Willow Xin's IPO on the ChiNext has been accepted. It is the largest enterprise in the field of cover pads in the PCB functional materials sector.

On June 12th, the initial public offering (IPO) of Shenzhen Liuxin Industry Co., Ltd. (referred to as Liuxin Shares) on the Growth Enterprise Market of the Shenzhen Stock Exchange has been accepted. China Securities Co., Ltd. is its sponsor and the company plans to raise 568.59 million yuan. According to the prospectus, Liuxin Shares is a high-tech enterprise focusing on the research, development, production, and sales of PCB functional materials. Its products are mainly used in PCB precision drilling processes and its downstream customers are mainly PCB manufacturing companies. With long-term industry accumulation and technological expertise, the company has a comprehensive product system and a high-quality customer base, covering various application areas such as AI servers/high-performance computing, network communication, smart cars, consumer electronics, industrial control, aerospace, new energy, and medical fields. It has become a leading provider of key functional materials for PCB manufacturing in the industry. According to CPCA data, Liuxin Shares is currently the largest company in the PCB functional materials sector, specifically in the coverlay board sub-sector. The company is projected to hold the top market share globally in the PCB coverlay board sector from 2023 to 2025. Its downstream customers include many top PCB manufacturing companies both domestically and internationally, with over 60% of the top 100 global PCB companies having direct business cooperation with the company. Some of its customers include Wus Printed Circuit, Shennan Circuits, Founder Technology Group, and others. The products of Liuxin Shares are widely used in various downstream applications and the company is benefiting from the rapid development of industries such as AI computation, electric and smart cars, and 5G/6G communication. The PCB industry is evolving towards high precision, high integration, and high-speed and high-frequency direction, driving the continuous growth of PCB functional materials demand. Prismark data shows that the global PCB market value is estimated to reach 85.2 billion USD in 2025, with a 15.76% year-on-year growth. It is expected to maintain growth momentum, reaching a value of 123.3 billion USD by 2030, providing a broad market space for the company's business growth. In terms of financial performance, the company achieved operating incomes of approximately 791 million yuan, 982 million yuan, and 1.144 billion yuan in 2023, 2024, and 2025 respectively. During the same period, the company recorded net profits of approximately 8.38 million yuan, 64.4928 million yuan, and 122 million yuan.