Shengyi Electronics, which supplies printed circuit board (PCB) for network equipment to Huawei and Samsung, will debut on China’s Science and Technology Innovation Board on the Shanghai Stock Exchange, the company said Thursday.
Dongguan-based company is aiming to secure 3.96 billion yuan from the flotation on the Board, also known as the Shanghai Star Market, for use to expand its factory for 5G telecom PCBs.
The amount it is aiming to secure is larger than its 2019 annual revenue of 3.09 billion yuan.
Around 2.07 billion yuan will be used to expand its factory that produces PCB for 5G network equipment, the company said in its filing.
Shengyi Electronics saw revenue growth of 42% year over year in the first quarter with 771.96 million yuan.
Its annual revenue for 2019 was 51% higher than 2018.
The company supplies its good to South Korean tech giant Samsung Electronics as well as its compatriots Huawei and ZTE.
Last year, 1.46 billion yuan of its sales came from PCBs. The company said the commercialization of 5G networks have increased orders from clients Huawei and ZTE.
Meanwhile, South Korean vendor Isu Petasys is also eyeing a PCB deal with Samsung Network, having provided samples to the tech giant in the second quarter.
It is supply its PCB to radio equipment vendor KMW in 2019.