Mankun Technology plans to raise up to 760 million yuan via convertible bonds for Thailand PCB plant and smart upgrade

ManKun Technology (301132) announced on the evening of September 22 a series of filings, including a convertible bond issuance plan and a prospectus, aiming to raise up to RMB 760 million. The funds will be primarily allocated to a high-end printed circuit board (PCB) production base project in Thailand and an intelligent and digital upgrade project.

Company Background and Industry Position

PCB, as the core carrier for electronic components and circuit interconnection, is widely regarded as the "mother of electronic products" and an indispensable component of modern electronic information products.

According to the prospectus, ManKun Technology has been dedicated to the PCB industry since its inception, focusing on the R&D, production, and sales of PCBs. Its main products include single/double-sided and multi-layer high-precision PCBs, with a primary focus on rigid boards. The product range covers high-frequency/high-speed boards, thick copper boards, metal-based boards, high-end HDI boards, and embedded device boards. The company possesses full-process PCB production capabilities and a comprehensive service system, with stable customer resources in niche markets. Its products are sold to regions including Europe, Asia, and the Americas.

According to the industry ranking released by the China Printed Circuit Association (CPCA), the company has been listed among the "Top 100 Enterprises in China's Electronic Circuit Industry" for 12 consecutive years from 2014 to 2025. In 2025, it ranked 48th among comprehensive PCB enterprises.

Thailand High-End PCB Production Base Project

The Thailand project plans to invest RMB 470 million of the raised funds and will be implemented by ManKun Technology's subsidiary, Thailand Taikun. The project is primarily designed to undertake new overseas orders in fields such as new energy vehicles, AI servers, robotics, and high-speed communications. Upon completion, it is expected to achieve an annual production capacity of 1.1 million square meters of high-end PCBs.

According to the prospectus, after the project reaches full production, the combined capacity share of six-layer boards and above/HDI will reach 67.27%, significantly higher than the company's corresponding product share of 22.22% in 2025. This will enable capacity synergy with the company's domestic Jiangxi base.

Currently, Thailand Taikun has obtained an investment promotion certificate from the Thailand Board of Investment (BOI), entitling it to a corporate income tax exemption for up to eight years.

Intelligent and Digital Upgrade Project

Strategically aligned with the overseas capacity expansion, the intelligent and digital upgrade project aims to strengthen ManKun Technology's internal capabilities and support its global operations. This project plans to invest RMB 290 million of the raised funds.

By introducing highly automated, high-precision intelligent production equipment and digital management systems at the Ji'an base, the company will comprehensively improve production operation efficiency and product precision control. The project also includes building a digital information system and strengthening information security, providing key intelligent manufacturing support for the company's large-scale PCB production. This initiative is expected to help the company expand its market share and enhance its core competitiveness.

Capacity Utilization and Strategic Outlook

Under ManKun Technology's plan, the Ji'an base is operated by the parent company and primarily relies on the complete domestic industrial chain. From 2023 to the first half of 2026, the company's capacity utilization rates were 84.05%, 90.95%, 87.18%, and 76.77%, respectively. Considering factors such as production line scheduling, order preparation transitions, routine equipment maintenance, and the capacity ramp-up of the newly built third plant during the reporting period, the company's overall capacity utilization remains at a relatively high level within the industry.

Overall, the two major projects funded by the convertible bond issuance are not merely capacity supplements but represent capital expenditures for the company's industrial layout and capability upgrade. They align with the industry trend of continuously expanding demand for high-end products and correspond to the enhancement of the company's long-term competitiveness and growth potential. Additionally, by utilizing the convertible bond instrument to supplement medium- to long-term construction funds, the company retains the flexibility to convert bonds into equity in the future to strengthen its capital base.

(By Guofeng)