Core Viewpoint - Jingwang Electronics has officially submitted its prospectus to the Hong Kong Stock Exchange, marking the start of its A+H capital platform construction, coinciding with the booming PCB industry and the company's expansion into overseas markets [1][2][3]. Company Overview - Jingwang Electronics is the world's largest automotive electronic PCB supplier and has been deeply involved in the PCB sector for 33 years [2][3]. - The company has maintained an overseas revenue share of around 40%, with major clients including top automotive suppliers and leading AI computing companies [2][4]. Expansion Plans - To meet the increasing demand from overseas clients, Jingwang Electronics began constructing a factory in Thailand in 2023, which is expected to commence production in early 2026 [2][3]. - The funds raised from the Hong Kong listing will primarily be used to expand and upgrade production capacity, including the construction of a second phase in Thailand [3][5]. Industry Trends - The PCB industry is experiencing a significant surge in interest due to the explosive growth in AI computing and electric vehicles, with the PCB index price increasing by 144% over the year [4]. - The high-end PCB market concentration ratio (CR10) has risen from 25% in 2020 to 30% in 2024, indicating a shift towards larger players like Jingwang Electronics as smaller firms exit the market [4][5]. Financial Performance - Jingwang Electronics has reported continuous revenue growth over the past three years, with revenues of 12.659 billion and 11.083 billion yuan for the first three quarters of 2024 and 2025, respectively, reflecting year-on-year growth of 17.68% and 22.08% [4]. - The automotive electronics segment generated 5.066 billion yuan in revenue during the first three quarters of 2025, marking a year-on-year increase of 22.72% [4]. Market Outlook - The market for data infrastructure PCBs and automotive electronic PCBs is projected to grow significantly, with expected increases from $12.5 billion and $9.2 billion in 2024 to $23 billion and $12.2 billion by 2030, respectively [5]. - The industry is witnessing a capacity expansion race, with multiple PCB companies, including Jingwang Electronics, investing heavily in new facilities and upgrades to meet rising demand [5].

格隆汇1月4日丨景旺电子(603228.SH)公布，公司已于2026年1月1日向香港联合交易所有限公司（简 称"香港联交所"）递交了发行H股股票并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网 站刊登了本次发行上市的申请资料。该申请资料为公司按照香港证券及期货事务监察委员会（简称"香 港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订， 投资者不应根据其中的资料作出任何投资决定。 ...

格隆汇1月4日丨景旺电子(603228.SH)公布，公司已于2026年1月1日向香港联合交易所有限公司（简 称"香港联交所"）递交了发行H股股票并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网 站刊登了本次发行上市的申请资料。该申请资料为公司按照香港证券及期货事务监察委员会（简称"香 港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订， 投资者不应根据其中的资料作出任何投资决定。 ...

景旺电子公告，公司已于2026年1月1日向香港联合交易所有限公司递交了发行H股股票并在香港联交所 主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。 （文章来源：第一财经） ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603228 证券简称：景旺电子 公告编号：2026-001 深圳市景旺电子股份有限公司 关于向香港联交所递交 H 股发行上市的申请并刊发 申请资料的公告 深圳市景旺电子股份有限公司（以下简称"公司"）已于 2026 年 1 月 1 日向 香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股票并在 香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于同日在香 港联交所网站刊登了本次发行上市的申请资料。该申请资料为公司按照香港证券 及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和 刊发，为草拟版本，其所载资料可能会适时作出更新及修订，投资者不应根据其 中的资料作出任何投资决定。 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行上市的相 关信息而作出。本公告以及本公司刊登于香港联交所网站的申请资料均不构成也 不得视作对任何个人或实体收购、购买或认购公司本次发行上市的 H 股的要约 或要约邀请。 公司本次发行上市尚需取 ...

Core Insights - The PCB drill needle industry is experiencing growth driven by increasing demand in various applications such as consumer electronics, artificial intelligence, and new energy vehicles, with a projected global market size of 4.5 billion yuan in 2024, growing by 15.4% year-on-year [8][11] - China is a key player in the global PCB industry, with a projected market value of 41.213 billion USD in 2024, accounting for 56% of the global total, and expected to grow to 43.73 billion USD in 2025 [8][12] - The industry is undergoing consolidation and technological upgrades, with the top three companies holding a market share of 60.5% by mid-2025, indicating increasing concentration in the market [11][12] PCB Drill Needle Industry Overview - PCB drill needles are essential tools for creating holes in printed circuit boards, facilitating connections between electronic components [2][5] - The industry chain includes upstream raw materials like tungsten carbide powder and cobalt powder, midstream manufacturing, and downstream applications in sectors such as automotive, medical, and industrial [5][6] Market Size and Growth - The global PCB drill needle market is expected to reach 6.2 billion yuan by 2025, with a significant year-on-year growth of 37.8% [8][11] - In China, the PCB drill needle market is projected to grow from 2.521 billion yuan in 2024 to 3.451 billion yuan in 2025, reflecting an 18.9% increase [10][11] Industry Structure - The global PCB drill needle market is dominated by Taiwanese and Japanese companies, with local Chinese firms like Ding Tai High-Tech and Jin Zhou Precision Technology leading with market shares of 28.9% and 20.8%, respectively [12] - The industry is characterized by strong customer loyalty, as PCB manufacturers prefer to establish long-term partnerships with reliable and technologically advanced suppliers [11][12] Development Trends - There is an increasing demand for high-precision and high-performance drill needles due to the evolving requirements of downstream industries [13] - The shift towards high-frequency and composite materials in PCB substrates is driving innovation in drill needle materials and processes [14] - The trend of domestic substitution and global expansion is evident, with Chinese companies enhancing their competitiveness and exploring overseas markets [14]

智通财经获悉，据港交所1月1日披露，深圳市景旺电子股份有限公司(简称：景旺电子)向港交所主板递 交上市申请，中信证券、美银证券、国联证券国际为其联席保荐人。 公司简介 招股书显示，景旺电子(603228.SH)是以技术创新为驱动、以产品布局全面为特色的PCB产品制造商。 公司的PCB产品为汽车电子、通信与数据基础设施、智能终端、工业控制等领域的全球客户提供智能互 联基础。 公司在汽车电子PCB领域占据领先地位，并战略性重点佈局AI计算领域，形成了「1+1+N」的业务模 式，即1个支柱型业务(汽车电子)(「1」)、 1个重点发展业务(通信与数据基础设施)(「1」)和 N个高潜力 业务组合(涵盖智能终端、工业控制等)(「 N」)。 汽车电子是公司的支柱型业务领域，公司的汽车电子PCB产品广泛应用于ADAS、信息娱乐系统、车身 电子系统、电池管理系统、照明系统及充电配电系统等领域。 根据灼识咨询的资料，以2024年度收入计算，公司是全球第一大汽车电子PCB供应商，全球前十大Tier 1汽车供应商中有七家是公司的客户，公司的PCB产品已广泛应用于全球前十大汽车集团的汽车产品 中。 公司的PCB产品深度赋能汽车智能化和 ...

智通财经APP获悉，据港交所1月1日披露，深圳市景旺电子股份有限公司(简称：景旺电子)向港交所主板递交上市申 请，中信证券、美银证券、国联证券国际为其联席保荐人。 公司简介 招股书显示，景旺电子(603228.SH)是以技术创新为驱动、以产品布局全面为特色的PCB产品制造商。公司的PCB产品为 汽车电子、通信与数据基础设施、智能终端、工业控制等领域的全球客户提供智能互联基础。 公司在汽车电子PCB领域占据领先地位，并战略性重点佈局AI计算领域，形成了「1+1+N」的业务模式，即1个支柱型业 务(汽车电子)(「1」)、 1个重点发展业务(通信与数据基础设施)(「1」)和 N个高潜力业务组合(涵盖智能终端、工业控制 等)(「 N」)。 汽车电子是公司的支柱型业务领域，公司的汽车电子PCB产品广泛应用于ADAS、信息娱乐系统、车身电子系统、电池 管理系统、照明系统及充电配电系统等领域。 根据灼识咨询的资料，以2024年度收入计算，公司是全球第一大汽车电子PCB供应商，全球前十大Tier 1汽车供应商中有 七家是公司的客户，公司的PCB产品已广泛应用于全球前十大汽车集团的汽车产品中。 公司的PCB产品深度赋能汽车智能 ...

Company Overview - Shenzhen Jingwang Electronics Co., Ltd. (referred to as Jingwang Electronics) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities, Merrill Lynch, and Guolian Securities International as joint sponsors [1] - Jingwang Electronics is a PCB manufacturer driven by technological innovation, focusing on automotive electronics, communication and data infrastructure, smart terminals, and industrial control [3] - The company holds a leading position in the automotive electronics PCB sector and strategically focuses on AI computing, forming a "1+1+N" business model [3] Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenues of approximately RMB 10.757 billion, with projected revenues of RMB 12.659 billion for 2024 and RMB 11.083 billion for the nine months ending September 30, 2025 [7] - The company recorded profits of approximately RMB 911 million for 2023, RMB 1.160 billion for 2024, and RMB 960 million for the nine months ending September 30, 2025 [8] - The gross profit margins for 2023, 2024, and the nine months ending September 30, 2025, were 23.2%, 22.7%, and 21.6%, respectively [10] Market Position - Jingwang Electronics is the largest automotive electronics PCB supplier globally, with seven of the top ten Tier 1 automotive suppliers as clients [3] - The global automotive electronics PCB market is expected to grow from USD 6.5 billion in 2020 to USD 9.2 billion in 2024, with a compound annual growth rate (CAGR) of 9.2% [15] - The company ranks tenth among global PCB suppliers, with a market share of 2.3% and fourth among PCB suppliers based in mainland China [19] Industry Overview - The global PCB industry is projected to reach USD 105.2 billion by 2030, with a CAGR of 5.8% from 2024 to 2030 [12] - The smart terminal PCB sector is the largest application area within the global PCB market, expected to reach USD 37.1 billion in 2024, accounting for 49.5% of the total PCB market [17] - The demand for PCBs is anticipated to remain strong due to the acceleration of automotive electrification and AI computing needs [12]

智通财经APP获悉，据港交所1月1日披露，深圳市景旺电子股份有限公司(简称：景旺电子)向港交所主板递交上市申 请，中信证券、美银证券、国联证券国际为其联席保荐人。招股书显示，景旺电子(603228.SH)是以技术创新为驱 动、以产品布局全面为特色的全球领先PCB产品制造商。公司的PCB产品为汽车电子、通信与数据基础设施、智能终 端、工业控制等领域的全球客户提供智能互联基础。 KIN"/ONG 景旺电子 [編纂] 聯席保薦人 · [編纂]及[編纂] Shenzhen Kinwong Electronic Co., Ltd. (深圳市景旺電子股份有限公司) (於中華人民共和國註冊成立的股份有限公司) 4 中信证券 ( ) 國際設計國際 BofA SECURITIES " :[編纂]股H股(視乎[編纂]行使與否而定) [編纂]的[編纂]數目 [編纂]數目 「編纂]股H股(可予重新分配) : [編纂]數目 [編纂]股H股(可予重新分配及視乎[編 : 纂]行使與否而定) 最高[編纂] 每股H股[編纂]港元,另加1.0%經紀 : 冊金、0.0027%證監會交易徵 費 · 0.00015%會財局交易徵費及 0.00565% ...