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KINWONG Printed Circuit Board Project of Changchun City

Information Source: Jilin Provincial Commercial Information Center
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1. Introduction to the Project

1.1 Project background

1.1.1 Product introduction

A printed circuit board, commonly known as a PCB, is a carrier used to achieve electrical connections between electronic components. By providing conductive traces on an insulating substrate, the PCB enables the interconnection of electronic components, thus realizing the functions of a circuit. The design and manufacturing of a PCB are carried out through software. Once manufactured, it can be directly used for soldering components, thereby completing the assembly of electronic products.

1.1.2 Market prospect

(1) Overview of domestic and foreign PCB markets

The PCB industry is the sub-industry with the largest output value share in the global electronic components sector. PCB products are widely used in various fields such as communications, computers, consumer electronics, automotive electronics, servers, industrial control, military and aviation, and medical care. They are indispensable components in modern electronic products. The PCB industry is widely distributed around the world and has undergone a development change from being "dominated by Europe and the United States" to being "dominated by Asia". Developed countries in Europe and the United States started early. Before 2000, the three major regions of the America, Europe, and Japan accounted for more than 70% of the global PCB production value and were the most important production bases. Since the 21st century, with the transfer of the global electronic information industry from developed countries to emerging economies and countries, Asia, especially China, has gradually become the most important production base for electronic information products in the world. Since 2006, the Chinese mainland has surpassed Japan to become the world's largest PCB production base, with both the yield and output value ranking first in the world. As the largest producer in the global PCB industry, China accounted for 54.37% of the global PCB industry's total output value in 2023, exceeding the combined share of the America, Europe, and Japan. The global downstream application market for PCB is widely distributed, mainly including communications, computers, consumer electronics, automotive electronics, industrial control, military/aviation, medical care, and other fields.

Currently, high speed communication has become an important driving force for the development of the PCB industry. From the development of high frequency wireless and high speed wired application scenarios driven by 5G from 2018 to 2019, to the server upgrades and AI infrastructure expansions from 2020 to 2023, high speed communication has become the main factor driving the rapid growth of the PCB industry in a new cycle after PC and smartphones.

China has a healthy and stable domestic demand market and significant manufacturing advantages, which have attracted many foreign-funded enterprises to shift their production focus to the Chinese mainland. As basic electronic components, PCB products are often built around areas with concentrated downstream industries. At present, the downstream application fields of PCBs in the Chinese mainland are relatively widely distributed. According to the "14th Five-year Plan for the Development of the Information and Communication Industry" of the Ministry of Industry and Information Technology, in the future, China will accelerate the construction of "dual-gigabit" networks and coordinate the layout of data centers. It is estimated that by the end of 2025, the revenue of the domestic information and communication industry will reach 4.3 trillion yuan, and the cumulative investment in information and communication infrastructure will reach 3.7 trillion yuan. In the future, the construction of communication equipment such as 5G base stations in China will bring a large market space for the middle-to-high end printed circuit board industry. In the consumer electronics field, PCB products in this field usually feature large-scale production, thinness, and miniaturization. Consumer electronics products are characterized by a wide coverage, rapidly changing downstream demand, short product iteration cycles, and the continuous emergence of new product categories.

(2) Market prospect of PCB

High precision and high density: As the functions of electronic products become increasingly complex and miniaturized, the requirements for PCB are getting higher. Therefore, the demand for "high-precision and high-density" PCB is also growing day by day.

Green and environment-friendly: With the increasing global awareness of environmental protection, green and environment-friendly PCB has become a development trend in the PCB industry. In terms of PCB processes, PCB manufactured by green processes have become the mainstream in the market. Compared with boards manufactured by traditional PCB processes, they contain no harmful substance and are more environmentally friendly.

Intelligentization: With the rise of emerging technologies such as artificial intelligence and the Internet of Things, the PCB industry is also facing changes towards intelligentization and automation. Intelligentization has permeated the entire process of PCB manufacturing. Most processes, from sample board design, processing, printing, inspection to later assembly and testing, have achieved mechanization and automation.

At present, the PCB manufacturing industry has a large number of enterprises, and the major manufacturers are mainly in Asia, such as Foxconn, Hitachi, Samsung, LG, etc. Among Chinese PCB manufacturers, companies like Fenghuo Electronics, Visionox, and CETC have a relatively large market share. Due to competition in production costs, the PCB industry is gradually entering a process of vertical integration. Many enterprises have started to expand their company's supply chain, including mold design and production, self-designed and developed PCBs, and research and production of software for the PCB industry.

1.1.3 Advantageous conditions of project construction

(1) Policy advantage

In 2023, 2023-2024 Action Plan for Stabilizing Growth of the Electronic Information Manufacturing Industry released by the Ministry of Industry and Information Technology and the Ministry of Finance proposed to sort out the standard systems of basic electronic components, semiconductor devices, optoelectronic devices, electronic materials, new displays, integrated circuits, smart homes, virtual reality, etc., and accelerate the formulation of key standards and the implementation of the released standards.

(2) Location advantage

Changchun Economic and Technological Development Zone is located in Changchun City, Jilin Province. Situated at the geographical center of Northeast Asia, it is an important node on the Harbin-Dalian Economic Belt and the China-Mongolia-Russia Economic Corridor. This geographical location makes the Development Zone an important hub connecting countries in Northeast Asia, which is conducive to international trade and regional cooperation.

The transportation network in the Development Zone is extremely convenient. It integrates various transportation modes such as aviation, railway, expressway, and light rail. It has Longjia International Airport. One can reach two-thirds of the cities in China within 1.5 hours, and major cities around the world within 5 hours. In addition, there are multiple expressways and railway lines in the zone, facilitating the flow of logistics and people.

(3) Talent advantage

Changchun Economic and Technological Development Zone is rich in human resources and strong in scientific and technological strength. There are 28 institutions of higher learning within its jurisdiction, including Jilin University. It also has national-level research institutions such as the Changchun Institute of Optics, Fine Mechanics and Physics, and the Changchun Institute of Applied Chemistry. There are 97 independent research institutions, 71 national, provincial or ministerial key laboratories. There are 25 academicians of the Chinese Academy of Sciences and Chinese Academy of Engineering, over 300,000 undergraduate students, and more than 600,000 talents of various kinds, which can provide talent support for projects.

(4) Cooperative enterprise advantage

The project collaborates with Shenzhen KINWONG Electronics Co., Ltd. As a major global automotive PCB manufacturer, KINWONG has accumulated rich production control experience and obtained the IATF 16949 certificate in 2006. It offers a wide variety of technical products (such as thick copper, HDI, high frequency, high speed, etc.), which are applied in vehicle networking systems, autonomous driving, and the growing field of electric vehicles. Meanwhile, these products meet the technological development requirements of automobiles, including longer lifespan, higher temperature load, and smaller design distances. KINWONG has established strategic partnerships with numerous suppliers, enabling it to promptly respond to the application demands of new materials and new equipment in the automotive industry.

KINWONG has gathered a powerful R&D team that consists of talents in material research, new product development, process design, and optimization. It has continuously improved the processing technologies of multi-layer boards, HDI boards, metal-based boards, flexible boards, rigid flexible printed circuit boards, high frequency boards, special PCB boards, etc., significantly enhancing the technological level and leading technological innovation and product upgrades. It has obtained over 170 invention patents and more than 220 utility model patents, published nearly a hundred papers in national core journals, passed the appraisal of scientific and technological achievements of 18 internationally advanced technologies and 17 domestically leading technologies, and has won scientific and technological awards issued by governments at the provincial, municipal, and district levels on multiple occasions.

1.2 Contents and scale of project construction

The project covers an area of 35,000, which will involve the construction of a printed circuit board production workshop, a design workshop, a research and development office, and a comprehensive sales and operation office. It will provide customers in fields such as automobiles, communications, computers, power supplies, smart terminals, industrial control and medical care, and consumer goods with the most reliable printed circuit solutions, thus increasing the local supporting rate.

1.3 Total investment of the project and capital raising

The total investment of the project is 500 million yuan, including the construction investment of 400 million yuan.

1.4 Financial analysis and social evaluation

1.4.1 Main financial indexes

After the project reaches the production capacity, its annual sales income will be 309.2 million yuan, its profit will be 102 million yuan, its investment payback period will be 5.9 years (after the tax, including construction period of 1 year), and its return on investment will be 20%.

Note: “10 thousand yuan” in the table is in RMB.

1.4.2 Social evaluation

Boosting economic development: As a crucial part of the electronic information industry, the PCB sector has received substantial support from relevant national industrial policies. These policies have provided a broad space for the development of the electronic information industry, propelled the growth of the PCB industry, and thus contributed to the overall economic expansion.

Driving technological innovation: Technological innovation in the PCB industry has opened up new possibilities for the continuous renewal of products in downstream sectors. With the emergence of new technologies and applications such as cloud computing, big data, artificial intelligence, and the Internet of Things, as well as the large-scale promotion of 5G network construction, the PCB industry has encountered new development opportunities, which has spurred the progress and innovation of related technologies.

Optimizing industrial structure: The construction of the PCB project helps to optimize the local industrial structure and achieve the goal of high-quality development. The project production will improve and optimize the local industrial structure, driving the adjustment and upgrading of the industrial structure.

Environmental benefits: With technological advancements, the modern PCB production process is gradually moving towards environmental friendliness, reducing environmental pollution and meeting the requirements of sustainable development. The project has significant social benefits.

1.5 Cooperative way

Sole proprietorship, joint venture or cooperation.

1.6 What to be invested by the foreign party

Capital, other ways can be discussed in person.

1.7 Construction site of the project

Changchun Economic and Technological Development Zone

1.8 Progress of the project

The project proposal has been prepared.

2. Introduction to the Partner

2.1 Unit basic information  

(1) Cooperative enterprise

Name: Shenzhen KINWONG Electronics Co., Ltd.

Address: No. 166, Tiegang Reservoir Road, Xixiang Street, Bao'an District, Shenzhen City

(2) Government sector

Name: Changchun Economic and Technological Development Zone

Address: No. 6199, Jilin Road, Erdao District

2.2 Unit overview   

Cooperative enterprise: Founded in 1993 and listed on the main board of the Shanghai Stock Exchange (Stock Code: 603228), KINWONG is a national high-tech enterprise that leads the world in the R&D, production, and sales of printed circuit boards and high-end electronic materials. It has five major production bases in China, located in Shenzhen, Guangdong; Longchuan, Guangdong; Jishui, Jiangxi; Jinwan, Zhuhai; and Fushan, Zhuhai, with a total of 11 factories. There are over 14,000 employees worldwide. In 2022, the operating revenue reached 10.514 billion yuan. In 2021, we ranked 16th globally in the printed circuit board industry and third among the top 100 domestic-funded PCB enterprises in China. KINWONG is an enterprise with national intellectual property advantages, providing customers with the most reliable printed circuit solutions. The company enjoys high industry popularity and is highly recognized by high-quality customers.

Government sector: Changchun Economic and Technological Development Zone is located in the eastern part of Changchun City. It is at the forefront of the Changchun-Jilin-Tumen Development and Opening Pilot Zone, an important node of the Harbin-Changchun Urban Agglomeration, a major area for promoting industrialization in Northeast China, and a key hub connecting surrounding urban areas, development zones, and the main urban area. Changchun Economic and Technological Development Zone has a well-developed transportation network, boasting a comprehensive transportation advantage that combines highways, railways, and aviation. It is located at the intersection of transportation modes such as airports, railways, and freight dedicated lines, resulting in relatively low transportation costs. After years of accumulation, it has formed a "3+1" industrial layout and industrial cluster with a reasonable structure, distinct characteristics, and prominent advantages. That is, the three leading industries of auto parts, optoelectronic information, and medical and health, as well as the international trade industry.

2.3 Contact method

Contact unit: First Investment Promotion Bureau of Changchun Economic Development Zone 

Contact person: Section Chief Ma

Tel: +86-431-81880320

Contact method of the city (prefecture) where the project is located:

Contact unit: Cooperation and Exchange Office of Changchun City

Contact person: Zhang Junjie

Tel: +86-15704317930

Fax: +86-431-82700590

E-mail: xmc82763933@163.com

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