Leidi Network, Jianping Lei, April 8

Jiangxi Hongban Technology Co., Ltd. (abbreviated as "Hongban Technology", stock code: "603459") was listed on the main board of the Shanghai Stock Exchange today.

Hongban Technology's issue price was 17.7 yuan, issuing 100 million shares, raising a total of 1.77 billion yuan.

The opening price of Hongban Technology was 52 yuan, up 194% from the issue price; the closing price was 57.7 yuan, up 226% from the issue price; based on the closing price, the company's market value is 43.5 billion yuan.

Annual revenue of 3.677 billion, net profit of 540 million

Hongban Technology focuses on the research, development, production, and sales of printed circuit boards, positioning its products in the mid-to-high-end application market. It is one of the companies in the industry with a high proportion of HDI board revenue, capable of mass-producing any interconnect HDI boards and IC substrates.

Hongban Technology has formed a complete product structure, including HDI boards, rigid boards, flexible boards, rigid-flex boards, substrate-like boards, and IC substrates, providing customers with diverse product choices and one-stop services. The company's products are applied in consumer electronics, automotive electronics, high-end displays, and communication electronics.

The prospectus shows that Hongban Technology's revenue for 2023, 2024, and 2025 is expected to be 2.34 billion, 2.7 billion, and 3.677 billion respectively; net profit is expected to be 105 million, 210 million, and 540 million respectively; net profit after deducting non-recurring items is expected to be 87.04 million, 194 million, and 521 million respectively.

Hongban Technology expects its revenue for the first quarter of 2026 to be between 900 million and 950 million, an increase of 16% to 22.53% compared to 775 million in the same period last year; net profit is expected to be between 120 million and 125 million, an increase of 10.85% to 15.47% compared to 108 million in the same period last year; The net profit after deducting non-recurring items is between 115 million and 120 million, an increase of 9.7% to 14.47% compared to 105 million in the same period last year.

Ye Senran controls 95% of the equity.

The actual controller of Hongban Technology is Ye Senran. Before this issuance, the company's controlling shareholder, Hong Kong Hongban, held 95.12% of the company's shares, Same Time BVI held 100% of Hong Kong Hongban, and Ye Senran held 100% of Same Time BVI. Therefore, Ye Senran indirectly controls 95.12% of the company's shares and exercises voting rights over 95.12% of the company's shares, making him the actual controller of the company.

Ye Senran's overall indirect shareholding is 95.44%. Among the remaining 4.56% of the shares, Ye Senran's wife, Yu Hongmian, holds an indirect stake of 0.22%, Ye Senran's nephew, Ye Yingqiang, holds an indirect stake of 0.14%, and Ye Senran's niece-in-law, Xing Chunmiao, holds 0.44%.

Among the remaining very limited shareholdings, many shareholders also have familial relationships. Overall, Hongban Technology is a company with very strong family business characteristics.

After the IPO, Hong Kong Hongban holds 71.34% of the shares, Yinz Investment holds 1.31%, Jing Jiyuan Investment holds 1.24%, and Mingying Investment holds 1.11%.

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