New stock news | Wus Printed Circuit (002463.SZ) submits again to the Hong Kong Stock Exchange, providing PCB solutions for the data communication field.

According to the disclosure on the Hong Kong Stock Exchange on June 5th, Wus Printed Circuit (002463.SZ) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CICC and HSBC acting as joint sponsors. The company had previously submitted a listing application to the Hong Kong Stock Exchange on November 28, 2025. Company Profile According to the prospectus, Wus Printed Circuit is a leading global provider of PCB solutions in the field of data communication. The company develops, manufactures, and sells various PCB products. The data communication and smart automotive fields continue to show growth momentum, with the company's products being key components in these application areas. The demand for AI-driven data centers is booming, especially in the areas of high-performance computing and data interconnection applications, which have become the core engines driving the company's performance growth. Additionally, the rapid development of electrification, smartification, and networking in the automotive industry also injects momentum for long-term growth in the intelligent automotive field. The breakdown of revenue by application area is as follows: With the continuous iteration of generative AI large models, the accelerated construction of global smart computing centers and data communication infrastructures, and the rapid penetration of new energy and intelligent connected vehicle industries, global leading customers are increasingly demanding high-performance, high-reliability, and high-frequency PCB products. The company has been deeply involved in the high-end PCB field for many years, mainly competing with global top manufacturers with high-end PCB research and large-scale production capabilities, focusing on high-end PCB manufacturers for core applications such as high-speed network switches and routers, AI servers, HPC, and smart cars. The company collaborates with end customers to develop and manufacture PCBs for their applications. The company is involved in the entire product development process of end customers to address technical challenges such as signal integrity, thermal management, and dimensional stability. The high-performance and high-reliability PCB solutions provided by the company can meet the customized needs of customers and are a key factor in ensuring the reliable and stable performance of end customer products. With core technological strength, the company can develop and customize high-performance and high-reliability PCBs to meet the changing needs of customers. The company's core technologies include high-layer board technology, high-frequency high-speed circuit board technology, HDI technology, and high current flow technology. 32 layers and above: The company's most complex PCBs are mainly developed for high-performance and high-reliability data center applications and AI infrastructure, and are mainly used for 800G and 1.6T high-speed network switches, routers, AI servers, and semiconductor simulation and verification systems. 22 to 30 layers: These PCBs are mainly used in 400G switches, routers, and AI servers. 10 to 20 layers: These include: (i) data communication, such as general servers, data storage, and 5G base station components; and (ii) smart cars, especially advanced automotive electronic systems, including smart cabins and autonomous driving control units. 8 layers and below: These PCBs are used in (i) automotive systems, such as power system controllers, body controllers, millimeter-wave radar, lighting, and brake systems; and (ii) data communication hardware, such as 5G base station antennas and power amplifiers and expansion cards. Financial Data Revenue: For the financial years ending in 2023, 2024, 2025, as well as for the three months ending on March 31, 2026, the company achieved revenues of approximately RMB 8.938 billion, RMB 13.342 billion, RMB 18.945 billion, RMB 4.038 billion, and RMB 6.214 billion, respectively. Profit: For the financial years ending in 2023, 2024, 2025, as well as for the three months ending on March 31, 2026, the company recorded operating profits of approximately RMB 1.757 billion, RMB 3.059 billion, RMB 4.438 billion, RMB 0.905 billion, and RMB 1.417 billion, respectively. Gross Margin: For the financial years ending in 2023, 2024, and 2025, the company's gross margins were 28.4%, 31.7%, and 33.8% respectively. Industry Overview In terms of sales revenue, the global PCB market size increased from $80.9 billion in 2021 to $85.2 billion in 2025, with a compound annual growth rate of 1.3% from 2021 to 2025. This period of growth was mainly driven by the cyclical recovery of the consumer electronics industry, combined with the breakthroughs in AI technology, upgrades in high-speed network infrastructure, and the proliferation of intelligent automotive technologies, bringing sustained momentum. These driving factors further promote the development of the entire industry. In 2023, amid global macroeconomic fluctuations and adjustments in the industry chain inventory cycle, the global PCB market experienced a short-term downturn in sentiment, and the industry simultaneously completed optimization and clearing of production capacity and supply-demand structure. With the gradual recovery of the global economy and the continuous penetration of high-growth applications such as data communication and smart automotive technologies, it is expected that the global PCB market will achieve stable growth from 2025 to 2030, with a compound annual growth rate of 7.7%. In terms of product categories, in 2025, in terms of sales revenue, the market sizes of global single-sided and double-sided PCBs, multi-layer PCBs, FPCs, HDIPCBs, and packaging substrates were $8.4 billion, $33.2 billion, $12.9 billion, $15.8 billion, and $14.9 billion, respectively. The demand for AI-driven data communication infrastructure continues to grow, as levels of electrification, intelligence, and networking in automobiles increase, along with the expansion of emerging application areas, providing continuous development opportunities for the industry. By 2030, the market sizes of global single-sided and double-sided PCBs, multi-layer PCBs, FPCs, HDIPCBs, and packaging substrates are expected to reach $9.7 billion, $48.6 billion, $15.5 billion, $24.5 billion, and $25.0 billion, respectively. In terms of sales revenue, the global multi-layer PCB market size increased from $30.5 billion in 2021 to $33.2 billion in 2025, with a compound annual growth rate of 2.1% from 2021 to 2025, and is expected to reach $48.6 billion by 2030. The compound annual growth rate from 2025 to 2030 is projected to be 8.0%. The market sizes for multi-layer PCBs with eight layers and below, 10 to 20 layers, 22 to 30 layers, and 32 layers and above in 2025 were $16.8 billion, $11.5 billion, $3.4 billion, and $1.5 billion, respectively, and are expected to reach $19.7 billion, $16.0 billion, $8.2 billion, and $4.9 billion by 2030. In terms of market share based on the number of layers, the global multi-layer PCB market in 2025 was mainly made up of multi-layer PCBs with eight layers and below, accounting for 50.6% of the total sales revenue from multi-layer PCBs globally. Next are multi-layer PCBs with 10 to 20 layers, accounting for 34.6% of the total sales revenue, while 22 to 30 layers and 32 layers and above multi-layer PCBs account for 10.3% and 4.5% respectively. Board of Directors Information The board of directors consists of eleven members, including five executive directors, two non-executive directors, and four independent non-executive directors. Ownership Structure While Mr. Wu Ligang was alive, the legal ownership of Bijing Holdings was divided between Mr. Wu Ligang, Ms. Chen Meifang, Mr. Wu Chuanbin, and Mr. Wu Chuanlin, with 25%, 25%, 35%, and 15% respectively. After Mr. Wu Ligang's death in April 2024, according to the inheritance agreement, Ms. Chen Meifang, Mr. Wu Chuanbin, and Mr. Wu Chuanlin legally owned 38.75%, 41.25%, and 20% of Bijing Holdings respectively. As of the most recent practicable date, Hopu Friends Union was legally owned by Mr. Wu Chuanbin and Ms. Mo Yue'e, an independent third party, at 75.82% and 24.18% respectively. Taiwan Nanzi Electric was founded by the Wu Ligang family, but the Wu Ligang family no longer controlled Taiwan Nanzi Electric after 2009. As of the last practical date, there were no members of the Wu Ligang family holding any shares in Taiwan Nanzi Electric. As of the last practicable date, Jiangsu Shengwei Ce was 99% owned by the Group and 1% by Schweizer, which the Group owned 19.74% of. On November 20, 2025, the Board of Directors resolved to purchase an additional 15% of the equity in Jiangsu Shengwei Ce from Schweizer. The aforementioned equity purchase was completed on November 25, 2025, with Jiangsu Shengwei Ce being 99% owned by the Group and 1% by Schweizer. As of the last practicable date, Wus Thailand was 99% owned by the Group and 1% owned by Wus Printed Circuit (Singapore) Pte. Ltd. (a company wholly owned by Taiwan Nanzi Electric). Advisory Team Joint Sponsors: China International Finance Hong Kong Securities Limited; HSBC Corporate Finance (Hong Kong) Limited Legal Advisors to the Company: Hong Kong and U.S. law: Paul Hastings (HK) Legal Services Partnerships Limited; Chinese law and Chinese data compliance law: T&C Law Firm; Thai data compliance law: W&W Partners (Thailand) Co., Ltd.; Taiwanese law: Zhongxin Law Firm Legal Advisors to the Joint Sponsors: Hong Kong and U.S. law: Simpson Thacher & Bartlett; Chinese law: Grandall Law Firm (Suzhou) Overseas Auditors and Reporting Accountants: PricewaterhouseCoopers Industry Consultants: Insight Industry Consultancy Limited