"Completely transformed" a factory on the verge of shutting down, a South China University of Technology top student built a 100-billion-yuan leading enterprise in 13 years
In the 19th century, there was a gold rush in California, USA. At that time, countless people flocked to the West to dig for gold. However, those who truly made a stable income were often not the gold - diggers relying on luck, but the ones selling shovels to them.
In 2026, the capital frenzy sparked by AI computing power is no less intense than the gold rush. High - end PCB (Printed Circuit Board) manufacturers are the most typical "shovel sellers" in this field.
In the secondary market, the "shovel sellers" in the AI computing power sector have attracted capital. Related stocks have seen a strong short - term rise, and there are many stocks whose market value has exceeded 100 billion yuan.
On June 30th, the stock price of Guanghe Technology hit a new high. At the close, the stock price was 237.25 yuan, and the total market value reached 112.1 billion yuan. In June 2025, the company's market value was only about 25 billion yuan. In just one year, the company's market value increased by more than 80 billion yuan.
Incredibly, Guanghe Technology, a company with a market value of over 100 billion yuan today, was on the verge of shutting down more than a decade ago. It was not until the couple Xiao Hongxing and Liu Jinchan took over that a textbook - level "transformation" began, making it the current leader in AI hardware.
What exactly happened behind this remarkable turnaround?
A 60s - born couple took over the "mess" and, together with alumni, completed a complete "transformation"
Guanghe Technology was founded in 2002 by FIC Computer in Guangzhou. In its early days, it was dedicated to the production and manufacturing of PCBs. PCBs are known as the "mother of electronic products". If you take apart a mobile phone, computer, graphics card, server, or TV, the green board inside is the PCB.
In 2008, the global financial crisis broke out, hitting the electronics industry hard. As an upstream PCB supplier, Guanghe Technology saw a significant drop in orders. By the end of 2012, the company was basically in a state of suspension, leaving behind a mess: outdated equipment, a lack of orders, a scattered team, and tight funds.
Half a year later, the fate of Guanghe Technology was rewritten by an acquisition. At that time, the couple Xiao Hongxing and Liu Jinchan, through their subsidiary Guanghua Industry, acquired 92.5% of Guanghe Technology's shares for $25.53 million, obtaining control of the company.
Xiao Hongxing is no novice in this field. He was born in 1967 and graduated from the Department of Chemistry at South China University of Technology. In an era when college students were rare, he was truly an outstanding student.
From July 1988 to March 1992, Xiao Hongxing served as the production manager at Dongguan Shengyi Electronics, a leading enterprise in the high - end printed circuit board manufacturing in the first echelon of the domestic PCB industry.
Relying on the technical and management experience accumulated in leading companies, Xiao Hongxing and his wife Liu Jinchan chose to start their own business. They successively established and managed several individual businesses and companies engaged in electronic chemicals, laying a solid foundation in terms of funds, technology, and industry for the subsequent acquisition and integration of Guanghe Technology.
After taking over Guanghe Technology, Xiao Hongxing, together with his alumni, initiated a textbook - level "transformation". First, they assembled a core technical and management team. The key members of the team were Xiao Hongxing's former colleagues and alumni.
For example, Zeng Hong, the general manager of Guanghe Technology, and Li Qinyuan, the deputy general manager and chief engineer, both graduated from South China University of Technology. Before joining Guanghe Technology, they both worked at Dongguan Shengyi Electronics. Zeng Hong grew from a quality manager to the deputy general manager, while Li Qinyuan started as an assistant engineer in manufacturing technology and was promoted to engineer, chief engineer, and senior manager.
Wang Jun, the deputy general manager of Guanghe Technology, also came from Dongguan Shengyi Electronics. He has held various positions, including quality technician, assistant engineer, engineer, supervisor, manager, and quality director.
With experienced professionals in the PCB industry on board, Guanghe Technology purchased new equipment, gradually resumed production, and rebuilt its sales system. It developed customers such as Hikvision, Fineline (a European PCB trader), and Kaiduo Electronics.
According to media reports, two years after Xiao Hongxing took over, in 2015, Guanghe Technology successfully turned a profit.
Since 2016, Guanghe Technology has accelerated the reconstruction of its strategic direction. By cooperating with Guangyuan Technology and Guangda Technology under the FIC Computer system in a cooperative operation model, it accessed the overseas customer resources of the Taiwanese shareholders of these two companies, such as Dell and Foxconn.
In 2018, Guanghe Technology acquired Guangda Technology for $21.93 million. After the previous cooperation, Guanghe Technology became a supply - chain partner of companies like Dell and Foxconn and determined its main business direction of server PCBs.
This strategic reconstruction was forward - looking. In the field of communication PCBs, leading enterprises such as Shennan Circuits and Shengyi Electronics have built deep technical, talent, and customer barriers. It is difficult for Guanghe Technology to form a differentiated advantage in the short term. In contrast, the server PCB field is still a relatively blank area in the industry, and the competitive landscape is yet to be determined.
More importantly, Guanghe Technology's existing customers already have a demand for server PCBs. The company only needs to adjust its product line without having to develop new customers. At the same time, data - center businesses represented by cloud computing and cloud storage have high growth potential, and the market for server PCBs has broader prospects.
This "transformation" led by Xiao Hongxing and his alumni not only completely changed Guanghe Technology but also elevated it to the position of the third - largest global leader in computing - power server PCBs and the first in mainland China.
Behind the market value exceeding 100 billion: Riding the AI wave and binding with major customers
Now, in the secondary market, Guanghe Technology has also seen an explosion. On June 30th, the intraday stock price rose to 238 yuan, hitting a record high, and the total market value exceeded 100 billion yuan.
Behind Guanghe Technology's market value exceeding 100 billion yuan, the company's accurate prediction of industry trends and early layout are crucial.
With the iteration of AI large models and the high growth of cloud - computing capital expenditure, high - performance servers have put forward strict requirements for the number of layers, precision, and reliability of PCBs. The high - end PCB market has entered a window period of both volume and price increase.
Guanghe Technology didn't make a hasty transformation. It determined the direction of server PCBs around 2018. This layout gave the company a first - mover advantage when the industry boom arrived.
A research report from Huaxin Securities shows that Guanghe Technology currently has the mass - production capacity of 46 - layer PCBs and has completed the verification of the 7 - order HDI manufacturing process. It can be highly customized according to the application scenarios and design requirements of customers.
This technological positioning is directly reflected in the company's performance. In 2025, Guanghe Technology's revenue was 5.485 billion yuan, a year - on - year increase of 46.89%, and its net profit attributable to shareholders was 1.016 billion yuan, a year - on - year increase of 50.24%.
Looking closely at the company's revenue structure, the revenue from server PCB products accounts for about 80%. These products are used in core data - center equipment such as high - performance computing servers, AI computing servers, storage servers, and switches.
Thanks to its early layout, Guanghe Technology has deeply bound with leading customers. Currently, 8 out of the top 10 global server manufacturers are Guanghe Technology's customers. In 2025, the sales to the top five customers accounted for 60.74% of the company's total sales.
In its annual report, Guanghe Technology did not disclose the names of its customers. However, its previous prospectus showed that its customers include Dell, Inspur Electronic Information Industry, Hon Hai Precision Industry (Foxconn), Quanta Computer, Inventec, and Jabil.
The server PCB industry belongs to a typical supply - chain track with certification barriers. The supply - chain access cycle for leading server manufacturers can last for several years, including multiple strict certifications such as sample reliability testing, production - line auditing, environmental - protection systems, quality control, production - capacity and delivery capabilities, and traceability systems.
Therefore, once a supplier passes the certification, customers will not easily change it to ensure product yield and delivery stability. Northeast Securities believes that Guanghe Technology has strong customer stickiness, and its in - depth cooperation with customers ensures business continuity.
Facing the explosive growth of the AI computing - power market, Guanghe Technology is also accelerating its global production - capacity layout. Overseas, Guanghe Thailand was officially put into operation in June 2025 and has completed the auditing and certification of core customers. The company believes that Guanghe Thailand is becoming the second engine driving the sales growth of the company's computing - power products.
Domestically, on June 22nd, Guanghe Technology announced a plan to invest in the construction of the "Guanghe Technology Dongguan Intelligent Manufacturing Headquarters Project" in Machong Town, Shuixiang Economic Zone, Dongguan City. The total investment of the project is 6 billion yuan, which will be used for the production, manufacturing, R & D, and sales of high - end equipment printed circuit boards.
On the same day, Guanghe Technology released a convertible - bond plan, planning to raise 3.6 billion yuan. Among them, 1.85 billion yuan will be used for the second - phase project of the Cloud Engine Intelligent Manufacturing Base, 1 billion yuan for the technical transformation project of the high - multi - layer production line, and 750 million yuan to supplement working capital.
This series of intensive actions are not only an expansion to meet the current demand but also lay the groundwork for future performance. Currently, Guanghe Technology's market value has reached a new high, and the market's attention is also focused on the company's future growth sustainability.
For Guanghe Technology, a market value of 100 billion yuan is not the end but the starting point of a new round of "transformation". Whether Xiao Hongxing can push Guanghe Technology onto a higher global stage in the AI wave is worth watching.
This article is from the WeChat official account "Delin Club" (ID: delinshe). Author: Zhang Jiaru. Editor: Liu Zhentao. It is reprinted by 36Kr with permission.