On August 20, Beijing time, Avary Holding (Shenzhen) Co., Limited (SHE: 002938), one of the world's largest printed circuit board (PCB) makers, has started construction on a new RMB 8 billion ($1.1 billion) project at its Huai'an base.

The expansion will add new lines for SLP, advanced HDI, and HLC production, while boosting flexible PCB capacity. Avary said the facilities are aimed at meeting demand from fast-growing AI applications, including servers, optical communication, humanoid robots, smart vehicles, and edge AI devices. Construction will run from late 2025 to 2028.

Avary has invested over RMB 16 billion in Huai'an since 2006, making it a core hub for the company's global operations. Once complete, the new project is expected to deliver RMB 10 billion in annual sales and more than RMB 200 million in tax revenue.

The move comes as Avary continues to benefit from AI-driven electronics demand. In the first half of 2025, the Shenzhen-listed company reported revenue of RMB 16.4 billion, up 24.8% year-on-year, and net profit of RMB 1.23 billion, up 57.2%. Growth was driven by consumer electronics, computing PCBs, and new capacity for AI servers in China and Thailand.