Shenzhen Kinwong Electronic Co., Ltd.

景旺電子

📊 Valuation Analysis

💰 Financial Summary (FY2025)

Financial figures are in RMB (some companies report in another currency per the prospectus; see the notes below).

📝 Key Notes

A+H listing (Shanghai Stock Exchange 603228, A shares listed January 2017). A printed circuit board (PCB) manufacturer whose range spans single-sided and double-sided PCB, multilayer PCB, HDI PCB, flexible printed circuits (FPC) and MPCB/rigid-flex boards, serving automotive electronics, communications and data infrastructure, smart devices, industrial control and medical equipment. By 2025 revenue it ranks first among global automotive electronics PCB suppliers (10.6% share) and eleventh among all global PCB suppliers (2.5%) per CIC. FY2025 revenue RMB15,308.1m (+20.9%), gross margin 21.6% and profit for the year RMB1,244.0m; for the four months ended 30 April 2026, revenue RMB5,341.4m (+17.8%) and profit RMB316.9m (-25.3%) with gross margin easing to 18.7%. Offer period 9/21-9/24, global offering of 72,944,300 H shares, board lot 100 shares, entry cost HK$7,058.47; at the maximum price gross proceeds are about HK$5.097bn and net proceeds about HK$4.961bn, with cornerstone investors subscribing about US$310m (about HK$2,431m, 34,788,400 shares, 47.69% of the global offering). Post-listing issued shares total 1,074,268,341 (1,001,324,041 A shares plus 72,944,300 H shares); unaudited pro forma adjusted net tangible assets per share HK$18.80. The blended A+H market capitalisation is about HK$120.8bn at the current A-share price (RMB107.45).

🏢 Company Profile

Shenzhen Kinwong Electronic Co., Ltd. manufactures printed circuit boards (PCB), including single-sided and double-sided PCB, multilayer PCB, HDI PCB, flexible printed circuits (FPC) and other PCB such as MPCB and rigid-flex boards, for end markets spanning automotive electronics, communications and data infrastructure, smart devices, industrial control and medical equipment. PCB provide electrical connection and mechanical support between electronic components and are different products from end devices and semiconductor chips. By 2025 revenue the company ranks first among global automotive electronics PCB suppliers (10.6% share) and eleventh among all global PCB suppliers (2.5%); the world's top fifteen PCB suppliers together held 48.9% of 2025 revenue, indicating a relatively fragmented and highly competitive industry. Designed capacity was 12.91m square metres in 2025 with utilisation of 93.2%. Its A shares have been listed on the Main Board of the Shanghai Stock Exchange since January 2017 (603228); this transaction is an H-share global offering and Hong Kong listing, and the two markets differ in trading currency, price and trading arrangements.