Chen Tao: Behind Shenghong Technology's stock reaching a historic high, how an old PCB veteran teamed up with NVIDIA and rewrote his entire life story | [Business Profile]

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“Business Personalities Profile Research Group”

On May 8, 2026, Shenghong Technology’s stock price hit a record high. This is not the first time it has been in the spotlight. Over the past 12 months, this company from Huizhou has gone from an obscure PCB manufacturer to one of the hottest supply chain targets in the AI computing era—NVIDIA’s Tier 1 core supplier, with order share exceeding 70%, and net profit increasing nearly 40% year-over-year.

And behind this company stands a veteran who came from a rural area in Gansu. His name is Chen Tao.

1. The Veteran’s Southern Drift

Born in 1972 in a rural area of Wen County, Longnan City, Gansu Province, Chen Tao left home to join the army in 1989 at age 17. The resilience forged in military life became his spiritual foundation for entrepreneurship later on. If life followed a normal path, he might have found a stable job back home, married, had children, and lived an ordinary life. But he chose a different route.

In 1996, Chen Tao, who already had a “iron rice bowl” at the Second Light Industry Bureau in Kashgar, Xinjiang, was moved by the vibrant manufacturing industry in the Pearl River Delta during a business trip to Guangdong, and resigned to move south. He entered the PCB (printed circuit board) industry, starting as a basic salesperson. In the early days of his entrepreneurship, he bought imported circuit boards, disassembled them layer by layer for research, stayed up late reading professional manuals, and grew from a technical outsider to a senior engineer. Faced with technical gaps and capital shortages, he did not retreat.

In 2003, at age 31, Chen Tao founded Shenghua Electronics (the predecessor of Shenghong Technology); in 2006, he officially established Shenghong Technology in Huizhou. At that time, Shenghong was just a small factory with dozens of employees, serving toy factories and home appliance companies in the Pearl River Delta, mainly producing basic single-sided and double-sided boards. No one expected that, 19 years later, this small factory would stand at the very center of the global AI computing storm.

2. Going Public and Transforming: Focus on High-End, Not Scale

2015 marked the first highlight for Chen Tao and Shenghong Technology. That year, Shenghong successfully listed on the A-share market. From the founding of Shenghua Electronics in 2003, it took Chen Tao 12 years. After going public, he had a clear judgment of industry trends. At that time, the domestic PCB industry was suffering from excess low-end capacity and intense price wars. His strategy was: not to pursue scale, but to focus on high-end.

In 2019, he established the HDI division, breaking through the “arbitrary layer interconnection technology”—a core barrier in high-end PCB manufacturing, mastered by only a few companies worldwide. This move later became the key to Shenghong Technology opening the door to NVIDIA.

3. Binding with NVIDIA: A High-Stakes Gamble to Change Fate

2023 was the real turning point of the story. That year, the AI wave triggered by ChatGPT swept the globe, with explosive growth in computing power demand. NVIDIA’s GPUs became the most sought-after “hard currency,” and the underlying support for GPUs was high-precision printed circuit boards—more layers, higher density, and more demanding reliability.

Leveraging years of accumulation in high-end HDI technology, Shenghong Technology successfully integrated into NVIDIA’s AI acceleration card supply system. In 2024, the company passed NVIDIA’s GPU 200 certification, officially upgrading to Tier 1 supplier.

What does this mean? It means Shenghong is no longer just an “optional supplier,” but has entered NVIDIA’s top-tier global supply chain list. The significance of Tier 1 is well understood in the industry—it indicates that the company’s technical strength has passed the world’s most rigorous validation, ensuring stable order sources and creating a moat that competitors can hardly replicate in the short term.

In the first quarter of 2026, orders related to NVIDIA accounted for over 70% of Shenghong’s total orders, becoming the company’s largest growth engine. This is no coincidence. It is the ticket Chen Tao earned through a decade of HDI process accumulation.

4. Performance Explosion: From 9 Billion to 68 Billion Wealth Story

In 2025, Shenghong achieved revenue of 8B yuan, a year-on-year increase of 79.77%; net profit attributable to parent was 19.29B yuan, up 273.52%. In the first quarter of 2026, revenue was 4.31B yuan, up 27.99%; net profit was 5.52B yuan, up 39.95%; basic earnings per share were 1.48 yuan, up 38.32%. The profit growth rate approaching 40% is extremely rare among manufacturing companies listed on the A-share market.

On May 8, 2026, Shenghong’s stock price surged over 6%, hitting a record high, with a total market value surpassing 300 billion yuan. In this AI computing revolution, the market’s valuation of it has far exceeded that of a traditional PCB factory. The wealth of Chen Tao and his wife is also rapidly expanding: in 2024, according to the Hurun Rich List, their combined wealth was 9 billion yuan; by October 2025, this figure soared to 65 billion yuan, jumping from 576th to 81st place, and claiming the title of Huizhou’s richest; by March 2026, it further increased to 68 billion yuan, ranking 387th on the Hurun Global Rich List. From 9 billion to 68 billion, in just a year and a half.

5. Globalization and Worries

The story is not over. In August 2025, Shenghong submitted its first prospectus to the Hong Kong Stock Exchange, initiating a secondary listing in Hong Kong; six months later, in February 2026, it filed again. On April 21, Shenghong officially listed on the Hong Kong Stock Exchange, opening at HKD 330 per share, a 57.23% increase from the issue price, with a market capitalization once surpassing HKD 90 billion, setting a 2026 record for Hong Kong IPO fundraising.

Meanwhile, the company is building new production bases in Vietnam and Thailand, pushing forward its globalization strategy. NVIDIA’s suppliers need not only advanced technology but also stable capacity, reliable delivery, and supply chain security. Building factories in Southeast Asia is both a strategic move to diversify global customer risks and to prepare for larger capacity expansion in the next phase.

Of course, uncertainties remain. With orders from NVIDIA exceeding 70%, the company’s dependence on a single client is extremely high. If NVIDIA’s supply chain strategy shifts or AI computing demand experiences cyclical fluctuations, can Shenghong find new growth drivers? This is the next question Chen Tao must answer.

But at least for now, standing at the intersection of a market value of 300 billion yuan and a wealth of 68 billion yuan, this veteran who came from a rural area in Gansu has already achieved a life reversal that many could never imagine.

This is “Business Personalities Profile.” We will continue to analyze the human nature, pattern, and destiny behind business in the next episode.