Tesla PCB supplier Chaoying files for Hong Kong IPO after H1 loss
PCB maker Chaoying Electronics filed for a Hong Kong IPO on September 21, 2026, less than a year after its October 24, 2025 Shanghai main-board listing at 17.08 yuan per share, which raised 803 million yuan net. First-half 2026 revenue rose 33.29% year on year to 2.912 billion yuan, but net profit attributable to shareholders swung to a 191 million yuan loss, gross margin fell to 15.21% from 22.02%, the debt-to-asset ratio reached 75.6%, operating cash flow dropped 68.5% to 65.9 million yuan against 1.356 billion yuan of capex. The company counts Tesla, Bosch and Continental among its automotive customers and says it ranked first globally in automotive HDI boards and third in memory-module and AI data-storage PCBs by sales in 2025 and the first half of 2026; data-storage revenue grew 133.5% and telecom/AI-server revenue 64.3%, with dedicated GPU, ASIC and switch-module capacity at its Thailand site slated for 2027.
It shows an AI-server and automotive PCB supplier borrowing heavily to fund AI capacity, a reminder of the cash-flow strain AI hardware expansion puts on upstream manufacturers.