As the PCB (Printed Circuit Board) industry anticipates a recovery in 2025, companies are gearing up by securing capital for the upcoming growth. Following successful fundraising efforts such as Apex International (4927.TW) raising NT$1.2 billion through a cash capital increase, and UNITECH (2367.TW) securing NT$1.04 billion through a rights offering, Allied Circuits (8155.TWO) has also initiated a fundraising round, raising over NT$1.5 billion through a rights offering and convertible bonds. Meanwhile, Unimicron (3037.TW) recently decided to issue NT$15 billion worth of corporate bonds. Overall, the PCB industry’s fundraising activities are estimated to reach up to NT$50 billion (about CNY 11.1 billion or $1.52 billion), with numbers expected to continue rising.

The industry is preparing for ongoing investments in advanced processes at its Taiwanese facilities, as well as the expansion of new production capacities in Southeast Asia. Key players like PSA Huake's (PSA Huake) subsidiaries, including Global Brands Manufacture (6191.TW), HannStar Board (5469.TW), and Career Technology (6153.TW), are raising funds through bank syndicated loans and cash capital increases, amounting to approximately NT$9.97 billion. Notably, Jialianyi, a softboard manufacturer, plans to issue 42,000 new shares in a rights offering, expected to raise around NT$588 million in the first quarter of 2025.

Zhen Ding (4958.TW), earlier this year, successfully raised US$400 million through the issuance of overseas corporate bonds to boost its working capital and repay bank loans. This move also supports the company’s ongoing efforts to strengthen its position in the high-end product market, as it begins investing in the Kaohsiung AI Park and establishing a rigid-board R&D center.

To support capacity expansion, operational funding, debt repayment, and long-term business development needs, Xinxing has announced the issuance of corporate bonds totaling up to NT$15 billion. Analysts believe the company is ramping up capacity and improving yield rates to meet growing AI-related demand, with a continued shift of HDI production to AI applications.

Upstream material suppliers in the PCB industry are also stepping up their fundraising activities. Taiwan Union Technology (6274.TWO) has completed an NT$2.1 billion fundraising via unsecured convertible bonds, and Elite Material (2383.TW) has raised NT$6 billion by issuing convertible bonds, setting a new record for domestic fundraising. Additionally, Gold Circuit Electronics (2368.TW) raised NT$4.29 billion through bond issuance, while PCB equipment manufacturers like Group Up Industrial (6664.TWO) and SynPower (6658.TW) are expanding their scope by entering the semiconductor sector.

As the broader AI technology landscape shifts from cloud computing to edge computing, the Taiwan Printed Circuit Association (TPCA) expects that PCB manufacturers specializing in AI Edge will benefit from the increase in specifications. With inflationary pressures easing and consumer spending improving, the TPCA projects a 5.7% growth in the production scale of Taiwan's PCB sector, reaching a total output value of NT$854.1 billion (about $26 billion) in 2025.