Shenghong Technology completes hearing for listing on the Hong Kong Stock Exchange

Viewpoint News: On March 29, Shenghong Technology (Huizhou) Co., Ltd. passed the Hong Kong Stock Exchange’s listing hearing and disclosed the information package after the HKEX listing hearing. The joint sponsors are J.P. Morgan Securities (Far East) Limited, Citic Jian投 (International) Financing Co., Ltd., and Guangfa Financing (Hong Kong) Co., Ltd.

According to the materials, Shenghong Technology is a company listed on the ChiNext Board of the Shenzhen Stock Exchange, with A-share stock code 300476. Based on the company’s AI and high-performance computing PCB revenue scale for the first half of 2025, it ranks first globally with a 13.8% market share; based on the same indicator for 2024, it ranks seventh globally with a 1.7% market share.

In terms of revenue structure, from 2023 to 2025, Shenghong Technology’s revenue was 7.931 billion yuan, 10.731 billion yuan, and 19.292 billion yuan, respectively; the annual profits attributable to owners were 671 million yuan, 1.154 billion yuan, and 4.312 billion yuan, respectively; gross profit was 1.643 billion yuan, 2.439 billion yuan, and 6.795 billion yuan, respectively; and gross margin was 20.7%, 22.7%, and 35.2%, respectively.

By application area, the AI and high-performance computing business is growing faster. Related revenue increased from 461 million yuan in 2023 to 707 million yuan in 2024, and further rose to 8.341 billion yuan in 2025, with its share of PCB product revenue increasing from 5.8% to 43.2%. At the same time, revenue from intelligent terminal business was 3.762 billion yuan, 3.633 billion yuan, and 3.684 billion yuan, respectively, with its share decreasing from 47.4% to 19.1%; revenue from automotive electronics business was 848 million yuan, 2.199 billion yuan, and 2.592 billion yuan, respectively.

Regarding customers, from 2023 to 2025, Shenghong Technology’s sales to its top five customers were 2.146 billion yuan, 2.691 billion yuan, and 9.848 billion yuan, respectively, representing 27.1%, 25.1%, and 51.0% of total revenue, respectively; among these, sales to the largest customer were 504 million yuan, 886 million yuan, and 5.738 billion yuan, respectively, accounting for 6.3%, 8.3%, and 29.7%, respectively.

Disclaimer: The content and data in this article are compiled by Viewpoint based on publicly available information and do not constitute investment advice. Please verify before use.

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