2700亿大牛股定增落地

Core Viewpoint - The leading PCB company, Shenghong Technology, has successfully completed a private placement of 1.9 billion yuan, attracting significant interest from 270 investors, including renowned institutions like CICC and UBS, with a final issuance price set at 248.02 yuan per share, representing 113.81% of the base price [2][5][7]. Group 1: Fundraising Details - The total number of shares issued in this private placement is 7.6607 million shares, raising a total of 1.9 billion yuan, with a net amount of 1.876 billion yuan after deducting issuance costs [5]. - The pricing benchmark date for this issuance was September 8, 2025, with the issuance price not lower than 217.93 yuan per share, which is 80% of the average trading price over the previous 20 trading days [5]. - The final list of investors included 10 entities, comprising major institutions and three individual investors [7]. Group 2: Market Demand and Supply - The demand for high-end PCBs remains relatively tight, particularly in the context of the AI era, where multi-layer and high-density interconnect (HDI) technologies are essential [8][9]. - According to Prismark, the compound annual growth rate for AI PCBs is projected to be around 20% over the next five years, driven by advancements in AI computing, AI servers, AI mobile devices, humanoid robots, and autonomous driving [9]. - The industry is experiencing a sustained increase in demand for high-end capacity, with supply for high-end products remaining constrained [9]. Group 3: International Expansion - Shenghong Technology is leveraging a dual approach of domestic and international factory construction and mergers to establish a global operational network focused on high-end manufacturing and customer service [10]. - The domestic production lines are centered around the headquarters in Huizhou, integrating R&D, advanced manufacturing, and technical services, with a focus on high multi-layer PCBs and high-end HDI products [10]. - The company is also investing in multiple production lines in Thailand and Vietnam to expand high-end capacity, aiming to meet diverse global customer needs and significantly enhance global delivery capabilities [10].