Yusheng Raises 3.06 Billion Yen Through CB Issuance and Cash Increase

Yusheng (5291-TW), a PCB manufacturer, announced on the 27th that it has completed the issuance of unsecured convertible bonds (CB) worth 2 billion yen and has secured the funds. The CB will be listed on the 29th of July. In addition, Yusheng has raised 1.06 billion yen through a cash increase of 2,000 shares at 53 yen per share. This brings the total funds raised this year to 3.06 billion yen.

The conversion price of Yusheng's CB issuance is 53 yuan, with a conversion premium rate of 107.5%. Yusheng's sales for the first half of 2026 amounted to 7.14 billion yen, a 33.1% increase from the same period last year. This growth is driven by the increasing demand for high-end PCB products. With the rapid development of AI applications and the sustained growth in demand from the semiconductor and aerospace and defense industries, the PCB industry is entering a new phase of structural upgrading. AI infrastructure is driving a significant improvement in electronic device specifications, while the low Earth orbit (LEO) and drone markets are entering the global arms race. High-end PCBs are transitioning from simple signal connection carriers to core components that affect computational performance and system stability.

Meanwhile, Yusheng's Taoyuan Guishan Phase II expansion project is set to go into production, adding 300,000 square feet of PCB production capacity. If orders proceed smoothly, this could help surpass the 2025 annual sales target of 10.82 billion yen.

Additionally, Huatong (2313-TW), a leading HDI manufacturer, has issued 42,000 shares of cash increase at a premium of 205 yuan, setting a new record for the largest scale and highest issue price in PCB manufacturer cash increase cases. The total funds raised amount to 8.61 billion yen, with the cash increase expected to be completed by mid-July. The main purpose of Huatong's cash increase is to secure operating funds and repay bank loans.

Furthermore, Bozhi (8155-TW), another PCB manufacturer, is also planning to issue two CBs in the market to raise over 5 billion yen. The main purpose of this fundraising is to secure operating funds. At the same time, Bozhi is continuously developing high-layer PCB manufacturing processes, with 14-20 layer boards currently accounting for 51% of their production. In the future, the proportion of products with 20 or more layers is expected to continue to increase. The growing demand for high-layer boards is driving an increase in both unit prices and gross margins, with the benefits of product mix optimization gradually becoming apparent.