Avary Holding Plans Up to 9.6 Billion Yuan Private Placement for AI Server, Optical Module PCB Project

Avary Holding (002938.SZ) has unveiled a private placement plan to raise up to 9.6 billion yuan, with all proceeds earmarked for the “Qingding AI server and high-speed optical module high-density interconnect (HDI) build-up board project,” Jiemian News reported. The Qingding project has a planned total investment of 12.73 billion yuan and would add about 655,600 square meters of annual capacity for high-end HDI products. People close to the company said the 12.73 billion yuan plan consolidates investments tied to Avary’s Huai’an strategy, including an 8 billion yuan industrial park project announced in August 2025 (covering SLP, high-end HDI and HLC capacity, with construction from the second half of 2025 to 2028) and an additional 11 billion yuan investment announced in March 2026 for a high-end PCB production base. Avary also announced a 4.297 billion yuan investment in its Thailand park to build capacity for products including high-end HDI (including SLP) and HLC. The company said 2025 revenue was 39.147 billion yuan and net profit attributable to shareholders was 3.738 billion yuan; in Q1 2026, revenue fell 1.25% year-on-year and net profit fell 5.21%.