Mankun Technology Says Thailand Factory to Begin Phased Production in 2027
Mankun Technology (301132) announced on September 22 a plan to issue convertible bonds worth up to 760 million yuan to fund a high-end PCB production base in Prachinburi Province, Thailand (470 million yuan) and a smart upgrade at its Ji'an base (290 million yuan). The Thailand facility, operated by subsidiary Thai Taikun, targets AI server, EV, and robotics orders with an expected annual capacity of 1.1 million square meters. The company disclosed on September 17 that the Thailand plant is expected to begin phased production in 2027.
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Mankun Technology Plans Thailand PCB Plant, Smart Upgrade via Convertible Bond Issue
Mankun Technology (301132) announced on September 22 a plan to issue convertible bonds worth up to 760 million yuan. The funds will primarily finance two projects: a high-end printed circuit board (PCB) production base in Thailand, with an investment of 470 million yuan, and an intelligent and digital upgrade project at its Ji'an base, costing 290 million yuan. The Thailand facility, to be implemented by subsidiary Thai Taikun, targets overseas orders in new energy vehicles, AI servers, robotics, and high-speed communications, with an expected annual capacity of 1.1 million square meters of high-end PCBs. The company stated that after the project reaches full production, the combined share of six-layer boards and HDI boards will reach 67.27%, up from 22.22% in 2025, enabling capacity synergy with its Jiangxi base. Thai Taikun has received a BOI investment promotion certificate, granting up to eight years of corporate income tax exemption. The smart upgrade project aims to improve production efficiency and precision through automation and digital systems. The article notes that Mankun's capacity utilization ranged from 76.77% to 90.95% between 2023 and the first half of 2026, considered high in the industry. The analyst (虢风) views the two projects not as mere capacity additions but as strategic capital expenditures to enhance competitiveness and growth, with the convertible bond providing flexible long-term funding.
Mankun Technology Expands Overseas via Convertible Bonds, Upgrades Domestic Smart Manufacturing
Mankun Technology, a Chinese PCB manufacturer, is issuing convertible bonds to fund two major projects: a 470 million yuan high-end PCB production base in Thailand, operated by subsidiary Thai Mankun, targeting the new energy vehicle and robotics sectors; and a 290 million yuan smart manufacturing and digital upgrade at its Ji'an base in China. The Ji'an facility, operated by the parent company, will introduce high-automation equipment and digital management systems to improve efficiency and precision. The company's capacity utilization ranged from 76.77% to 90.95% between 2023 and the first half of 2026, considered high in the industry despite some fluctuation due to new plant ramp-up. The article, sourced from Securities Times, frames the convertible bond issuance not as a simple capacity expansion but as a strategic capital expenditure to enhance long-term competitiveness and align with growing demand for high-end PCB products, while preserving future equity conversion flexibility.
Read sourceMankun Technology Plans Up to 760 Million Yuan Convertible Bond for Thailand Factory Project
Mankun Technology (Shenzhen) Co., Ltd. announced plans to issue convertible bonds to raise up to 760 million yuan, with proceeds primarily funding a printed circuit board (PCB) production base project in Prachinburi Province, Thailand. The bonds will be offered first to existing shareholders on a pro-rata basis (0.051521 bonds per share) as of September 24, 2026, with the remainder sold to the public via the Shenzhen Stock Exchange on September 28, 2026. Any undersubscribed portion will be underwritten by the lead underwriter. The company stated that the Thailand facility, located in the Eastern Economic Corridor, will leverage local resource advantages, tariff benefits, and trade facilitation policies to deepen cooperation with core clients and explore new strategic opportunities. Mankun Technology specializes in high-precision PCBs for automotive electronics, consumer electronics, and communications. It has been ranked among China's top 100 PCB companies by the China Printed Circuit Association for 12 consecutive years, placing 48th in 2025.
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Mankun Technology Uses Convertible Bonds for Overseas Expansion and Domestic Smart Upgrade
Mankun Technology (301132) announced on September 22 evening the issuance of convertible bonds, aiming to raise up to 760 million yuan. The funds will primarily finance a high-end printed circuit board (PCB) production base project in Thailand and an intelligent and digital upgrade project. The Thailand project, with an investment of 470 million yuan, will be implemented by subsidiary Thai Kun and targets new overseas orders in new energy vehicles, AI servers, robotics, and high-speed communications, with an expected annual capacity of 1.1 million square meters of high-end PCBs. The domestic project, investing 290 million yuan, will upgrade the Ji'an base with automated equipment and digital systems to improve efficiency and precision. The company, a 12-time consecutive top-100 PCB enterprise in China, aims to shift from product export to industrial export, leveraging Thailand's BOI tax incentives and domestic manufacturing upgrades to enhance competitiveness and growth.
Read sourceMankun Technology's Thailand PCB Plant to Begin Phased Production in 2027, Driven by AI Demand
According to institutional investor research meeting minutes disclosed by Mankun Technology (301132) on September 17, the company is advancing infrastructure construction at its Thailand plant, which is expected to commence phased production starting in 2027. The plant will meet customer demand for high-layer-count PCBs used in AI server power supplies, improve the layout of overseas production bases, and strengthen core competitiveness. The company reports that AI server power supplies are a core incremental segment in the power component market, driven by explosive growth in AI computing power demand. Mankun has achieved mass production of high-layer-count PCB products for power supplies in 3,300W, 4,200W, and 5,500W specifications. Automotive electronics is also a key strategic focus, with the company building a high-end PCB product matrix covering vehicle powertrain control, millimeter-wave radar, battery management systems, and ADAS domain controllers. The company's three-step HDI automotive domain controller boards have secured important designated projects. Proceeds from a convertible bond issuance are intended for the Thailand production base and a digital transformation upgrade project.
Mankun Technology's Thailand Factory to Begin Phased Production in 2027
Shanghai Securities News reports that Mankun Technology, benefiting from explosive AI computing power demand, has secured orders for high-multilayer PCBs for AI server power supplies in 3300W, 4200W, and 5500W specifications. The company's product matrix also covers automotive electronics, including electronic control units, thermal management, smart cockpits, and intelligent driving PCBs. Its three-step HDI automotive domain controller board has won key designated projects, strengthening its position in high-end automotive PCBs. The company plans to use proceeds from a convertible bond issuance to invest in a Thailand High-End Printed Circuit Board project, with the Thailand factory expected to begin phased production in 2027.
Read sourceMankun Technology Says Thailand Factory to Begin Phased Production in 2027
On September 17, Mankun Technology (301132.SZ) announced during an institutional investor research visit that its Thailand factory is expected to begin phased production in 2027, contingent on the actual construction and commissioning schedule. The company stated that the gradual development of the Thailand facility is intended to meet customer demand for high-layer-count printed circuit boards (PCBs) used in AI server power supplies. Additionally, the project aims to optimize the layout of the company's overseas production bases and strengthen its core competitiveness. The announcement provides a forward-looking timeline for the company's international expansion strategy in the electronics manufacturing sector.
Read sourceMankun Technology Says Thailand Factory to Begin Phased Production in 2027
Mankun Technology (301132) announced during an institutional investor research visit that its Thailand factory is expected to begin phased production in 2027, according to a report by People's Finance News on September 17. The company stated that the exact timing will depend on actual construction and commissioning progress. The gradual development of the Thailand facility is intended to meet customer demand for high-layer-count printed circuit boards (PCBs) used in AI server power supplies. The company also noted that the project will enhance the layout of its overseas production bases and strengthen its core competitiveness.