Xinqiang Electronics' proposed IPO "terminated". The company focuses on research, development, production, and sales of printed circuit boards.

On November 28, Xin Qiang Electronics (Qingyuan) Co., Ltd. (referred to as Xin Qiang Electronics) had its initial public offering (IPO) review status on the Shenzhen Stock Exchange's ChiNext board changed to "terminated." This was due to Xin Qiang Electronics and its sponsor withdrawing their application for listing. According to the relevant provisions of the "Shanghai Stock Exchange Rules for Stock Issuance and Listing Examination," the Shanghai Stock Exchange terminated the review of its IPO. According to the prospectus, the company's main business is the research and development, production, and sales of printed circuit boards. Since its establishment, the company's main business has not changed. The company's printed circuit board products are positioned in the mid-to-high-end market, with a focus on high-end PCBs of eight layers or more, with an average product price exceeding 2,000 yuan per square meter. The company is in the top tier of the industry and its competitors are mainly top-tier enterprises in the industry with a high reputation and brand advantage in the storage and communication fields. The company's products have characteristics such as high reliability, stability, precision, and continuous iteration. The main products include rigid boards, HDI boards, flexible boards, rigid-flex boards, and the research and trial production of high-end class carrier boards. The rich product categories can meet the needs of different customers, providing customers with one-stop service and enhancing market competitiveness. The company's products are widely used in fields such as storage, communication, and consumer electronics, with PCB products in the storage sector accounting for approximately 60%-70% of revenue. In 2024, the company's market share in the global memory PCB sector is approximately 12.57%, and in the global SSD PCB sector, it is approximately 2.57%. Memory boards are mainly used to carry memory chips, requiring fast transmission speeds and the ability to transfer large amounts of data, with base materials requiring high-temperature, high-frequency, and high-speed properties, strict board thickness tolerances controlled within 5%, good flatness of gold fingers and uniform coating to greatly reduce signal loss. The company has been deeply involved in the storage field for twenty years, upholding the craftsmanship spirit, possessing forward-looking independent design, research, and production capabilities for a full range of memory modules, establishing the company's market position in the storage industry PCB. In the communication field, the company has mass production capabilities for 800G and 1.6T optical module boards. Optical module boards require PCBs to have high reliability, stability, good impedance performance, low loss rate, complete electrical signal transmission, with high requirements for back drilling, blind holes, copper thickness uniformity, gold finger tolerances, and impedance tolerances. The impedance line width of the company's 1.6T optical module board reaches 1.8mil/1.8mil, with impedance tolerances of 3%, blind hole aperture of 3mil, indicating a high technological difficulty. Since its establishment, the company has been focusing on the research and manufacturing of high-end products in the field of printed circuit boards, with technological research and process improvement as its core development drive. It has adhered to a path of specialization, technology, and high-end development. The company has developed a complete product structure, covering rigid boards, HDI boards, flexible boards, rigid-flex boards, and has strong research and production capabilities for various types of circuit board products. The company has a high market share in memory board and SSD board markets, and in the optical module PCB sector, the company has achieved mass production of 800G and 1.6T optical module PCBs. According to CPCA's "2024 China Electronic Circuit Industry Major Enterprise Revenue Rankings," the company ranks 71st among the top 100 comprehensive PCB companies. Financially, in 2022, 2023, and 2024, the company achieved operating revenues of approximately 869 million yuan, 1 billion yuan, and 999 million yuan respectively; and net profits of approximately 86.01 million yuan, 131 million yuan, and 167 million yuan respectively during the same periods.