New Stock News | Qunze Technology Submits Application to Hong Kong Stock Exchange to Become Mainland China's Second Largest IC Listing Company by 2025.

According to the disclosure made by the Hong Kong Stock Exchange on June 8, Suzhou Qunze Technology Co., Ltd. (referred to as Qunze Technology) has submitted its application to the Hong Kong Stock Exchange main board, with CITIC SEC as its sole sponsor. Company Overview According to the prospectus, Qunze Technology is a leading IC carrier board supplier for advanced IC packaging in Mainland China, focusing on the research and development, production, and sales of IC carrier boards. According to data from Frost & Sullivan, based on revenue, Qunze Technology is the largest IC carrier board company in the Mainland China's FCBGA carrier board market and FCCSP carrier board market for the year 2025, with market shares of 25.3% and 13.4% respectively; based on revenue, Qunze Technology is also the second largest IC carrier board company in Mainland China for the year 2025, with a market share of 12.5%. Qunze Technology's parent company, Taiwan Xinxiang Electronics, entered the IC carrier board market in 1997 and has been deeply involved in the IC carrier board industry for nearly 30 years, possessing profound professional strength. As a globally leading IC carrier board company, Taiwan Xinxiang Electronics has been ranked first in the world by revenue for many consecutive years. Qunze Technology's Suzhou production base is the first manufacturer in Mainland China to have complete, comprehensive IC carrier board production capabilities at a single production base, capable of producing a full range of FCBGA carrier boards, FCCSP carrier boards, and CSP carrier board products, facilitating customer procurement and the development of new products with composite technologies. Qunze Technology's Huangshi production base is responsible for the front-end production processes of FCBGA carrier boards, supporting the production operations of the Suzhou production base; Qunze Technology has also built a third advanced intelligent manufacturing plant in Kunshan. According to data from Frost & Sullivan, Qunze Technology is the first enterprise focused on assisting Mainland Chinese customers in achieving mass production of FCBGA carrier boards. Qunze Technology's IC carrier boards are divided into three categories: FCBGA carrier boards, FCCSP carrier boards, and CSP carrier boards. During the past reporting periods, the company's revenue mainly came from the sales of FCBGA carrier boards. Qunze Technology's Suzhou production base covers an area of over 174,000 square meters, including a FCCSP/CSP carrier board production facility and two FCBGA carrier board production facilities. Qunze Technology's Huangshi production base covers an area of over 50,000 square meters, mainly responsible for the front-end production process of FCBGA carrier boards to support the production operations of the Suzhou base. Qunze Technology manufactures products along two main production lines: one production line is used for producing FCBGA carrier boards, and the other production line is used for producing FCCSP carrier boards and CSP carrier boards. Due to the different technical characteristics and specifications of the products, the production equipment between the FCCSP/CSP carrier board production facility and the FCBGA carrier board production facility is not interchangeable. The company's main production equipment includes chemical copper plating production line equipment, photolithographic direct imaging exposure equipment, vertical continuous copper plating production line equipment, solder ball mounting equipment, and electronic testing equipment. Financial Information Revenue In the fiscal years of 2023, 2024, and 2025, the company achieved revenues of approximately RMB 2.794 billion, RMB 3.659 billion, and RMB 3.603 billion respectively. Gross Profit Margin In the fiscal years of 2023, 2024, and 2025, the company's gross profit margin was approximately 33%, 38.4%, and 31.2% respectively. Net Profit In the fiscal years of 2023, 2024, and 2025, the company recorded net profits of approximately RMB 686 million, RMB 924 million, and RMB 647 million respectively. Industry Overview Driven by the rapid increase in AI computing power, the proliferation of advanced packaging technologies, and the demand from major end-use markets, the global IC carrier board market has maintained growth, becoming one of the faster-growing sectors in the semiconductor industry. Mainland China is one of the major demand markets for IC carrier boards globally, with market growth rates higher than the global average. With the push for self-controllable supply chains and industrial localization, the pace of domestic substitution continues to accelerate. Local manufacturers have made progress in the high-end product segments and are strengthening their position in the global supply chain through capacity expansion, technology upgrades, and quality improvement. Looking back at historical periods, both the global and Mainland China IC carrier board markets have experienced growth, with Mainland China leading in market growth rates. From 2021 to 2025, the global market size increased from RMB 102.2 billion to RMB 105.8 billion, with a compound annual growth rate of 0.9%; during the same period, the Mainland China market size increased from RMB 19.1 billion to RMB 27.5 billion, with a compound annual growth rate of 9.5%. Looking ahead to 2026 to 2030, the global market size is expected to increase from RMB 127.1 billion to RMB 198.8 billion, with a compound annual growth rate of 11.8%; while the Mainland China market size is expected to increase from RMB 33.3 billion to RMB 59.6 billion, with a compound annual growth rate of 15.7%. With continued demand expansion and the continuous improvement of the local supply system, it is expected that the growth rate of the Mainland China market will continue to exceed the global market. The Mainland China IC carrier board market overall maintains a growth trend, and the structure continues to differentiate. In terms of carrier board types, FCBGA carrier boards show the most significant growth among the main carrier board types, with the market size increasing from RMB 4.1 billion in 2021 to RMB 7.7 billion in 2025, with a compound annual growth rate of 17.0%. The market size of FCBGA carrier boards is expected to further increase to RMB 23.9 billion by 2030, with a compound annual growth rate of 25.4% from 2026 to 2030. The FCCSP carrier board market size increased from RMB 6.0 billion in 2021 to RMB 9.1 billion in 2025, with a compound annual growth rate of 10.8% from 2021 to 2025; it is expected to rise to RMB 18.8 billion by 2030, with a compound annual growth rate of 13.9% from 2026 to 2030. The CSP carrier board market size increased from RMB 6.4 billion in 2021 to RMB 7.4 billion in 2025, with a compound annual growth rate of 3.8% from 2021 to 2025; it is expected to grow to RMB 11.5 billion by 2030, with a compound annual growth rate of 7.4% from 2026 to 2030. Driven by the fast growth of FCBGA carrier boards, the structure of the Mainland China IC carrier board market is expected to tilt towards higher-end carrier board products, with the feature of structural upgrading becoming more prominent. Board of Directors The company's board of directors is currently composed of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. The board of directors is responsible for the management and operation of the company's business and possesses related general powers. The term of office for the company's directors is three years, with the possibility of reelection. Equity Structure Taiwan Xinxiang Electronics, UniBest, Hemingway, UMTC, UniWonderful, UHL, and Suzhou Qunye will be the controlling shareholders of the company. UHL is held approximately 89.43% by Taiwan Xinxiang Electronics and approximately 10.57% by LDTaiwan. UniBest Holding Limited, a limited liability company established in Samoa on January 5, 2009, is a wholly-owned subsidiary and controlling shareholder of Taiwan Xinxiang Electronics. Intermediary Team Sole Sponsor: CITIC SEC Company Legal Advisors: Law Firm of Joint Effort, Jun Tian Cheng Law Firm, Holman Fenwick Willan LLP, PwC Legal Services Sponsor Legal Advisors: Law Firm of Ouwah, Tongshang Law Firm Auditors and Reporting Accountants: KPMG Certified Public Accountants Independent Industry Consultant: Frost & Sullivan (Beijing) Co., Ltd. Shanghai Branch Compliance Advisors: Borsam Finance Ltd.