Pengding Holdings (Shenzhen) Co., Ltd. (hereinafter referred to as "Pengding Holdings," "the Company," or "the Company") intends to raise no more than RMB 9,600,000,000.00 (inclusive) by issuing shares to specific objects to fund the "AI Server and High-Speed Optical Module High-Density Interconnect Multilayer Board Project" and enhance its capital strength and profitability.
I. Background and Objectives of the Offering to Specific Objects
(I) Background of the Offering to Specific Objects
- The "15th Five-Year Plan" Emphasizes the Importance of the Technology Industry, with the PCB Industry Laying a Solid Foundation for the Development of New Quality Productive Forces
The "15th Five-Year Plan for National Economic and Social Development Outline" (the "15th Five-Year Plan") clarifies the key position of the technology industry during the "15th Five-Year Plan" period, proposing strengthened policy support for short-board areas such as key components, advanced new materials, and integrated circuits. The "15th Five-Year Plan" proposes accelerating breakthroughs in cutting-edge AI technologies, coordinating the large-scale supply of computing power, algorithms, and data elements, and continuously improving national computing power infrastructure. It also calls for vigorously cultivating strategic emerging industries such as new energy, aerospace, and low-altitude economy, promoting the formation of industrial clusters in related industries. Furthermore, it aims to lay the groundwork for future industries by focusing on the industrialization of cutting-edge fields such as 6G communication, embodied intelligence, and brain-computer interfaces.
PCBs serve as the bridge for carrying electronic components and connecting circuits, widely used in integrated circuits, artificial intelligence, communication electronics, consumer electronics, computers, automotive electronics, industrial control, medical devices, national defense, and aerospace, among other fields. They are indispensable electronic components in modern electronic information products. The "15th Five-Year Plan" opens up incremental space for the downstream applications of high-end PCB products, provides policy support for the technological upgrading and capacity expansion of the PCB industry, and the PCB industry will also lay a solid foundation for the development of new quality productive forces.
- Booming Downstream Application Fields, with Artificial Intelligence Providing a New Growth Engine for the PCB Industry
With the vigorous development of downstream emerging fields such as artificial intelligence, optical communication, cloud computing, the Internet of Things, wearable devices, and smart homes, the PCB industry is ushering in a new round of structural development opportunities. According to Prismark data, the global PCB market size is expected to reach US$85.152 billion in 2025, a year-on-year increase of 15.8%, driven primarily by AI infrastructure construction, high-speed network upgrades, and demand for satellite communications. Prismark forecasts that from 2025 to 2030, the global PCB market value will continue to grow at a compound annual growth rate of 7.7%, reaching US$123.348 billion by 2030, with PCB demand in the server and data storage and wired communication sectors being particularly prominent.
With the continuous expansion of global AI data center capital expenditure, AI servers and high-speed optical modules, as core hardware carriers for computing power network construction, are experiencing rapid market growth. According to Prismark data, the market sizes for global servers and data storage and wired communication sectors are expected to be US$15.675 billion and US$8.664 billion respectively in 2025, with year-on-year growth rates of 43.6% and 40.8%. The projected market sizes for 2030 are US$34.679 billion and US$16.076 billion, respectively, with compound annual growth rates of 17.2% and 13.2% from 2025 to 2030.
- High-End HDI Products Highly Match the Demand for High-End and High-Precision PCB Products in the AI Field