Zheng Quan Zhi Xing·2025-08-26 11:21Summary of Key Points Core Viewpoint The article discusses the changes and delays in the fundraising investment projects of Guangdong Shiyun Circuit Technology Co., Ltd. The company plans to redirect part of its raised funds to a new high-precision printed circuit board project while extending the completion timelines for existing projects. Group 1: Fundraising Overview - The company raised a total of RMB 179,305.65 million by issuing 117,964,243 shares at RMB 15.20 per share, with net proceeds amounting to RMB 177,700.23 million after deducting various fees [1][2][3] - As of June 30, 2025, the total investment commitment for the projects is RMB 184,975.51 million, with RMB 54,940.42 million already invested, leaving a remaining balance of RMB 122,759.81 million [3][4] Group 2: Changes in Investment Projects - The company intends to change the allocation of uninvested funds from the "Heshan Shimao Electronics Technology Co., Ltd. new construction project" to a new high-precision printed circuit board project, with a total investment of RMB 112,649.78 million [4][5][6] - The completion date for the original project has been extended from December 2025 to June 2027, while the new project is expected to be operational by December 2026 [5][6] Group 3: Reasons for Changes and Delays - The changes are driven by strategic adjustments and market conditions, including the need for an overseas production base to meet international market demands and enhance supply chain security [9][10] - The company aims to improve its production capacity and efficiency by investing in advanced production equipment and attracting high-end talent [8][9] Group 4: New Project Details - The new project will focus on high-density and multi-layer printed circuit boards, with an investment of RMB 52,000.00 million from the raised funds [10][11] - The project is expected to generate annual sales revenue of RMB 71,964.00 million and a net profit of RMB 12,085.43 million upon reaching full capacity [17][18] Group 5: Market Outlook - The global PCB industry is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, reaching a market value of USD 94.7 billion by 2029 [12][18] - The demand for PCBs is expected to increase significantly due to advancements in artificial intelligence and the automotive sector, particularly for high-density interconnect (HDI) boards [18][19]