
Core Viewpoint - Xinqiang Electronics (Qingyuan) Co., Ltd. has submitted an application for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise approximately 962 million yuan for the expansion of high-density interconnect printed circuit board projects [1][3]. Company Overview - Established in August 2005, Xinqiang Electronics is located in Qingyuan, Guangdong Province, with a registered capital of approximately 459 million yuan [3]. - The main shareholders include YU FAMILY HOLDING PTE. LTD. and XINLI Investment (Shenzhen) Partnership [3]. Shareholding Structure - In December 2022, AKO BVI transferred its 100% stake in Xinqiang Electronics to its wholly-owned subsidiary YU FAMILY for approximately 88.14 million USD [5]. - The company underwent a capital increase in June 2023, introducing two new shareholders, Xincheng Investment and Xinli Investment, each contributing 1 million yuan [5]. - By May 2025, YU FAMILY transferred shares to Xincheng Investment, Xinli Investment, and Jinyou Company for employee incentives, with a total valuation of 1.285 billion yuan [6]. Business Operations - Xinqiang Electronics specializes in the R&D, production, and sales of printed circuit boards, including rigid boards, HDI boards, flexible boards, and rigid-flex boards, with applications in storage, communication, and consumer electronics [9]. Financial Performance - Revenue for 2022, 2023, and 2024 was approximately 869 million yuan, 1 billion yuan, and 999 million yuan, respectively, with net profits of approximately 86.01 million yuan, 131 million yuan, and 168 million yuan [9]. - The total assets as of December 31, 2024, were approximately 1.111 billion yuan, with a debt-to-asset ratio of 24.97% [10]. - The company has consistently paid cash dividends, amounting to 90 million yuan in 2022 and 90.56 million yuan in 2023 [10].