Microcap Technology Submits Registration for ChiNext IPO, a Leading Domestic MLCC Manufacturer

On November 2, the IPO review status of Guangdong Weirong Electronic Technology Co., Ltd. (Weirong Technology) on the ChiNext board of the Shenzhen Stock Exchange was changed to "Registration Submitted." Huatai United Securities is its sponsor, and it plans to raise RMB1.675 billion. According to the prospectus, since its establishment in 2017, Weirong Technology has been dedicated to the R&D, innovation, and large-scale production of MLCC products and has grown into a leading domestic MLCC manufacturer. Weirong Technology's main business is the R&D, production, and sales of high-end MLCCs featuring miniaturization, high capacitance, and high reliability, and it is committed to providing customers with high-performance MLCC products. MLCCs, as passive components that perform core functions such as filtering, decoupling, bypassing, coupling, energy storage, and oscillation in electronic circuits, are known as the "rice of the electronics industry." The company's MLCC products come in a wide range of models and cover broad application scenarios, spanning consumer electronics, industrial equipment led by AI servers, and automotive electronics, providing important support for downstream industries' technological upgrading and large-scale development amid the AI wave. According to Frost & Sullivan data, based on 2025 MLCC operating revenue, the company ranks 3rd among mainland Chinese manufacturers. The company has also received high recognition from relevant industry associations and departments. Since 2021, it has been rated for five consecutive years by the China Electronic Components Association as one of the "Top 100 Backbone Enterprises in China's Electronic Components Industry," and it was selected by the Guangdong Provincial Department of Industry and Information Technology as a "Guangdong Provincial Manufacturing Single Champion Enterprise." The company's products adopt a sales model of "direct sales as the main channel, distribution as a supplement," and its distribution model is buyout sales. During the reporting period, the company's top five customers included Company A, United Wireless, Huaqin Co., Ltd., Hon Hai Precision, and Xiaomi, among others. The company's major customers include globally renowned technology brand enterprises, global leaders in the ODM/OEM field, and professional distributors of electronic components. Leveraging long-term technological accumulation and continuous innovation, the company has built a full-chain technical capability system covering key areas such as functional ceramic material formulation, product structure design, nano-powder dispersion, ultra-thin ceramic film forming, precision pattern printing, high-precision stacking and lamination, and rapid co-firing of thin-dielectric ceramics and metal electrodes. Its overall technical strength is at the industry-leading level. In terms of financials, for the years 2023, 2024, and 2025 and the January-June period of 2026, the company achieved operating revenue of RMB1.041 billion, RMB1.512 billion, RMB1.845 billion, and RMB1.009 billion, respectively; over the same periods, it recorded net profit of RMB57.4143 million, RMB235 million, RMB269 million, and RMB120 million, respectively.