Weirong Technology's ChiNext IPO Passes Review, Domestic High-End MLCCs Accelerate Breakthrough

On October 29, the Shenzhen Stock Exchange Listing Review Committee held its 59th review meeting of 2026. The review results showed that the initial public offering application of Guangdong Weirong Electronic Technology Co., Ltd. met the issuance conditions, listing conditions, and information disclosure requirements, and successfully passed the listing review, bringing it one step closer to landing on the ChiNext board.

As a core domestic manufacturer in China's high-end multilayer ceramic capacitor (MLCC) sector, Weirong Technology's successful passage of the review also marks another important force in the domestic localization process of passive components.

MLCCs are known as the "rice of the electronics industry" and are core passive components that perform basic functions such as filtering, decoupling, energy storage, and coupling in electronic circuits. Almost all electronic devices with circuit boards cannot do without MLCCs, and they broadly support nearly the entire electronic information industry, including consumer electronics, AI servers, communication base stations, new energy vehicles, and industrial control. For a long time, the high-end MLCC market has been dominated by overseas giants, and high-value-added categories such as automotive-grade, high-capacitance, RF, and ultra-miniature products were once weak links in the domestic supply chain, leaving broad room for domestic substitution.

Weirong Technology was established in 2017 in Luoding, Yunfu, Guangdong. It is a national-level high-tech enterprise. Since its founding, it has anchored itself in the high-end MLCC sector, avoided the low-end red-ocean market, and focused on the R&D and manufacturing of miniaturized, high-capacitance, and high-reliability products, making it a highly representative domestic innovative enterprise in China's MLCC industry. The company's shipment scale in two major categories—ultra-miniature MLCCs and RF MLCCs—ranks firmly among the global top three; its automotive-grade products have all passed AEC-Q200 automotive-grade certification and IATF16949 quality management system certification, with sizes covering mainstream specifications from 0201 to 1210. Its high-voltage series products can adapt to 630V–1000V automotive high-voltage platforms and can meet the stringent operating conditions of advanced intelligent driving and three-electric systems. It has cumulatively won more than 200 designated vehicle manufacturer projects and successfully entered the supply chain systems of multiple leading domestic automakers and Tier1 suppliers, achieving batch supply of automotive-grade high-capacitance MLCCs. In the computing power sector, the company's high-capacitance MLCC products have completed iterative breakthroughs, filling the supply gap for domestic manufacturers in high-end high-capacitance MLCCs for AI servers, entering the leading computing power industry chain, and providing component support for AI infrastructure.

In terms of capacity construction, Weirong Technology continues to advance the implementation of smart factories. With the commissioning of Phase II production lines, the company's monthly capacity is expected to increase to nearly 80 billion pieces, continuously unleashing large-scale delivery capability to support rapidly growing downstream order demand. Relying on stable quality and delivery capability, the company's customer matrix covers many industry leaders in consumer electronics, computing power, and automotive electronics, and the number of cooperating customers at home and abroad continues to grow.

In this bid for the ChiNext board, Weirong Technology plans to raise a total of 1.675 billion yuan, with the funds to be invested in three major directions: high-end MLCC capacity expansion projects, R&D center upgrading projects, and supplementing working capital. Among them, the capacity expansion projects will focus on adding capacity for high-value-added MLCCs such as high-capacitance, automotive-grade, and RF products; the R&D center upgrade will focus on continuous breakthroughs in underlying technologies such as new material formulations, ultra-thin dielectrics, new processes, and reliability verification, continuously narrowing the technology gap with leading international manufacturers and improving its independent technology system.

Prospectus data show that, benefiting from downstream demand driven by AI computing power and new energy vehicles, the company's operating scale has continued to grow steadily, its revenue structure has continued to optimize, the proportion of high-gross-margin automotive-grade and industrial-grade products has steadily risen, and profitability has continued to improve. The sponsor institution, Huatai United Securities, pointed out that Weirong Technology's core technologies are independent and controllable, and its products are positioned in high-end sectors, aligning with the development direction of independent and secure domestic electronic supply chains.

Industry analysts said that with the continued construction of AI computing power infrastructure, the steady increase in new energy vehicle penetration, and the recovery of consumer electronics, demand for high-end MLCCs has long-term support. Over the past few years, domestic MLCC manufacturers have continued to invest in R&D and gradually broken overseas monopolies, while Weirong Technology focuses on high-value sectors such as RF, automotive-grade, and servers, with a clear differentiated competition route. After successfully passing the review this time, with the support of the capital market, the company is expected to accelerate the release of high-end capacity and increase investment in cutting-edge technology R&D, further enhancing domestic independent supply capability for high-end MLCCs and strengthening the weak links in China's passive component industry chain.