Chaoying Electronics Files for Hong Kong IPO: No.1 in Automotive HDI Boards Globally, but Posts Loss in H1 2026

Published Sep 21, 12:13 PM UTC

Chaoying Electronics Circuit Co., Ltd. (603175.SH), a high-end printed circuit board (PCB) manufacturer, has submitted an application to the Hong Kong Stock Exchange for a main board listing, with CICC and Guolian Securities International as joint sponsors. According to its prospectus, the company is a leading global supplier of automotive PCBs, with production bases in Huangshi and Kunshan, China, and a strategic overseas facility in Thailand. Its products include double-sided, multi-layer, and high-density interconnect (HDI) boards serving automotive electronics, data storage, communications, and AI server applications. Citing a Frost & Sullivan report, the company ranked first globally in the automotive HDI board market by revenue in the first half of 2025 and 2026, and third in the memory module PCB and AI data storage PCB markets. For the six months ended June 30, 2026, the company reported revenue of approximately 2.912 billion yuan and a net loss of 191 million yuan, compared to a profit of 231 million yuan in the same period of 2025. The global PCB market is projected to grow from $102 billion in 2026 to $144.6 billion by 2030, driven by communications, AI servers, and data storage.

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