China PCB makers accelerate high-end capacity push
Chinese printed circuit board manufacturers are accelerating investment in advanced production capacity as artificial intelligence infrastructure, high-performance computing and optical communications drive demand for increasingly complex and higher-value circuit boards.
Shenzhen MTC and Guangdong Ellington Electronics have unveiled fresh financing and manufacturing plans involving more than 2.7 billion yuan, targeting areas ranging from AI servers and high-speed networking equipment to Mini and Micro LED displays. The projects form part of a wider expansion across China’s PCB industry as manufacturers seek a larger share of the high-end electronics supply chain.
Ellington Electronics plans to raise as much as 2 billion yuan through a private placement of A-shares. About 1.85 billion yuan is earmarked for a high-end smart PCB manufacturing project, while 150 million yuan would supplement working capital. The manufacturing project itself involves planned investment of about 2.98 billion yuan at the company’s existing industrial park in Zhongshan.
The new facility will concentrate on high-layer-count boards and high-density interconnect boards, two increasingly important categories as computing systems require greater data throughput, tighter component integration and more demanding electrical performance.
Target applications include servers, high-speed switches, routers, AI accelerator cards, compute-tray motherboards and telecommunications equipment. Capacity will also be reserved for products used in optical modules, reflecting growing overlap between advanced computing and high-speed data transmission infrastructure.
Once fully operational, Ellington’s project is expected to provide annual capacity of 400,000 square metres of high-end PCBs. That would comprise about 340,000 square metres of high-layer-count boards and 60,000 square metres of higher-tier HDI products. The expansion will involve more advanced processes including multilayer lamination, fine-line patterning, mechanical and laser drilling, wet processing and automated inspection.
Ellington is also extending its strategy upstream. The company has agreed to establish a 100 million yuan investment fund focused on the PCB industrial ecosystem, committing 99.9 million yuan itself. Its investment targets include raw materials, production equipment, specialised consumables, HDI technology, high-frequency and high-speed boards, rigid-flex products and integrated-circuit substrates.
Shenzhen MTC, meanwhile, is advancing a 750 million yuan PCB research, development and manufacturing base in Nanchang through its Jiangxi operations. The facility is designed principally for specialised Mini and Micro LED circuit boards and optical-module boards. Planned monthly production capacity is 100,000 square metres for each category, with commercial production scheduled to begin during the second half of 2027.
The investments come as the competitive race extends well beyond these two manufacturers. Victory Giant Technology, one of the major suppliers of PCBs used in AI computing, is developing another high-end manufacturing facility in Huizhou, Guangdong. The project requires investment of at least 3 billion yuan, including no less than 2 billion yuan in fixed assets, and covers a 100,000-square-metre industrial site.
Victory Giant has benefited sharply from the AI infrastructure cycle. The company generated revenue of 19.3 billion yuan in 2025, an increase of 80%, while net profit climbed to 4.3 billion yuan from 1.2 billion yuan. It ranked first globally by sales in the AI and high-performance computing PCB market during the first half of 2025, with a 13.8% share.
The broader market is expanding alongside spending on data centres. Global PCB industry output is projected to rise 12.5% to $95.8 billion in 2026. High-end boards carry considerably greater value than conventional products because AI servers require denser circuitry, more layers and stronger electrical and thermal performance. High-end AI server PCBs can cost several times more per square metre than standard multilayer boards.
China already occupies the largest position in global PCB manufacturing. Companies based in the country accounted for roughly 34.9% of worldwide output in 2024, worth about $27.95 billion, with growth being propelled increasingly by AI servers, data centres, high-end HDI products and multilayer boards.
Shenzhen MTC and Guangdong Ellington Electronics have unveiled fresh financing and manufacturing plans involving more than 2.7 billion yuan, targeting areas ranging from AI servers and high-speed networking equipment to Mini and Micro LED displays. The projects form part of a wider expansion across China’s PCB industry as manufacturers seek a larger share of the high-end electronics supply chain.
Ellington Electronics plans to raise as much as 2 billion yuan through a private placement of A-shares. About 1.85 billion yuan is earmarked for a high-end smart PCB manufacturing project, while 150 million yuan would supplement working capital. The manufacturing project itself involves planned investment of about 2.98 billion yuan at the company’s existing industrial park in Zhongshan.
The new facility will concentrate on high-layer-count boards and high-density interconnect boards, two increasingly important categories as computing systems require greater data throughput, tighter component integration and more demanding electrical performance.
Target applications include servers, high-speed switches, routers, AI accelerator cards, compute-tray motherboards and telecommunications equipment. Capacity will also be reserved for products used in optical modules, reflecting growing overlap between advanced computing and high-speed data transmission infrastructure.
Once fully operational, Ellington’s project is expected to provide annual capacity of 400,000 square metres of high-end PCBs. That would comprise about 340,000 square metres of high-layer-count boards and 60,000 square metres of higher-tier HDI products. The expansion will involve more advanced processes including multilayer lamination, fine-line patterning, mechanical and laser drilling, wet processing and automated inspection.
Ellington is also extending its strategy upstream. The company has agreed to establish a 100 million yuan investment fund focused on the PCB industrial ecosystem, committing 99.9 million yuan itself. Its investment targets include raw materials, production equipment, specialised consumables, HDI technology, high-frequency and high-speed boards, rigid-flex products and integrated-circuit substrates.
Shenzhen MTC, meanwhile, is advancing a 750 million yuan PCB research, development and manufacturing base in Nanchang through its Jiangxi operations. The facility is designed principally for specialised Mini and Micro LED circuit boards and optical-module boards. Planned monthly production capacity is 100,000 square metres for each category, with commercial production scheduled to begin during the second half of 2027.
The investments come as the competitive race extends well beyond these two manufacturers. Victory Giant Technology, one of the major suppliers of PCBs used in AI computing, is developing another high-end manufacturing facility in Huizhou, Guangdong. The project requires investment of at least 3 billion yuan, including no less than 2 billion yuan in fixed assets, and covers a 100,000-square-metre industrial site.
Victory Giant has benefited sharply from the AI infrastructure cycle. The company generated revenue of 19.3 billion yuan in 2025, an increase of 80%, while net profit climbed to 4.3 billion yuan from 1.2 billion yuan. It ranked first globally by sales in the AI and high-performance computing PCB market during the first half of 2025, with a 13.8% share.
The broader market is expanding alongside spending on data centres. Global PCB industry output is projected to rise 12.5% to $95.8 billion in 2026. High-end boards carry considerably greater value than conventional products because AI servers require denser circuitry, more layers and stronger electrical and thermal performance. High-end AI server PCBs can cost several times more per square metre than standard multilayer boards.
China already occupies the largest position in global PCB manufacturing. Companies based in the country accounted for roughly 34.9% of worldwide output in 2024, worth about $27.95 billion, with growth being propelled increasingly by AI servers, data centres, high-end HDI products and multilayer boards.