Zhen Ding Board Approves Subsidiary Leading Technology’s Hong Kong Listing Plan

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Zhen Ding Technology Holding Limited, a global leading PCB manufacturer, announced (17th) that its Board of Directors has approved a proposal for its subsidiary, Leading Interconnect Semiconductor Technology (Shenzhen) Co., Ltd., to apply for a listing on the Hong Kong Stock Exchange. The proposal will be submitted for approval at the upcoming annual general meeting.

This proposed listing aims to unlock the standalone value of its high-growth businesses while strengthening the Group’s global competitiveness in AI-driven core infrastructure.

According to Zhen Ding, Leading Technology is a key subsidiary driving the Group’s expansion into high-end IC substrates, with applications spanning AI servers and highperformance computing. As global demand for AI computing power continues to accelerate, the industry is moving into an era of advanced packaging and heterogeneous integration. Against this backdrop, high-end IC substrates are becoming increasingly critical within the semiconductor value chain, with rapid product cycles driving higher capital intensity and greater technological complexity.

In light of these trends, Zhen Ding plans to proceed with Leading Technology’s listing in Hong Kong to establish an international capital platform to support its long-term growth and global expansion. This initiative is expected to strengthen its capital structure and financial flexibility, enhance brand recognition and international visibility, and attract global strategic investors and top-tier talent.

Zhen Ding further noted that upon completion of the listing, it expects to continue indirectly holding an equity interest in Leading Technology through Monterey Park Finance Limited and its subsidiaries, and will retain a controlling stake following the listing. Leading Technology will remain a consolidated subsidiary of Zhen Ding, and the Group’s overall organizational structure will not undergo any material changes as a result of this plan. Business operations are expected to continue in a stable manner. The final offering size, pricing, and timetable of the listing will be determined by Leading Technology and its underwriters, subject to market conditions, regulatory requirements, and the progress of relevant approvals.

Zhen Ding emphasized that, following the listing, Leading Technology will leverage access to international capital markets through its independent listing to accelerate capacity expansion and technological advancement in high-end IC substrates for AI applications, further enhancing its growth potential. As the controlling shareholder, Zhen Ding will continue to retain control and remain the primary beneficiary of Leading Technology.

Overall, the independent listing is expected to provide greater transparency into the growth profile and value of the high-end IC substrate business, while leveraging an independent capital platform to support long-term development and create sustainable value for shareholders.