According to the Hong Kong Stock Exchange disclosure on September 21, Dynamic Electronics Co.,Ltd. (603175.SH), also known as Chaoying Electronics, has submitted its listing application for the Main Board of the Hong Kong Stock Exchange, with CICC and Guolian Securities International serving as its joint sponsors.

The company is a globally renowned manufacturer of high-end printed circuit boards (PCBs) and one of the world's leading automotive PCB suppliers. Founded in 2015, its PCB business heritage dates back to 1988. The company is dedicated to the research, development, production, and commercialization of a series of high-reliability, high-complexity PCB products, including double-sided boards, multilayer boards, and high-density interconnect (HDI) boards, which serve as the physical interconnection foundation for nearly all electronic systems.

Its main production bases are located in Huangshi and Kunshan, China, with a strategic overseas manufacturing facility in Thailand, serving leading global clients across various advanced application fields. Automotive electronics form the commercial and technical foundation of the business, while data storage, communications, and AI server applications are increasingly important growth engines.

Company Overview

The company's primary products are rigid boards, which provide mechanical support for electronic components and conductive pathways for electrical connections.

Double-sided boards consist of two conductive copper layers on either side of an insulating substrate, typically connected through plated through-holes. These suits products with moderate circuit complexity and are mainly used in automotive electronics and display applications.

Multilayer boards incorporate multiple conductive layers separated by insulating materials and pressed into a single circuit board, offering additional routing space and supporting more complex circuit layouts, power distribution, and signal transmission. The company further segments these products into 4-to-6-layer PCBs, 8-to-14-layer PCBs, and 16-layer-and-above PCBs, covering applications ranging from vehicle control systems and storage modules to communication equipment and AI computing boards.

HDI boards utilize micro-vias, blind vias, buried vias, and sequential lamination structures to achieve denser interconnections, finer routing, and higher component integration. These products support compact designs and high-speed signal transmission across the company's major application areas, including autonomous driving and smart cockpit domain controllers, memory modules, GPU accelerator card carriers, and AI computing boards.

According to a Frost & Sullivan report, in the automotive PCB market, the company ranked eighth and sixth globally in 2025 and the first half of 2026, respectively. During both periods, it ranked first globally in the automotive HDI board market and third globally in both the memory module PCB market and the AI data storage PCB market, all measured by sales revenue.

Financial Highlights

For the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, the company generated revenues of approximately RMB 3.656 billion, RMB 4.124 billion, RMB 4.752 billion, and RMB 2.912 billion, respectively.

Net profits for the same periods were approximately RMB 266 million, RMB 276 million, RMB 231 million, and a loss of RMB 191 million, respectively.

Industry Outlook

The global PCB industry is shifting from cyclical recovery to structural growth. From 2021 to 2025, the global PCB market expanded from US$76.9 billion to US$85.8 billion, reflecting a compound annual growth rate (CAGR) of 2.8%. Among product categories, HDI boards were the fastest-growing segment with a CAGR of 9.4%, rising from US$11.3 billion to US$16.2 billion, driven primarily by demand for high-density interconnects in communications, AI servers, and automotive electronics. Multilayer boards posted a CAGR of 3.6%, while packaging substrates grew at 2.3%. Single/double-sided boards and flexible boards saw CAGRs of -3.2% and -0.9%, respectively.

Looking ahead to 2026-2030, the global PCB market is projected to grow from US$102 billion to US$144.6 billion, with the CAGR accelerating to 9.1%. Packaging substrates are expected to lead with an 11.5% CAGR, reaching a market size of US$29.6 billion by 2030. HDI boards and multilayer boards are forecast to grow steadily at CAGRs of 10.8% and 9.8%, respectively, reaching US$30 billion and US$58.6 billion by 2030. Single/double-sided boards and flexible circuits, while improving, are expected to maintain relatively lower growth rates.

By application segment, from 2021 to 2025, the communications and AI server sector jumped from US$9.5 billion to US$20.9 billion, posting a CAGR of 21.7% and becoming the fastest-growing segment. The data storage sector grew from US$4.7 billion to US$6.1 billion at a CAGR of 6.3%, while automotive electronics expanded from US$8.3 billion to US$9.8 billion at a CAGR of 4.1%. Despite contracting from US$38 billion to US$32.1 billion with a CAGR of -4.1%, consumer electronics remained the largest downstream PCB market during 2021-2025.

Between 2026 and 2030, the communications and AI server segment is expected to continue growing at a 13.9% CAGR, reaching US$47.2 billion by 2030. The data storage segment is projected to grow at a 13.7% CAGR to US$15.7 billion by 2030. Automotive electronics, consumer electronics, and display segments are also expected to maintain steady growth. Consequently, the global PCB market's expansion is anticipated to be increasingly driven by the communications and AI server segment, along with the data storage segment.

Board Composition

At the date of compilation, the board will consist of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors.

Ownership Structure

As of the latest practicable date (September 14, 2026), DEH is entitled to exercise approximately 86.10% of the company's voting rights through its direct holding of 376,277,619 A-shares. DEH is wholly owned by Wintek Mauritius, which is solely owned by Dynamic Electronics Inc., which in turn is wholly owned by Dynamic Holding Co., Ltd. Dynamic Holding is listed on the Taiwan Stock Exchange (stock code: 3715), and as of the latest practicable date, no shareholder holds 30.00% or more of its equity.

Intermediary Team

Joint sponsors: China International Capital Corporation Hong Kong Securities Limited and Guolian Securities International Capital Markets Limited. Legal advisors: Paul Hastings (Hong Kong) LLP and Fangda Partners. Legal advisors to the joint sponsors: Freshfields Bruckhaus Deringer and Commerce & Finance Law Offices. Auditor and reporting accountant: Ernst & Young. Industry advisor: Frost & Sullivan (Beijing) Co., Ltd. Shanghai Branch.