--- title: "High-end PCB leader Shenghong Technology sprints for Hong Kong IPO, gearing up for new opportunities in the AI era" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/33282400.md" description: "In recent years, the rapid development of artificial intelligence and high-performance computing, along with the accelerated penetration of the new energy vehicle and smart driving industries, has driven the PCB (Printed Circuit Board) industry into a new cycle of high prosperity. As a key carrier for core computing components, high-end PCBs are becoming a strategic support for tech companies to seize future high ground. In this field, Shenghong Technology (Huizhou) Co., Ltd. ("Shenghong Technology") has grown into a global leader in high-end PCBs, thanks to its advanced technology, high-quality products, and industry-leading production capacity advantages. According to data from Frost & Sullivan..." datetime: "2025-08-24T14:14:06.000Z" locales: - [en](https://longbridge.com/en/topics/33282400.md) - [zh-CN](https://longbridge.com/zh-CN/topics/33282400.md) - [zh-HK](https://longbridge.com/zh-HK/topics/33282400.md) author: "[亚太商讯那些事儿](https://longbridge.com/en/profiles/18018177.md)" --- # High-end PCB leader Shenghong Technology sprints for Hong Kong IPO, gearing up for new opportunities in the AI era In recent years, the rapid development of artificial intelligence and high-performance computing, along with the accelerated penetration of the new energy vehicle and intelligent driving industries, has driven the PCB (Printed Circuit Board) industry into a new cycle of high prosperity. As a key carrier for core computing components, high-end PCBs are becoming a strategic support for tech companies to seize future high ground. In this field, Shenghong Technology (Huizhou) Co., Ltd. ("Shenghong Technology") has grown into a global leader in high-end PCBs, thanks to its advanced technology, high-quality products, and industry-leading production capacity. According to Frost & Sullivan, Shenghong Technology ranks first globally in terms of AI computing PCB revenue in Q1 2025. On August 20, Shenghong Technology submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage the dual capital markets of "A+H" to fuel its next phase of leapfrog development. **Core Technological Barriers Forge a Global Leader in High-End PCBs** Shenghong Technology's core competitiveness stems from its deep technological barriers in the high-end PCB sector. Supported by an end-to-end innovation system, the company covers the entire process from R&D and process optimization to mass production. It has also made early technological reserves and breakthroughs in key PCB technologies supporting AI computing, including process technology, manufacturing technology, and material innovation, continuously solidifying its competitive edge. As a technology leader in the PCB industry, Shenghong Technology has the capability to produce PCBs with over 100 layers and mass-produce PCBs with over 70 layers. It is among the first globally to achieve mass production of 6th-generation 24-layer HDI products, as well as 8th-generation 28-layer HDI and 16-layer Any-layer HDI technologies. The company also supports next-gen communication technologies like PCIe6.0 and 1.6T optical modules. Products for the Eagle/Birch Stream/Turin platform servers have already entered mass production, while the next-gen Oak Stream/Venice platform servers are in the testing phase. In the computing and AI server sector, Shenghong Technology is among the first globally to achieve mass production of 6th-generation 24-layer HDI and has initiated R&D certification for 10th-generation 30-layer HDI, with line width/spacing breakthroughs down to 40/40μm. Its R&D reserves for products with over 100 layers far exceed industry averages. In material innovation, Shenghong has completed electrical and thermal performance validation for M7 and M8 materials and is advancing M9 material certification to support 224Gbps high-speed transmission, fully preparing for AI server and switch upgrades. With leading R&D achievements, scalable production capacity, and an international delivery system, Shenghong Technology has become a key partner for many top global tech firms. In AI computing cards and AI Data Center UBB & switches, Shenghong holds a leading global market share, making it an irreplaceable supplier in the industry. **Positioning in the AI and Smart Driving Gold Tracks to Break Growth Ceilings** Leveraging its R&D, manufacturing, and quality advantages, Shenghong Technology has achieved mass production, driving rapid revenue growth. From 2022 to 2024, its revenue grew from RMB 7.885 billion to RMB 10.731 billion, with profits rising from RMB 791 million to RMB 1.154 billion, representing CAGR of 16.7% and 20.8%, respectively. In 2025, Shenghong continued its strong growth, with Q1 revenue up 80.3% YoY and profits soaring 339.2% YoY, further enhancing profitability. From an industry perspective, upgrades in AI, high-performance computing, smart devices, automotive electronics, and network communication are driving structural growth opportunities for PCBs, with high-end PCB demand surging. In AI, technological iterations and applications are exploding computing demand. Frost & Sullivan projects the global AI and high-performance computing PCB market to reach $15 billion by 2029, with a 20.1% CAGR from 2024-2029. In automotive electronics, the rapid adoption of new energy vehicles and smart driving is boosting high-performance PCBs. By 2029, the global automotive PCB market is expected to hit $11.1 billion, with 14+-layer PCBs reaching $1.2 billion (8.1% CAGR) and advanced HDI at $900 million (8.6% CAGR). As a global leader in high-end PCBs, Shenghong Technology, with its 2-3-year lead in mass production, top global market share, and foresight in AI computing and new energy vehicles, is a core beneficiary of industry upgrades. As the sector expands, its leading market share is poised to grow further. The company is also actively exploring smart terminals, 5G communication, and high-end medical fields to unlock new growth avenues. With diverse applications entering upgrade cycles, Shenghong's growth momentum and earnings potential will continue to strengthen. By listing in Hong Kong, Shenghong aims to leverage the city's capital and liquidity advantages to broaden financing channels and enhance global market recognition. The H-share platform will also accelerate overseas capacity expansion and strategic synergy with international clients, further solidifying its global competitive edge. As AI and new energy industries boom, Shenghong Technology, driven by "technological innovation + capital empowerment," is set to reinforce its global leadership and unlock long-term growth value. ### Related Stocks - [300476.CN](https://longbridge.com/en/quote/300476.CN.md)