Guangzhou Guanghe Technology Co., Ltd. (Stock Code: 1989.HK) successfully listed on the main board of the Hong Kong capital market on March 20, 2026. The company is a global leader in the manufacture of key components for computing power servers, namely PCBs. Frost & Sullivan (hereinafter referred to as "Frost & Sullivan") provides exclusive industry advisory services for the listing of Guangzhou Guanghe Technology Co., Ltd. We hereby extend warm congratulations on its successful listing.
Guangzhou Guanghe Technology Co., Ltd. (hereinafter referred to as "Guanghe Technology") successfully listed on March 20, 2026. The company plans to issue 4,600 million H shares, of which 90% will be international offerings and 10% will be public offerings. The maximum issue price per share is HK$71.88, and the net proceeds are expected to be approximately HK$3.175 billion.
During the process of listing in Hong Kong, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors to quickly understand the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange.
Frost & Sullivan has always been a leader in helping enterprises list in Hong Kong. According to LiveReport big data, from January to December 2025, as well as during the past 36 months, Frost & Sullivan provided listing industry advisory services for 82 (market share of 73%) and 180 (market share of 71%) Hong Kong IPOs, ranking first in terms of quantity, with rich industry experience and communication experience with regulatory agencies, exchanges, investment and financing institutions, and various related institutions.
PART/1
Investment Highlights
- Global leader in the manufacture of key components for computing power servers, seizing the strong growth opportunities brought about by the AI era based on its advantages;
- Long-term cooperative relationships established with leading downstream customers globally;
- Strong R&D strength and proven technical innovation capabilities;
- Customized product delivery capability with rapid response achieved through joint design and manufacturing;
- Experienced and visionary management team.
According to the Frost & Sullivan report:
- Based on the cumulative revenue of computing power server PCBs from 2022 to 2024, the company ranks third among global computing power server PCB manufacturers and first among those headquartered in Mainland China
PART/2
Global PCB Market Overview
PCB is a circuit board that forms a circuit pattern on a substrate according to a predetermined design. It is a basic component in electronic devices that carries and connects electronic components and is known as the "mother of electronic products." In terms of sales, the global PCB market size has generally shown a steady growth trend. It increased from $62 billion in 2020 to $75 billion in 2024, with a compound annual growth rate of 4.9% during this period. It is expected that in the future, with the global macroeconomic recovery and the growth of emerging applications such as data centers, AI, autonomous driving, AR/VR, etc., the global PCB market size is expected to grow steadily from 2024 to 2029, with a compound annual growth rate of 4.5%.
From a product perspective, multi-layer PCBs account for the highest proportion in the overall global PCB market. In 2024, the sales of multi-layer PCBs globally were $36.7 billion, accounting for 48.9%. With the increasing global demand for computing power, it is expected that in the future, high-density boards and HDI PCBs will become the best choice to meet the complex computing needs of modern servers due to their advantages such as high-density interconnection, high-performance data transmission, superior heat dissipation performance, high reliability, and stability. The sales of multi-layer PCBs and HDI PCBs are expected to reach $43.6 billion and $16.9 billion respectively in 2029, with a compound annual growth rate of 3.5% and 5.7% from 2024 to 2029.
From a downstream application perspective, the sales of computing scenario product PCBs reached $12.5 billion in 2024 and are expected to grow to $21 billion in 2029, making it the fastest-growing segment. During this period, the annual compound growth rate is 10.9%. The sales of industrial scenario product PCBs were $25.9 billion in 2024 and are expected to grow to $30.8 billion in 2029, with a compound annual growth rate of 3.5%. The sales of consumer scenario product PCBs are expected to increase from $36.7 billion in 2024 to $41.9 billion in 2029, with a compound annual growth rate of 2.7% during this period.
In terms of sales, the Chinese PCB market increased from $33.3 billion in 2020 to $42 billion in 2024, with a compound annual growth rate of 6.0%. In the future, the Chinese PCB market is expected to reach $50.3 billion in 2029, with a compound annual growth rate of 3.7% compared to 2024. In 2024, by downstream application, computing scenario PCBs accounted for 10.9% of the Chinese PCB market, industrial scenario PCBs accounted for 43.9%, and consumer scenario PCBs accounted for 45.2%. By product type, multi-layer boards accounted for the dominant position in the Chinese PCB market, at 58.9%, followed by HDI PCBs at 19.0%, flexible boards at 14.5%, and IC carriers at 7.5%. Further subdivided by destination, in 2024, China's PCB exports accounted for 48.0% of the market, and the remaining 52.0% were domestic sales.
PART/3
Global Competition Analysis in Computing Power Server PCB Market
Chinese computing power server PCB manufacturers are accelerating their global expansion. Regionally, manufacturers from Taiwan and Mainland China hold a leading position in the global computing power server PCB market. As the products of mainland Chinese computing power server PCB manufacturers gain recognition from overseas customers, their market share is expected to rise steadily. In recent years, the market concentration of the top five global computing power server PCB companies has been continuously increasing, rising from 28.9% in 2022 to 31.6% in 2024.
The combined market share of the top five global computing power server PCB companies is 31.3%, among which Chinese companies hold an absolute dominant position. Based on the cumulative revenue of global computing power server PCBs from 2022 to 2024, our company ranked third globally with a cumulative revenue of $8.824 billion, accounting for approximately 4.9% of the global market share. In addition, based on the cumulative revenue of global computing power server PCBs from 2022 to 2024, our company ranked first among those headquartered in Mainland China. From 2022 to 2024, globally, company A ranked first with a cumulative revenue of $20.348 billion. Based on the cumulative revenue of global computing power server PCBs from 2022 to 2024, company B ranked second with a cumulative revenue of $13.579 billion.
PART/4
Industry Drivers of Computing Power Server PCBs
Expansion of data centers drives demand growth. The acceleration of global digital transformation has pushed data center construction into a period of rapid growth, and the popularization of cloud computing, big data, the Internet of Things, and artificial intelligence applications has led to an increase in data processing demand. As the core carrier for data storage and processing, the deployment density and performance standards of servers continue to improve, driving the growth in the use of PCBs as key interconnection components. At the same time, green and low-carbon policies drive the upgrade of data center energy efficiency, increasing the demand for PCBs with high density and high heat dissipation performance.
Server platform iterations drive technological upgrades. The popularization of new-generation PCIe 5.0/6.0 protocols and high-speed communication standards pose higher requirements for PCB signal integrity. Server architectures evolve from traditional CPU-based to CPU+GPU heterogeneous computing, requiring multi-layer stack designs to achieve high-speed interconnection between chips and using extremely low-loss materials to reduce high-frequency signal attenuation. In addition, components such as AI server accelerators and switch boards drive PCB development towards precision manufacturing such as high-thickness ratio and micro-hole interconnection.
Domestic substitution accelerates the rise of local supply chains. Driven by both global supply chain security requirements and local technological breakthroughs, domestic PCB manufacturers are accelerating their capture of the high-end market. The rise of domestic computing power chips drives the migration of the supporting PCB supply chain towards localization. Domestic enterprises improve multi-layer server PCB mass production capabilities by modifying material formulas, optimizing processing technology, introducing intelligent production lines, etc., breaking foreign monopolies in the field of ultra-high boards and promoting the large-scale application of computing power server PCBs through cost advantages.
PART/5
Development Trends of the Computing Power Server PCB Industry
- Continuous product iteration and high-end development
The outbreak of AI computing power demand drives PCB technology to accelerate iteration towards high frequency, high speed, and high density. AI servers significantly increase the requirements for the number of PCB layers, signal transmission rate, and heat dissipation performance. The number of layers in mainstream AI server PCBs has increased significantly compared to traditional servers and need to support PCIe5.0/6.0 interfaces, with a significant increase in transmission rate. At the same time, extremely low-loss materials are used to reduce dielectric constant and dielectric loss. PCBs evolve towards ultra-high layers and miniaturized wiring to further improve signal integrity and power distribution efficiency.
- Global Expansion and Capacity Transfer of Domestic Enterprises
Under geopolitical pressure and cost-driven factors, Chinese PCB enterprises are accelerating their global capacity layout. In order to bypass trade barriers and reduce manufacturing costs, many PCB enterprises have established production bases in Vietnam and Thailand, forming a dual-cycle model of "domestic R&D + overseas manufacturing." At the same time, domestic enterprises are transferring their capacity overseas.
- Further Increase in Market Concentration
The industry is accelerating its concentration towards leading enterprises with high technical barriers and large-scale production. Some domestic manufacturers have broken through high-end PCB technology, such as HDI and advanced packaging substrates, gradually replacing the shares of European, American, and Japanese enterprises. In addition, the leading effect is prominent, with high-tech barriers for AI server PCBs squeezing the survival space of small and medium-sized manufacturers. Leading enterprises dominate the market with their technical reserves, customer binding, and capacity advantages.
- Intelligent Manufacturing and Process Innovation
The production of computing power server PCBs is evolving towards full-process intelligence and in-depth process innovation. With the penetration of AI algorithms, PCB manufacturers have begun using machine learning to optimize wiring schemes. The intelligent transformation of production lines has promoted a leap in precision processing capabilities, using visual inspection systems to monitor key parameters such as micro-hole accuracy and inter-layer alignment deviation in real time to ensure the stability of the yield of ultra-high boards. At the same time, process innovation focuses on core links such as ultra-thin core board lamination and high-thickness ratio drilling, breaking through the physical limits of traditional multi-layer boards and providing reliable substrate support for the next generation of computing hardware.
