceeding RMB 18 billion for 2026. This will cover areas such as new plant construction, equipment procurement, and automation line upgrades to support its goal of achieving RMB 100 billion in output value by 2030.
Notably, on the same day as its strong Hong Kong debut, Shengguang Technology's A-shares closed at RMB 329, down 4.08%, showing a clear divergence in performance between its H-shares and A-shares. This Hong Kong listing represents Shengguang Technology's second IPO following its A-share listing in 2015. The total funds raised also surpassed the HK$12.099 billion raised by Muyuan Shares' H-share offering, making it the largest new share issuance in Hong Kong for the year.
Comments