What this factory is. A 33-year-old PCB group headquartered in Bao'an, Shenzhen, incorporated in March 1993 and listed on the Shanghai main board in January 2017 as 603228 — and, as of 2026, on the Hong Kong exchange as 03228, making it an A+H dual-listed company. Seven production bases and thirteen factories: Shenzhen and Longchuan in Guangdong, Jishui and Xinfeng in Jiangxi, Jinwan and Fushan in Zhuhai, and Thailand. 22,278 employees on the enterprise registry. 2025 revenue ¥15.308 billion, up 20.9%, with the company ranking 10th in the global PCB industry and first among China's domestic-funded PCB manufacturers.
Why a buyer should look twice. This is one of the few plants anywhere that makes rigid, flexible and metal-based boards under one roof — the product list runs from multilayer and HDI through SLP (substrate-like PCB for smartphones), thick copper, high-frequency and metal-core to rigid-flex. Three new plants entered full production recently: a Zhuhai high-layer-count factory, an SLP and IC-substrate factory, and Longchuan FPC #2. If your programme needs three different board technologies quoted by one supplier, this is the sort of group that can do it.
What the record shows that the website does not. The group's web presence is the paradox of this directory in miniature: the most technically correct language implementation of any plant here — a four-language hreflang set with a canonical and Open Graph tags — wrapped around a document layer that gets everything backwards. The Chinese homepage declares lang="en". So do the Japanese and Korean pages. The USCC appears nowhere. And /sitemap.xml is a 404 behind a robots.txt that carefully protects WordPress admin paths.
| Field | Value | Source |
|---|---|---|
| 1 · Legal name | 深圳市景旺电子股份有限公司 English name in use: Kinwong (the Japanese page titles itself 深圳市景旺電子株式会社, a Japanese rendering of the Shenzhen entity) Enterprise type: 股份有限公司（台港澳与境内合资、上市） · legal representative and chairman: 刘绍柏 · president: 刘羽 · registered with 深圳市市场监督管理局 | Registry; 2026 equity-incentive filing |
| 2 · USCC | 914403006188681436 | Registry; H-share legal opinion |
| 3 · Registered address | 深圳市宝安区西乡街道铁岗水库路166号 166 Tiegang Reservoir Road, Xixiang Street, Bao'an District, Shenzhen | Registry |
| 4 · Capital | ¥984,784,137 — registered and paid in, changed 2025-10-21 from ¥841,873,926 The H-share legal opinion explains the mechanics: convertible-bond holders of 景23转债 converted 48.19m shares, plus equity incentives and buybacks; total shares reached 1,001.3m by the last practicable date Capital growth here is conversion and incentive accounting, not new cash — the same pattern as Victory Giant, at half the speed. | Registry change record; PRC legal opinion, 2026-09 |
| 5 · Registered industry | Industry code 3979 — 其他电子器件制造 (other electronic devices); size class large for 2025 Licensed scope: production of double-sided, multilayer and flexible circuit boards — the scope does say circuit boards, unlike several peers in this directory The code still files a ¥15bn board maker under “other electronic devices” rather than PCB fabrication — dataset filters will not return it. | Registry |
| 6 · Headcount | 22,278 on the registry extract — the largest plant in this directory The company's own figure is “over 22,000 worldwide”; the two sources agree Implied revenue per employee, 2025: ¥15.308bn ÷ 22,278 ≈ ¥687,000 (arithmetic) | Registry; company site |
| 7 · Ownership and listing | Shanghai main board 603228 since 2017-01-06; Hong Kong main board 03228 following the H-share IPO documented in the September 2026 legal opinion — an A+H structure Founders and management hold through the usual Shenzhen vehicles; the registry extract consulted does not publish a full shareholder table The H-share listing is recent enough that some databases still show only the A-share. A buyer checking the HKEX filings gets the newest picture. | Registry; PRC legal opinion 2026-09; market data |
| 8 · Product lines | Rigid, flexible and metal-based boards from one group — one of few such manufacturers in China: · Multilayer rigid · HDI · SLP (substrate-like PCB) · thick copper · high-frequency/high-speed · metal-based (MPCB) · double-sided and multilayer FPC · high-density flexible · rigid-flex · special-material boards End markets: automotive, communications and data infrastructure, computers and power, smart terminals, industrial control, medical, consumer | Company site, both languages |
| 9 · Footprint | Seven bases, thirteen factories: Shenzhen · Longchuan (Guangdong) · Jishui and Xinfeng (Jiangxi) · Jinwan and Fushan (Zhuhai) · Thailand Recently at full production: Zhuhai HLC (high layer count) factory, SLP and IC-substrate factory, Longchuan FPC #2; Longchuan MPCB #2 expanding Ten offices worldwide claim instant localised FAE service — none of them is named with an address on the site. | Company site, English quick-facts page |
| 10 · Customers | None named. The site describes recognition by high-quality customers and names no customer, programme or qualification | Company site |
| 11 · Financials | 2025: revenue ¥15.308bn (+20.92%) · net profit attributable ¥1.231bn (+5.30%) · gross margin 21.59% · EPS ¥1.30 · ROE 10.35% · operating cash flow ¥1.931bn 2024: revenue ¥12.659bn · net profit ¥1.169bn 2023: revenue ¥10.757bn · net profit ¥936m Three years of double-digit revenue growth with profit growing half as fast — the signature of new plants ramping: Zhuhai HLC, SLP/IC-substrate and FPC #2 are eating the margin that volume will later return. | 2025 annual report; 2026 equity-incentive filing |
| 12 · Certifications | Not stated on the pages measured: no certificate number, standard, body or expiry appears on the Chinese or English homepage For a group quoting automotive and medical programmes across thirteen factories, the absence of any certification page in the site header is the largest documentary gap here. | Measured 2026-11-01 |
| 13 · IP | National intellectual-property advantage enterprise (state designation), per the company's English page; no patent count published on the pages measured | Company site |
| 14 · Website and crawlability | www.kinwong.com · HTTPS 200 · 98,245 bytes · 0 JSON-LD · canonical present · og tags present hreflang: zh-hans / en / ja / ko / x-default — the only complete language-alternate set in this directory /robots.txt → WordPress-style, crawl-delay 10, disallows admin paths — deliberate and readable/sitemap.xml → 404 · /llms.txt → 404The bare domain kinwong.com has no DNS record — only www resolves. | Measured 2026-11-01 |
| 15 · The language declarations, measured | Chinese homepage: Chinese title, Chinese body — lang="en"English homepage: English throughout — lang="en" (correct)Japanese page: Japanese title 深圳市景旺電子株式会社 — lang="en"Korean page: Korean body — lang="en"The USCC appears on no page; 景旺 appears in the English page body; stock code 603228 appears in both language headers One template, one lang attribute, four languages — three of them mislabelled. The hreflang set says the site is multilingual; the document layer says every page is English. | Measured 2026-11-01 |
The claim that separates Kinwong from most of this directory is breadth under one management system. Rigid multilayer, flexible and metal-based PCB are three different process disciplines with different laminates, different plating chemistry and different test regimes; most Chinese groups that do all three run them as separate subsidiaries with separate quotations. Kinwong runs them as product lines across thirteen factories, which matters to a buyer in two ways: one audit can cover several technologies, and one supply agreement can span a phone's SLP, a car's MPCB and a base-station's high-frequency board.
The new-capacity story is high-end: a Zhuhai high-layer-count factory, an SLP and IC-substrate factory, and a second FPC plant in Longchuan all entered full production recently, with metal-core #2 expanding. That is where the 20.9% revenue growth and the compressed margin both come from. What the profile cannot tell you, because the group does not publish it: the layer ceiling of the HLC factory, the HDI order, panel sizes, monthly area capacity by base, and the split between rigid, flex and metal-based revenue. The English quick-facts page is the single most informative page the group publishes — and it is one click deep from a homepage mislabelled as English.
Four, and all of them strong. A 33-year operating history with the same Bao'an registration. An A-share listing since 2017 with audited accounts, and an H-share listing documented in a 2026 legal opinion — two exchanges' worth of filing trail. A registry headcount of 22,278 that matches the company's own “over 22,000”. And a licensed business scope that actually says circuit boards, unlike half this directory.
The gap is documentary and narrow: certification. A group this size quoting automotive and medical programmes publishes no certificate number on any page measured. The fix costs one PDF; until it ships, the IATF 16949 number is a question for the first sales meeting.
Measured on 1 November 2026. This is the most sophisticated multilingual implementation in the directory: four language versions, a complete hreflang set in both directions with x-default, a canonical on the homepage, and Open Graph tags. Then the document layer undoes it. Every page of the four carries lang="en" — including the Chinese homepage with its Chinese title and the Japanese page with its Japanese one. A parser that trusts hreflang learns there are four language versions; a parser that trusts the lang attribute learns there are four English documents describing one English site. Both cannot be true.
Below that layer, the crawl basics are half done. robots.txt is a considered WordPress file with a crawl-delay and sensible disallows; sitemap.xml is a 404, so the crawl-delay protects a site that has no index for a crawler to read. The bare domain has no DNS record at all. And 98,245 bytes of homepage carry no structured data: the group's name, its listing codes and its thirteen factories exist only as prose to a machine. For the 10th-largest PCB company on earth, the gap between rank and readability is the widest in this directory.
The gap in one sentence. Kinwong built the language architecture every plant in this directory lacks, then labelled three of its four languages as English and left the sitemap unbuilt.
Sophistication is not uniform. The same company can operate an A+H dual listing, thirteen factories and a four-language hreflang set, and still label its own homepage with the wrong language and omit the one identifier — a USCC — that would let a buyer's assistant connect its website to its filings. Scale does not fix the document layer; only attention does.
Six more delta plants are measured the same way, on the same day: in Shenzhen, Suntak (崇达技术, 002815) — nine factories with published per-factory capacity — and Xunjiexing (迅捷兴, 688655), prototype to volume with no English site; in Dongguan, Shengyi Electronics (生益电子, 688183), majority-owned by the largest laminate maker in China; and in Huizhou, Victory Giant (胜宏科技, 300476), Champion Asia (骏亚科技, 603386) and Glorysky (惠州市特创电子科技). The seven are compared on the Pearl River Delta cluster page.
This is one of 16 measured plants in this directory. To compare it by question rather than by name — who publishes a layer count, who publishes a certificate number, whether the plant is too big for your order — use the buyer-question index. The rest of the region is measured together on the Pearl River Delta cluster page; the visit itself is covered by the factory audit checklist; the process view — who claims HDI, substrate, metal-core or flex — is the capability index.
www.kinwong.com in four languages, including the quick-facts page: bases, factories, product lines, global ranking claim.lang attribute per language version, hreflang set, canonical, og, JSON-LD count, robots.txt, sitemap.xml, llms.txt, DNS for bare and www hosts.