China's PCB stocks rally, new IPO Kaida Heavy Industry surges over 600% on debut
On September 23, Chinese A-share markets opened mixed, with major indices slightly down while the STAR Composite edged up. PCB concept stocks rallied, with Daya Shengxiang hitting its fourth consecutive daily limit-up after a 10% price hike for copper-clad laminates. Newly listed Kaida Heavy Industry surged over 600% on its Beijing Stock Exchange debut, becoming the year's cheapest new stock at 4.26 yuan per share. The real estate sector rose on strong Shanghai second-hand home transaction data. Two stocks listed the previous day saw sharp declines.
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China's PCB Sector Rallies; New Stock KaiDa Heavy Industry Surges Over 600% on Debut
Chinese A-share markets showed mixed performance on September 23, with major indices slightly down while the tech-heavy STAR index edged up. The PCB (printed circuit board) concept sector continued its rally, with Daya Shengxiang (000910) hitting its fourth consecutive daily limit-up. In the IPO market, newly-listed KaiDa Heavy Industry, priced at 4.26 yuan per share (the year's cheapest new stock), surged over 600% on its Beijing Stock Exchange debut. The stock opened at 29 yuan, up 580.75%, and extended gains past 600%. However, two stocks listed on September 22—Zhongsu Co. and Century Digital—saw sharp pullbacks after their first-day surges of 683% and 742% respectively, with Zhongsu falling 18% and Century Digital hitting the 30% down limit. The PCB rally was supported by a price hike announcement from Jiangxi Hongruixing Technology, which raised覆铜板 (copper-clad laminate) prices by 10%, following a similar move by China Jushi on electronic yarn. Daya Shengxiang clarified in a stock exchange filing that its ultra-thin PCB fiberboard is not an electronic component and does not form part of PCBs. Separately, the real estate sector rose on strong Shanghai二手房 (second-hand home) transaction data, with September 19 recording the highest single-day volume since the second half of 2026. BOE Technology announced over 80 billion yuan in R&D spending over five years and plans to finalize investment in glass-based perovskite and glass-based packaging production lines within a year.
Read sourceKaida Heavy Industry Surges Over 600% on Debut as A-Share Markets Open Mixed
On September 23, A-share major indices opened mixed. Kaida Heavy Industry, the year's lowest-priced new stock at 4.26 yuan per share, debuted on the Beijing Stock Exchange, surging over 600% to 31.67 yuan. The company is a national high-tech and 'Little Giant' enterprise specializing in metal rolling key components. PCB concept stocks remained active, with Daya Shengxiang hitting a four-day limit-up streak, after Jiangxi Hongruixing Technology announced a 10% price hike for copper-clad laminates, following China Jushi's earlier price increases for electronic fabrics. Daya Shengxiang clarified its ultra-thin PCB fiberboard is not an electronic component. The real estate sector rallied, with Huayuan Holdings and China Enterprise hitting limit-up, and Vanke A nearly limit-up, as Shanghai's secondary housing transaction volume hit a post-2026 half-year daily high. Glass substrate concept stocks rose after BOE's chairman announced over 80 billion yuan in R&D spending over five years and plans for glass-based perovskite and packaging production lines. Auto and yellow wine sectors also saw gains.
Read sourceChina Stocks Mixed; New IPO Soars Over 600%, PCB Concept Stocks Rally, Property Sector Rises
On September 23, A-share major indices were mixed in early trading, with the Shanghai Composite, Shenzhen Component, and ChiNext Index slightly down while the Sci-Tech Innovation Composite edged up. Two newly listed stocks from the previous day, Zhongsu Co. and Century Digital, saw sharp declines after opening, following Zhongsu's warning about high valuation and volatility risk. A new IPO, Kaida Heavy Industry, surged over 600% on its Beijing Stock Exchange debut, becoming the year's cheapest new stock at 4.26 yuan per share. PCB concept stocks remained active, with Daya Shengxiang hitting its fourth consecutive daily limit-up, though the company clarified its products are not PCB components. The property sector also rallied on news that Shanghai's second-hand home sales on September 19 hit a daily record high since the second half of 2026, with September cumulative sales up 28% year-on-year. Separately, BOE announced at its global innovation conference that it will invest over 80 billion yuan in R&D and over 800 billion yuan in procurement over the next five years, with plans to finalize investment in two production lines for glass-based perovskite devices and glass-based packaging substrates within the next year.
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China stocks dip on shrinking volume; PCB, glass substrate concepts rally
Chinese stock markets experienced a slight decline in early trading on September 23, with the Shenzhen Component Index and ChiNext Index opening higher but closing lower. The combined half-day turnover of Shanghai and Shenzhen markets reached 1.16 trillion yuan, a decrease of 269.2 billion yuan from the previous trading day. Over 3,500 stocks fell. The PCB (Printed Circuit Board) sector strengthened, with Daya Shengxiang hitting its fourth consecutive daily limit-up, following a 10% price increase announcement for copper-clad laminates by Jiangxi Hongruixing Technology Co., Ltd. on September 22, continuing a raw material price hike trend. The glass substrate concept also rose, driven by BOE Chairman Chen Yanshun's announcement at the 2026 BOE Global Innovation Partner Conference that the company will invest over 80 billion yuan in R&D and over 800 billion yuan in procurement over the next five years, with plans to finalize investment in two mass production lines for glass-based perovskite devices and glass-based packaging carrier boards within the next year. Real estate stocks were active but showed a notable pullback, with Shanghai二手房 (second-hand housing) transactions reaching a single-day record high for the second half of 2026 on September 19. CXO and innovative drug stocks rose, supported by data showing total out-licensing deals for innovative drugs exceeded $120 billion this year, up 36% year-on-year. Market analysts suggest the cost transmission mechanism from upstream raw materials to downstream PCB manufacturers has been fully established, with the third quarter of 2026 expected to be a substantive inflection point for profit improvement across the entire industry chain.
Read sourceChina PCB Stocks Rally, New Stock Surges Over 600% on Market Debut
On September 23, A-share major indices were mixed, with the Shanghai Composite, Shenzhen Component, and ChiNext all slightly down, while the Sci-Tech Composite edged up. The PCB concept remained active, with Daya Shengxiang (000910) hitting its fourth consecutive daily limit-up. Newly listed Kaida Heavy Industry surged over 600% on its Beijing Stock Exchange debut, opening at 29 yuan per share, up 580.75% from its issue price of 4.26 yuan, making it the cheapest new stock of the year. The company is a national high-tech and 'Little Giant' enterprise specializing in metal rolling key components. The real estate sector also rallied, with World Union (002285) hitting the daily limit and My Home (000560) rising for three consecutive days, supported by Shanghai's二手房 transaction data showing a single-day record high on September 19. The glass substrate concept was active, with Woguo Optoelectronics hitting the limit up, following BOE's announcement of significant future R&D and procurement investments. Meanwhile, two stocks listed the previous day, Zhongsu Co. and Century Digital, saw sharp declines after their initial surges, with Zhongsu warning of high valuation and rapid price fluctuation risks.
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