The net worth of the richest person in Huizhou increased by 12.2 billion yuan in one day.
The secondary market is experiencing the frenzy brought about by the large-scale AI infrastructure construction.
Following the boom in the storage chip industry, the printed circuit board (PCB) industry is now having its moment in the spotlight. Since May, the PCB concept has remained highly active. During trading, many stocks soared rapidly. Fangbang Co., Ltd., Tiancheng Technology, Qiangda Circuit, Dingtai High-Tech and other stocks hit the 20% daily limit, and JPT Technology rose more than 18%, reaching a new all-time high.
Behind the capital sentiment is the market's re-evaluation of the position of PCB in the AI era.
In the past, PCB was more commonly understood as a "carrying platform", similar to the "highway" in electronic devices. In the AI era, as the complexity of computing power systems has increased dramatically, the importance of PCB has begun to rise rapidly. The requirements for high-speed signal transmission, HBM storage, and high-power heat dissipation have placed extremely high demands on PCB. Therefore, this once "supporting role" industry has the opportunity to undergo a new round of industrial revaluation.
A series of new wealth stories have emerged. PCB industry leaders represented by Shenghong Technology have seen their market value and performance skyrocket simultaneously, and the founders' personal wealth has increased rapidly. Meanwhile, around the upstream and downstream sectors such as copper-clad laminates, copper foils, equipment, and materials, the capital enthusiasm has been spreading deeper into the industrial chain.
In fact, since 2026, the AI competition has been rapidly spreading from large models and application ends to upstream hardware and infrastructure sectors. The optical module, computing power chip, liquid cooling, storage chip, advanced packaging and other sectors have successively exploded. A capital feast centered around AI computing power infrastructure is taking place across the entire Chinese hard technology industrial chain.
Multiple PCB Stocks Triggered a Daily Limit Rally
The so-called PCB, or Printed Circuit Board, is essentially the core carrier inside electronic devices responsible for connecting chips, transmitting signals, and supplying power. Whether it's mobile phones, cars, servers, or GPUs, they all rely on PCB.
Recent news shows that NVIDIA has announced its next-generation AI server solution. The BOM cost of the NVIDIA VR200 NVL72 cabinet has increased by about 95% compared to the GB300, reaching $7.803 million. Among them, the value of PCB has skyrocketed by 233% year-on-year, becoming the core component with the largest increase after memory. The value of PCB per cabinet has jumped from $35,100 to $116,700.
According to institutional analysis, the explosion of PCB value in this round is essentially the result of the dual drive of "single-board upgrade + category expansion". On the one hand, the copper-clad laminate (CCL) at the material end has been upgraded from M7/M8 to M9 level, and is equipped with HVLP4/5 copper foil and quartz cloth, which has significantly increased the price of a single board. On the other hand, the demand for high-layer and high-density PCB in AI servers has increased rapidly. The number of board layers has increased from the traditional 20 - 30 layers to 44 layers, and the orthogonal backplane of the Rubin Ultra platform has even reached 78 layers, with the process complexity and product value rising simultaneously.
In fact, in May, the PCB industry witnessed a new round of centralized price increases. "Almost all PCB product prices are rising, and the specific increase follows the fluctuations of upstream raw materials," an industry insider said.
Against this backdrop, the profitability of listed companies in the PCB industrial chain has rapidly improved. Shenghong Technology firmly holds the position of the "profit king" in the PCB concept sector. Companies such as China Jushi, Huadian Co., Ltd., Shengyi Technology, and Dongshan Precision also had net profits of over 1 billion yuan in the first quarter of this year.
In addition, driven by the continuous strong downstream demand, various sectors of the industrial chain such as copper-clad laminates, copper foils, PCB manufacturing, and PCB special equipment have also become the key targets for capital chasing. Qiangda Circuit and Fangbang Co., Ltd. hit the 20% daily limit. Previously, many stocks such as Pengding Holding, Kingboard Circuit, Baoding Technology, and Honghe Technology also successively hit the daily limit. Companies such as Dingtai High-Tech, Nanya New Materials, and Oukeyi have all increased by more than 10%.
As capital rushes in frantically, some companies have begun to actively warn of risks. Honghe Technology, which has cumulatively increased by more than 15 times this year, recently announced that it has noticed that some media have listed it as a "PCB concept stock". The company said that its main product, electronic-grade glass fiber cloth, is indeed one of the basic materials for PCB, but its main business has not undergone significant changes, and there are no important matters that should be disclosed but have not been disclosed.
The announcement shows that from May 29, 2025, to May 25, 2026, the cumulative increase of Honghe Technology's stock price has reached as high as 1532.31%, and the stock has triggered abnormal trading fluctuations multiple times during this period. The market's pursuit of the AI industrial chain is pushing the PCB sector to a new high.
The Richest Man in Huizhou Saw His Wealth Increase by Over 10 Billion Yuan in a Single Day
Times make heroes. The couple Chen Tao and Liu Chunlan from Huizhou, Guangdong, have undoubtedly seized the wealth opportunities of the era.
In 2025, on the "Hurun Rich List 2025", the net worth of the couple Chen Tao and Liu Chunlan soared from 9 billion yuan to 65 billion yuan, making them the richest in Huizhou. In the "Hurun Global Rich List 2026", their wealth further increased to 68 billion yuan. On April 21 this year, on the first day of Shenghong Technology's listing on the Hong Kong Stock Exchange, the stock price soared by more than 60% compared to the issue price at one point during trading, and the total market value approached HK$320 billion. Based on the couple's shareholding ratio, the family's wealth increased by more than 10 billion yuan in a single day at one point.
However, this wealth feast was not formed overnight but has gone through more than two decades of industrial accumulation.
In 2003, Chen Tao founded Shenghua Electronics in Huizhou, mainly undertaking traditional PCB orders in the early days. In 2015, the company was listed on the Growth Enterprise Market and has since gradually upgraded to high-end PCB, AI server boards, high-speed communication boards and other fields.
In May 2025, Huang Renxun held a banquet in Taipei, which was a gathering at the "ceiling level" in the semiconductor industry. Wei Zhejia, the chairman of TSMC, Liu Yangwei, the chairman of Hon Hai, Cai Lixing, the CEO of MediaTek, Shi Chongtang, the chairman of ASUS and other tech giants all attended. Chen Tao was the only representative of a mainland Chinese supplier invited. In January this year, Huang Renxun held another night banquet in Taipei, and nearly 40 executives of supply chain manufacturers attended. Chen Tao was still a guest of honor. In addition, Shenghong Technology's downstream customers also cover international well-known manufacturers in various fields, such as AMD, Intel, Tesla, Microsoft, Bosch, etc.
According to Frost & Sullivan data, based on the revenue in the first half of 2025, Shenghong Technology ranks first in the global AI and high-performance computing power PCB market with a market share of 13.8%, basically establishing its leading position. According to the company's publicly disclosed performance data, from 2023 to 2025, the company's revenue increased from 7.931 billion yuan to 19.292 billion yuan, and the net profit increased from 671 million yuan to 4.312 billion yuan, with the profit increasing by more than 5 times in three years. In 2025 alone, the year-on-year growth rate of the company's net profit was as high as 273.52%.
As the AI wave continues to expand, Shenghong Technology is still constantly betting on the future. In March this year, Chen Tao chaired the board of directors meeting to review and approve the "Shenghong Technology 2026 Investment Plan". The company plans to invest no more than 18 billion yuan in fixed asset construction, including the construction of new factories, the upgrading and transformation of production lines, etc. At the same time, it will also invest about 2 billion yuan in equity investment to further strengthen the layout of the AI industrial chain.
The AI Industrial Chain Joins Forces
It is worth noting that the spillover effect of this round of AI market has long gone beyond the PCB sector. In the directions of AI infrastructure represented by optical modules, optical chips, computing power chips, liquid cooling, storage chips, etc., companies with a market value of over 100 billion yuan have emerged one after another, and the stock prices of some leading companies have increased several times in a short period.
As the leading wafer foundry in mainland China, SMIC has, to some extent, become one of the core benchmarks for this round of "revaluation of China's AI hard technology". The company's stock price has been rising continuously and has even frequently made it onto the hot topic list on Weibo. The company recently publicly stated that the global advanced process production capacity remains in short supply, the demand for high computing power in AI has exploded, and a large number of overseas orders have begun to flow back to China at an accelerated pace. The high prosperity of the industry is expected to continue until 2027.
The AI optical communication industrial chain has also witnessed a crazy rise. In AI servers, between GPUs, between servers, and inside data centers, high-speed optical modules are required to complete the transmission of massive amounts of data. With the arrival of the 800G and 1.6T eras, optical modules have become one of the most core "highways" in the AI computing power system and have therefore become one of the hottest tracks in the capital market.
Among them, the stock price of Zhongji Innolight exceeded 1,000 yuan during trading, becoming the second stock on the Growth Enterprise Market with a price of over 1,000 yuan after Aimeike, and the tenth such stock in the history of A-shares. Together with Tianfu Communications and New York Suntech, it is known as the "Three Swordsmen of Optical Modules" and is even jokingly called "Yi Zhongtian" by shareholders.
Meanwhile, the newly listed company Lianxun Instrument has staged an even more exaggerated capital myth. The company's stock price once soared to 1,898.88 yuan per share, more than 22 times the issue price. In just 19 days after listing, Lianxun Instrument has refreshed many new stock records in A-shares and is known as the "strongest demon stock" this year. The logic behind it also lies in the explosion of demand for AI infrastructure.
While the AI computing power continues to increase, some fields that were not highly regarded by the market in the past have also seen significant increases. A typical example is liquid cooling. As the power consumption of AI chips has increased rapidly, the traditional air-cooling solution has become increasingly difficult to meet the heat dissipation requirements. Especially in high-density GPU clusters, liquid cooling is gradually changing from an "optional" to a "must-have" option. Against this trend, the stock price of Shenzhen's leading liquid cooling company, Inviron, has increased by more than 300% in a year, and its market value exceeded 10 billion yuan in April this year.
Obviously, this round of AI market is no longer just a story of Internet companies. It is more likely to be a comprehensive reshaping of China's high-end manufacturing industrial chain. From PCB, optical modules to wafer foundry, liquid cooling systems, and storage chips, a large number of manufacturing enterprises originally in the middle and upper reaches of the industrial chain are being incorporated into the core narrative of the global AI infrastructure reconstruction.
This article is from the WeChat official account "DongshisiTiao Capital" (ID: DsstCapital), author: Wei Xianghui, published by 36Kr with authorization.