Kinwong Electronic Debuts on Hong Kong Stock Exchange: Emerging AI Computing Business, Mature Segments Fund Expansion
HONG KONG, Sept 29, 2026 - As global AI model infrastructure investment enters a boom phase, and with continued penetration of edge AI and vehicle electrification and smart features, the printed circuit board (PCB) industry is benefiting from both technology upgrading and value chain re-rating. Riding this industry tailwind, Shenzhen Kinwong Electronic Co., Ltd. (“Kinwong” or the “Company”, 3228.HK), a leading global PCB manufacturer, officially listed on the Hong Kong Stock Exchange on September 29, 2026, completing its “A+H” dual listing platform. The prospectus lays out a clear “1+1+N” business structure: telecommunications and data infrastructure (including AI compute) as the new growth driver, complemented by high-potential segments including smart devices and industrial control, with industry-leading automotive electronics as the stable base, forging a path of sustainable, high-quality growth. Seizing the AI Compute Boom: AI Core Business Begins to Deliver As one of the few manufacturers supplying PCB to global leading AI computing infrastructure companies, Kinwong is leveraging its first-mover advantage to translate infrastructure tailwinds into strong financial results. According to the prospectus, in the first four months of 2026, revenue from AI-related PCBs reached RMB268 million — a four-month value already about 35.1% above the full-year 2025 total, lifting its share of total revenue to 5.0%. Driven by AI compute demand, revenue from the telecommunications and data infrastructure segment surged from RMB772 million in 2023 to RMB1.591 billion in 2025, doubling in two years. In the first four months of 2026, this segment accounted for 15.6% of total revenue, becoming the key engine of overall growth. Years of investment in high-end process technology are now paying off. As early as 2019, Kinwong proactively built production bases for high-layer-count (HLC) PCBs and high-end HDI PCBs. Today, the Company has achieved mass production of AI compute-related products, including HLC PCBs with over 40 layers, 6-build-up 22-layer HDI PCBs, 14-layer HDI PCBs using the mSAP process, and multilayer PTFE flexible PCBs. The Company has established manufacturing capability for HLC PCBs above 70 layers and 9-build-up 28-layer HDI PCBs. In addition, customer certification has commenced for 11-build-up HDI PCBs. Notably, the 9-build-up 28-layer HDI PCB completed customer qualification in only 90 days, demonstrating both product reliability and fast ramp-up speed. Expanding into Edge AI: Full-Spectrum Hardware Plays Beyond cloud computing and its established automotive business, Kinwong is capitalizing on the edge AI trend, extending the “N” in its “1+1+N” strategy to mid- and high-end hardware across humanoid robots, drones and industrial automation, positioning early to capture the device upgrade cycle. The Company has a strong consumer electronics customer base, serving seven of the world’s top ten smartphone brands. As edge AI drives higher hardware specifications, demand for value-added products such as HDI and rigid-flex PCBs is rising, opening up sustainable growth avenues. Driven by synergies across all segments, Kinwong’s overall performance has grown steadily. Per the prospectus, revenue reached RMB10.757 billion, RMB12.659 billion and RMB15.308 billion in 2023, 2024 and 2025, while profit for the year came in at RMB911 million, RMB1.160 billion and RMB1.244 billion respectively — three consecutive years of steady growth on both top and bottom lines. In the first four months of 2026, revenue hit RMB5.341 billion, showing continued scale expansion and strong through-cycle resilience. Automotive Electronics Anchors the Stable Cash Base: Funding AI Compute Expansion Developing and scaling high-end AI compute PCBs requires substantial and sustained capital expenditure and R&D spending. Kinwong’s solid position in global automotive electronics PCB gives it resilience and steady cash flow, providing a stable financial base for expanding into the high-barrier AI compute market. According to CIC, based on 2025 revenue, Kinwong was the world’s largest automotive electronics PCB supplier with 10.6% market share, and ranked 11th among overall PCB manufacturers globally with 2.5% share. Eight of the world’s top ten Tier 1 automotive suppliers are core Kinwong customers, and its PCBs are used across products from all top ten global automakers, reflecting strong customer moats and high business visibility. The Company’s operations provide a stable cash-generative base that, together with the IPO proceeds and debt financing, supports high-end capacity build-out, including the Zhuhai Jinwan base, creating a reinforcing cycle: mature businesses generate cash, emerging businesses drive growth.