“There are no circuit boards in the military, but it forged my tenacity.” Standing under the spotlight of the Shenzhen Stock Exchange, Chen Tao, founder of Shenghong Technology, recalls his military years in Kashgar, Xinjiang, thirty years ago. Who would have thought that the soldier who once held a steel gun is now forging the ‘heart’ for Jensen Huang’s AI empire.
In July, the Hong Kong stock market was ignited by a prospectus. Mainland PCB leader Shenghong Technology officially announced the launch of its Hong Kong IPO, embarking on a new journey of “A+H” dual-platform with a market value exceeding 160 billion yuan. As a core global supplier for NVIDIA, it silently supports the hardware foundation of the trillion-dollar AI wave with an industry-leading yield rate of 85%.
01 Jensen Huang’s “Secret Weapon”
While the world is still marveling at the computing power of NVIDIA’s H200 chip, Jensen Huang has already turned his attention upstream in the supply chain. At NVIDIA’s annual meeting in early 2025, Shenghong Technology became the only invited mainland supplier— this honor is backed by years of technical breakthroughs.
“Dynamic impedance adjustment technology,” this complex technical term is Shenghong Technology’s winning formula. While peers are still hovering around 0.1mm laser hole precision, Shenghong has compressed the precision to 0.076mm, equivalent to seven-thousandths of a human hair. This black technology, co-developed with NVIDIA, has increased GPU power supply efficiency by 15%, directly translating to trillions of calculations per second.
What reassures Jensen Huang even more is the extreme quality control. In the AI server PCB field, Shenghong has delivered an astonishing yield rate of 85%. While other suppliers struggle with a 60% yield rate, Shenghong’s technical team has been stationed at NVIDIA’s R&D center, directly participating in the design of the next-generation architecture. A six-month rigorous testing cycle? They always manage to pass ahead of schedule.
02 A Technological Perfectionist from the Military
Let’s turn back time to the 1990s in Kashgar, Xinjiang. Veteran Chen Tao is making a life choice under the starry sky of the Gobi Desert: to hold onto a “iron rice bowl” for a stable life or to venture to the technological frontlines thousands of miles away?
When life brings about the Nth identity switch, this man from Longnan, Gansu, chose the most difficult path. Arriving at a foreign-funded PCB factory in Dongguan in early 1997, Chen Tao couldn’t even distinguish the front and back of a circuit board. But he had the tenacity forged in the military: running to clients during the day wore out three pairs of shoes, and at night he tackled Japanese technical manuals. Four years later, this “outsider” transformed into the youngest executive in the company.
“We cannot be constrained by others upstream in the chip supply chain.” When he founded Shenghua Electronics in 2003, Chen Tao’s obsession shocked the industry—an entrepreneur without a formal background was challenging the foreign monopoly in high-end PCBs. He bought imported circuit boards to disassemble repeatedly, obtained a senior engineer certificate, and mortgaged his house with the support of his wife, Liu Chunlan… By the time Shenghong Technology was officially established in 2006, Chen Tao had mastered the core technologies of 5-layer/6-layer HDI.
03 Two Major Bets that Reshaped the Industry Landscape
In 2017, at the Huizhou factory, Chen Tao pressed the button for intelligent transformation against the odds.The birth of the first smart PCB factory in China reduced labor on the production line by 70%, while the yield rate increased by 40% against the trend. While peers were still stuck in labor-intensive production, Shenghong’s army of robots achieved precise operations 24 hours a day.
An even more critical decision occurred at the board meeting that same year. Faced with the vague prospects of new energy vehicles, Chen Tao insisted on raising 1.082 billion yuan to bet on automotive PCBs. A dramatic turn of events occurred three months after the plan was approved—Tesla announced the construction of a factory in Shanghai. Today, 60% of the core PCBs for Tesla’s 4680 battery management board and autonomous driving module bear the Shenghong Technology logo.
Forward-looking layouts have created a snowball effect. As the AI wave swept the globe in 2023, Shenghong had already been deeply rooted in NVIDIA’s supply chain for many years. With the explosive demand for H100 chips, Shenghong’s stock price soared tenfold in 18 months, propelling Chen Tao and his wife to the pinnacle of 13 billion yuan in wealth. Financial reports show a staggering 71.96% increase in net profit for 2024, with Q1 2025 revenue growth reaching 80.31%.
04 Dual Platforms Aiming for Global Dominance
Standing at the peak of a 160 billion yuan market value, Chen Tao’s chessboard has turned global.This IPO in Hong Kong carries precise calculations: with 60% of revenue coming from international giants like NVIDIA and Tesla, the Hong Kong stock platform will serve as an excellent springboard. In the first seven months before 2025, the amount raised through Hong Kong IPOs surged sixfold year-on-year, and abundant international capital is precisely the ammunition Shenghong needs.
Industry analysts point to a trend chart explaining: “By 2029, the global PCB market size will exceed 94 billion USD, with a compound growth rate of 38% for AI server PCBs.” At Shenghong Technology’s Huizhou base, a newly built cleanroom of 100,000 class is operating 24 hours a day, with substrates specifically designed for NVIDIA’s GB200 about to be shipped to global data centers.
05 The Hidden Glory of Chinese Manufacturing
From the sensor circuits of Tesla’s electric seats to the heat dissipation boards of Microsoft Azure servers; from Amazon’s cloud data centers to NASA’s satellite communication modules— Shenghong Technology’s “neural network” has embedded itself in the global technological heart. But what Chen Tao cares about most is still the vow he made twenty years ago in a rented room in Dongguan.
“I treasure Jensen Huang’s thank-you letter; Elon Musk’s order is just the starting point.” Holding hundreds of patents, Chen Tao has hung a giant world map in the headquarters in Huizhou. As the bell rings for the Hong Kong stock market, this former soldier’s new battlefield will extend even further: Making Chinese PCB standards the global industry benchmark.
Outside the spotlight of the capital market, the evolution of Chinese manufacturing is quietly happening in the microscopic world. In the 0.076mm gaps of Shenghong Technology’s circuits, not only current signals flow, but also a technological faith written by a veteran over thirty years. As more “Chen Taos” step from laboratories, workshops, and military camps onto the world stage, the power map of the global industrial chain is being redrawn.
Wishing every viewer who likes this good fortune and more wealth!