Shengxin Technology Completes Hong Kong IPO, Receives 295.6x Oversubscription

Gate News message, April 16 — Shengxin Technology (02476), a major supplier of advanced artificial intelligence and high-performance computing PCBs for companies including NVIDIA, completed its Hong Kong IPO subscription period on April 16. The company received HK$518.89 billion in margin financing, achieving an oversubscription rate of 295.6 times based on the public offering portion of HK$17.49 billion.

The company plans to issue 83.348 million H shares, with 10% allocated for public offering at a price not exceeding HK$209.88 per share, targeting maximum capital raised of HK$17.49 billion. Each lot consists of 100 shares with an entry fee of approximately HK$21,199.7. The company is expected to list on April 21, with JPMorgan, CITIC Securities International, and GF Securities serving as joint sponsors.

Shengxin Technology secured notable cornerstone investors including CPE Rosewood, Janchor Fund, Foresight, HHLRA, Pinpoint, Sunshine Insurance, Yongcong Asset Management, Huizhou Huilian, HK Greenwoods, Harvest International, Cloudview, Xinyue Investment, Tianhong Fund, Name Creator Group Chairman Ye Guofu, Singularity Asset, Everbright Wealth Management, Jump Trading, Luhua Daosheng, Mirae Asset, Panjing Fund, WSOF, Black Dragon, and Huaqin Singapore, with collective subscriptions totaling approximately $1 billion.

According to prospectus disclosures, Shengxin Technology possesses manufacturing capability for over 100-layer high-multilayer PCBs and was among the first globally to achieve mass production of 6-order 24-layer HDI products, as well as 10-order 30-layer HDI and 16-layer Any-layer HDI technologies. These capabilities position the company to deliver ultra-complex, high-density PCBs for cutting-edge AI and high-performance computing applications.

Based on 2024 and first-half 2025 sales revenue, Shengxin Technology ranks as a leading supplier of advanced AI and high-performance computing PCB products. The company focuses on research, development, production, and sales of high-order, high-density interconnect (HDI) and high-multilayer PCB (MLPCB) products. According to Frost & Sullivan data, in the first half of 2025, the company held 13.8% market share in AI and high-performance computing PCB revenue, ranking first globally. In 2024, it ranked seventh globally with 1.7% market share. Core applications include AI computing cards, servers, AI servers, data center switches, and universal substrates.