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Investment Overview of the PCB Industry in the First Half of 2026
During the first half of 2026, investment activity in the global printed circuit board (PCB) sector remained robust. Domestic capacity expansion momentum in China significantly outpaced international peers. Domestically, China saw a sharp rise in both the number of new PCB investment projects and disclosed investment values. Internationally, while the number of newly launched projects edged down, the average investment scale per project increased. Global investment enthusiasm is chiefly driven by capacity expansion within Mainland China, along with demand from AI computing power and supporting material supply chains. Investment outside China is dominated by capital increases, capacity expansion and reinvestment projects in Southeast Asia.
I. Domestic Market
Between January and June 2026, China recorded approximately 76 newly added PCB-related investment projects, compared with 37 projects in the same period of 2025, representing a year-on-year surge of 105.4%. Over the same timeframe, the total disclosed value of new domestic investment commitments (covering project approval, signing, mergers & acquisitions, financing and other initiatives) reached roughly RMB 1.691 trillion, several times higher year-on-year.
In terms of product mix, the current round of capacity expansion is fueled by demand for AI computing hardware, high-density interconnect (HDI) boards, packaging substrates and upstream supporting materials. Listed companies serve as the primary investors with substantial capital outlays.
Key domestic projects include:
- Grandwide Technology signed a RMB 6 billion investment deal for its Dongguan Intelligent Manufacturing Headquarters; its convertible bond proceeds will fund Phase II of the Yunqing Intelligent Manufacturing Base and high-layer board technical upgrades, totalling approximately RMB 3.54 billion.
- Shennan Circuits’ Wuxi AI Computing Power Electronic Circuit Project carries a total investment of roughly RMB 4.536 billion.
- Fastprint Technology’s Zhuhai advanced mSAP and packaging substrate project involves total investment of RMB 3.18 billion.
- Junya Technology’s Ganzhou High-layer / HDI project receives RMB 1.557 billion investment.
- Unifull Technology secured land for its Huangshi High-performance Electronic Materials Industrial Park with planned total investment of about RMB 8 billion.
II. International Market
In the first half of 2026, there were around 31 newly approved PCB-related projects outside China, versus 47 projects registered in the first half of 2025, a year-on-year decline of 32%. Nevertheless, the disclosed aggregate investment value climbed rapidly to approximately RMB 790.6 billion, underpinned by larger capital injections per project driven by growth in artificial intelligence and other technology sectors. Geographically, international investment is concentrated in Southeast Asia, Europe and North America, primarily consisting of corporate reinvestment and capacity expansion projects tied to AI computing infrastructure and supporting material demands.
Major international projects include:
- AT&S plans to invest EUR 1.5–2 billion to expand production capacity for high-end IC substrates and advanced PCBs in Kulim, Malaysia.
- Mingyang Circuit obtained approval for its Phase I intelligent PCB manufacturing base in Bertam Science & Technology Park, Penang, with investment of around RMB 2.33 billion.
- LG Innotek signed an MOU to expand its packaging substrate factory in Haiphong, Vietnam.
- Mektec kicked off construction of its Phu Tho An Quang plant in Vietnam with investment of approximately USD 500 million.
- Zhen Ding Technology injected an additional capital contribution of roughly RMB 1.48 billion into its Thai subsidiary for follow-up investment.
- TTM Technologies plans to acquire two PCB enterprises based in Switzerland and Germany.
