礼鼎科技递表港交所：中国内地第三大IC载板厂商，全球PCB龙头臻鼎-KY核心子公司

2026年7月2日，港交所官网显示，礼鼎半导体科技（深圳）股份有限公司（以下简称“礼鼎科技”）向港交所主板提交上市申请，中信证券（香港）有限公司担任独家保荐人。该公司是全球PCB龙头臻鼎-KY（4958.TW）布局高阶IC载板业务的核心子公司，此次上市旨在分拆高成长性资产，释放独立估值。紧随上市完成后（假设超额配股权未获行使），臻鼎仍将通过其子公司间接持有公司已发行股本约60%，维持控股股东地位。

Company Positioning: IC Substrate Supplier Empowered by Intelligent Manufacturing

According to the prospectus, Liding Technology is an IC substrate supplier empowered by intelligent manufacturing, specializing in the R&D, manufacturing, and sales of FCBGA, FCCSP, WBCSP, and module substrates. IC substrates are high-density interconnect platforms used for semiconductor packaging, providing electrical connections, mechanical support, and thermal management between silicon chips and printed circuit boards (PCBs). Our products are primarily applied in smart devices, AI and HPC, storage, automotive and robotics, and network communications.

The company's history dates back to 2011, when Jabil Group began developing and manufacturing IC substrate businesses.In 2019, Litai Technology was established as an indirect wholly-owned subsidiary of Zhen Ding to independently manage the IC substrate business of the Zhen Ding Group.

根据弗若斯特沙利文的资料，按2025年收入计，礼鼎科技在中国内地的IC载板制造商中排名第三，较2023年的第六名显著上升；在FCBGA及FCCSP载板的中国内地制造商中均位列第三。在全球按2025年IC载板收入计的前20大供应商中，公司2023年至2025年的收入复合年增长率排名第一。

Product Details

LiDing Technology is an IC substrate supplier empowered by intelligent manufacturing, specializing in the R&D, manufacturing, and sales of FCBGA, FCCSP, WBCSP, and module substrates. IC substrates are professional high-density interconnect platforms used in semiconductor packaging to provide electrical connections, mechanical support, and thermal management between silicon chips and printed circuit boards. Our products are widely applied across five key sectors: smart devices, AI & HPC, storage, automotive & robotics, and network communications.

公司主要产品包括四大类：

FCBGA载板：

FCCSP载板：

WBCSP Substrate:

Module Carrier Board:

股东结构

Liding TechnologyThe controlling shareholder is Zhen Ding Technology Holdings Inc.(Zhen Ding-KY, Taiwan Stock Exchange ticker: 4958). Zhen Ding indirectly holds 60.75% of the company through its subsidiaries Monterey Park Finance Limited, Hua Kui, Mei Gang, Ji Hui, and Avary Holding.

Following the completion of the IPO (assuming no exercise of the over-allotment option), Zhen Ding will continue to maintain its controlling stake through the aforementioned subsidiaries. Zhen Ding has clearly stated that Liding Technology will remain a consolidated subsidiary post-IPO, and the Group's overall organizational structure will not undergo significant changes due to this offering.

其他主要股东包括：硕沅有限公司（持股6.85%）、定愷有限公司（持股5.65%，员工持股平台）等。此外，公司设立了11个员工持股平台，合计持有公司约9.81%的已发行股份，覆盖核心员工及管理层。

Listing Background: Zhen Ding Drives Independent Valuation of Subsidiary

Jingdeng-KY held its board meeting in 2026 and approved Liding Semiconductor's application for listing on the Hong Kong Stock Exchange. The company stated that after the listing, Jingdeng will continue to indirectly hold shares in Liding through its subsidiary and maintain control.Liding remains a consolidated subsidiary of Zhending.Market analysts believe the IPO will enable independent valuation of IC substrates, a high-growth business segment, helping to unlock value previously diluted within the group's overall valuation.

融资情况

Liding Technology conducted four pre-IPO financing rounds via capital increases between 2019 and 12, and 2026 and 5:

第一轮融资（2019年12月至2021年3月）：Monterey Park及硕沅、沂瑞等投资者以每股约人民币1元认购，总代约14.6百万美元。

第二轮融资（2021年12月至2022年3月）：Monterey Park及定增、硕沅等投资者以每股约人民币6元认购，总代约14.8百万美元。

Third round of financing (from 1 to 5 2023): AVIC Holding subscribed for $5 in registered capital with an investment of $3 billion (approximately RMB 4 billion), increasing its stake to 8.47%. At the same time, investors including Liandao Pengxiang and Quickfame Inc. participated in the subscription at approximately RMB 7 per share, raising a total of about $8 million. In 6 2025, Monterey Park underwent a targeted capital reduction, causing AVIC Holding's ownership stake to passively increase from 8.47% to 13.72%.

第四轮融资（2026年5月至6月）：Pai Vista Ltd.、ASEAME Partners LP、Zen Core Ltd.、Sarka Investments Limited、YHT Capital Ventures Pte. Ltd.、中信证券投资及胜璋国际有限公司等7家机构以每股人民币18元认购合计108,888,889股股份，总代约人民币19.60亿元。

Valuation Reference

第四轮融资以每股人民币18元完成，对应公司投后估值约人民币152亿元。此次IPO拟发行新股股数暂定约占发行后总股本的15%。

Market analysts believe that Li Ding Technology's independent IPO will allow the market to assign a separate valuation multiple to its high-growth IC substrate business, helping to unlock value diluted by the group's overall valuation. In Q2026, the company's Shenzhen ABF Fab 1 achieved profitability, with full-year revenue expected to reach 200 million TWD (approximately 40 million RMB).

Financial Performance: Revenue grew rapidly; gross margin turned positive for the first time

The prospectus discloses that the Company's revenue grew rapidly from RMB 11.83 billion in 2023 to RMB 20.56 billion in 2024 and RMB 28.29 billion in 2025, representing a compound annual growth rate (CAGR) of 54.6%. In the first quarter of 2026, revenue further increased to RMB 9.24 billion, a 70.9% year-over-year increase compared to the same period in 2025.

盈利能力方面，公司于2025年实现毛利率首度转正，由2023年的-42.7%、2024年的-5.1%提升至2025年的3.5%，并于2026年第一季度进一步升至15.9%。净利润方面，2023年至2025年分别录得亏损7.53亿元、4.05亿元及3.29亿元，亏损持续收窄；2026年第一季度实现净利润5,011.3万元，首次录得季度盈利。

客户集中度逐步下降

于往绩记录期间，公司客户主要包括OSAT、IC设计及IDM公司。前五大客户收入占比由2023年的81.4%下降至2025年的76.6%，并进一步降至2026年第一季度的68.1%；最大单一客户收入占比亦由37.8%降至29.0%。

Market Outlook: AI-Driven Surge in IC Substrate Demand

According to Frost & Sullivan, the global IC substrate market is projected to grow from 2025 billion USD in 149 to 2030 billion USD in 303, with a CAGR of 15.3%. FCBGA substrates are expected to see the most significant growth, with a CAGR of 19.7% over the same period. Driven by surging AI computing demand, server market recovery, and increased adoption of advanced packaging, China's mainland IC substrate market is forecast to achieve a CAGR of 18.6% from 2025 to 2030, outpacing global growth rates.

募资用途：扩充FCBGA产能

The company stated that, after deducting issuance costs, the raised funds will be primarily used to expand FCBGA substrate production capacity, including constructing new manufacturing facilities, implementing electromechanical engineering projects, and acquiring advanced manufacturing equipment. The remaining portion will be allocated to working capital and general corporate purposes.