Shenzhen's Jia Lichuang debuts on Shenzhen Exchange, market cap tops 100B yuan

What's the deal? Jia Lichuang Group, a Shenzhen-based printed circuit board (PCB) manufacturing and industrial internet platform, listed on the Shenzhen Stock Exchange's main board on August 4. Shares priced at 84.46 yuan each opened up more than 170%, pushing its market value past 100 billion yuan.

The backstory: Founded in Shenzhen, the company traces to three controlling shareholders — brothers Ding Hui and Ding Huixiang, and Yuan Jiangtao. Yuan started Jia Lichuang in 2006, targeting an overlooked market: engineers' prototype and small-batch PCB needs. The Ding brothers, who built PCB trading firm ZhongxinhuaDealroom has a profile for this one. Try Dealroom →, merged their businesses with Jia Lichuang in 2021 to form a full-spectrum platform spanning prototypes to large-batch production, later expanding into 3D printing and CNC machining.

By the numbers: Revenue rose from 6.73 billion yuan in 2023 to 7.97 billion yuan in 2024 and 10.23 billion yuan in 2025, according to the prospectus. Net profit excluding non-recurring items climbed from 658 million yuan to 1.23 billion yuan over the same period. The company processes more than 21 million orders annually and had over 9.5 million registered users by the end of 2025.

Who's backing it? Jia Lichuang first took outside capital in 2021, bringing in Sequoia ChinaDealroom has a profile for this one. Try Dealroom → and Zhonding CapitalDealroom has a profile for this one. Try Dealroom →. A 900 million yuan round led by SDICDealroom has a profile for this one. Try Dealroom → followed in August 2022. This IPO also drew industrial investors, including battery giant CATL, Kingboard, and Xiamen Industrial Investment, subscribing to no more than 420 million yuan combined; CATL's cap was 60 million yuan.

What could go wrong? The prospectus flags risks that its business model could be copied, that electronic component prices are volatile, and that market growth could fall short of expectations.

The signal: Jia Lichuang extends a run of large Shenzhen listings this year, after Dapu MicroelectronicsDealroom has a profile for this one. Try Dealroom →, HKCDealroom has a profile for this one. Try Dealroom →, and CR New EnergyDealroom has a profile for this one. Try Dealroom → each reached multi-hundred-billion-yuan valuations. By mid-June, Shenzhen had added 17 newly listed companies — the most nationwide — raising over 30.9 billion yuan. Yet the city faces pressure from rivals: last week Changxin TechnologyDealroom has a profile for this one. Try Dealroom →'s Shanghai debut topped a trillion yuan, fuelling a race among Chinese cities for their first trillion-yuan company.

Read more: 36Kr

Image credit: Rubber Dragon