PCB industry chain "collectively moves south", leading PCB coating material company Chuangzhixinlian's filing approved!
Throughout 2025, the global mid-to-high-end electronics industry continued to surge forward under the resonance of AI computing power, smart vehicles, and data centers. Meanwhile, the PCB and semiconductor materials sectors, as the underlying support, also witnessed intensive capital market deployments during this period.
On December 9, the China Securities Regulatory Commission (CSRC) announced the latest overseas listing filings, with Shenzhen Chuangzhi Xianlian Technology Co., Ltd. (hereinafter referred to as "Chuangzhi Xianlian") prominently listed, planning to issue no more than 43.9772 million ordinary shares for a Hong Kong IPO.
This leading domestic supplier of metallized interconnect plating materials submitted its application to the Hong Kong Stock Exchange in June this year, and the approval of this filing marks the substantive phase of its Hong Kong stock journey. Amid the wave of intertwined localization and globalization in the industrial chain, Chuangzhi Xianlian's capital moves are indeed timely.
The Cyclical Resilience of China's Wet Process Plating Leader
Founded in 2006, Chuangzhi Xianlian specializes in the R&D and production of metallized interconnect plating materials for the electronic packaging industry. To date, it has developed a comprehensive product matrix of chemical and electroplating materials, covering applications in wafer-level packaging, chip-level packaging, and PCB manufacturing.
In the global electronic packaging sector, Chuangzhi Xianlian has secured a significant position in the semiconductor and PCB industries through its technological innovation and product applications, particularly ranking among the top in China's wet process plating materials market. According to Frost & Sullivan data, by 2024, Chuangzhi Xianlian had become the largest domestic supplier of wet process plating materials in China, ranking sixth overall and the largest one-stop plating solution provider in the Chinese market.
In the semiconductor industry, Chuangzhi Xianlian's power ICs, ceramic substrates, and chemical nickel-gold/nickel-palladium-gold for packaging have achieved mass production, while its electroplated nickel and cyanide-free electroplated gold materials were certified in 2024 for use in high-performance computing (HPC) advanced packaging.
Its strong capabilities are also reflected in its highly resilient performance curve.
Despite a slight revenue decline to RMB 312 million and a net profit contraction to RMB 19.42 million in 2023 due to global semiconductor cycle adjustments, its performance rebounded sharply in 2024, with revenue exceeding RMB 410 million and net profit surging 171% year-on-year to RMB 52.71 million.
This strong rebound highlights its two core advantages: its domestic substitution position in the wet process plating materials sector and the enhanced customer stickiness from its "materials + services" one-stop model.
Specifically, Chuangzhi Xianlian has won the trust of numerous clients, including chip manufacturers and PCB producers, with its advanced plating technology and full-lifecycle service system. It is reported that its average collaboration period with China's top 10 PCB manufacturers is about 10 years.
Its chemical nickel-gold/nickel-palladium-gold materials cover over 120 production lines in the PCB industry, the highest coverage rate among domestic suppliers. Through its plating services, it has also deeply embedded itself into customer supply chains, such as providing plating process support for silicon wafers and silicon carbide substrates, thereby forming a "technology-capacity-ecosystem" closed loop in high-end packaging.
Beyond helping clients meet trial production demands for cutting-edge processes, such services have also allowed Chuangzhi Xianlian to secure early positions in high-growth scenarios like AI chips and automotive electronics.
Of course, as a foundational industry in the tech sector, even when focusing on materials, technology remains the hardest pillar. Chuangzhi Xianlian has at least demonstrated commitment within its capabilities, with R&D investments rising for three consecutive years, reaching RMB 38.82 million in 2024, accounting for nearly 9.5% of revenue.
As of June 2025, it has secured 71 domestic invention patents, 61 utility model patents, and 6 overseas patents, extending its technological layout to frontier areas like 2.5D/3D TSV materials and electroplated nickel for HPC advanced packaging. Under the trend of semiconductor supply chain localization, this R&D-driven vertical integration strategy may be Chuangzhi Xianlian's path to transitioning from a "material supplier" to a "process solution partner."
To date, its product line has expanded from early wafer-level chemical nickel-gold to various plating materials for CIS packaging, 2.5D/3D advanced packaging, power modules, and even high-performance computing chip packaging, keeping pace with the forefront of semiconductor technology evolution.
Why List in Hong Kong? PCB Firms Have a "Foreign Exchange Ledger"
From an industry-wide perspective, Chuangzhi Xianlian's Hong Kong IPO is embedded in a broader industrial capital landscape. Even within just the PCB and upstream materials/equipment sectors, mainland companies' enthusiasm for Hong Kong listings in 2025 is unprecedentedly high.
According to industry media PCB Network, 11 related companies have disclosed H-share listing plans this year. The list includes heavyweights like Guanghe Technology, Shenghong Technology, and Huatian Technology—seven PCB manufacturing leaders already listed on the A-share market—as well as four key supporting firms like Han's CNC and Xinqi Micro Equipment.
Chuangzhi Xianlian and Suzhou Qunce are among the few that have yet to list on the A-share market, opting directly for Hong Kong.
Why do PCB industry players collectively "favor" Hong Kong? While each company's statements emphasize different aspects, they reveal common goals: seeking more flexible listing rules to support rapid expansion and tech upgrades, deepening globalization strategies, and establishing offshore financing platforms to serve overseas operations, including M&A, factory construction, and forex settlements.
For example, Wanyuantong directly noted that a Hong Kong listing could resolve slow and inefficient forex control issues when investing in overseas plants with self-owned funds, optimizing financial metrics.
Chuangzhi Xianlian's strategic intent is equally clear. Its prospectus outlines internationalization plans: about 10% of net proceeds will fund an overseas production base in Thailand. This aims to better serve downstream clients, build a more efficient global sales network, and preemptively address supply chain regionalization trends—indeed, many major PCB players are already setting up capacity in Southeast Asia.
Additionally, about 15% of proceeds will go toward potential strategic M&A, showcasing its ambition to consolidate the industry via capital. The remainder will fund new and upgraded plating material and service production lines, R&D, tech innovation, product upgrades, and portfolio expansion.
Industry analysts note that the drivers of the PCB industry have undergone profound structural changes. While cyclical fluctuations in traditional consumer electronics persist, emerging sectors like AI servers, high-speed communication devices, smart automotive electronics, and new energy are fueling robust structural growth.
These high-end applications impose near-stringent demands on PCB materials, processes, and reliability—precisely where Chuangzhi Xianlian's high-end wet process plating materials market finds opportunity.
Industry statistics show that in 2025, AI servers and smart driving segments significantly boosted demand for high-end PCBs, driving material upgrades toward high-frequency, high-speed, and high-density packaging. However, while China's wet process plating market is projected to reach RMB 27.5 billion by 2029 with a 12.9% CAGR from 2024–2029, international giants still dominate.
In this market, domestic substitution and technological advancement are the main themes.
To carve out a share of the high-end market, the urgency for local players like Chuangzhi Xianlian to accelerate tech iteration and capacity expansion through capital is growing. Its Thailand production base plan is a key move to address supply chain regionalization. Conversely, as a frontline domestic player, its listing process also tests capital markets' recognition of the long-term logic behind semiconductor and PCB core material localization.
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