China's Leading Computing Server Power Supplier, BOCO Electronics Files for Hong Kong IPO

Hangzhou BOCO Electronics Co., Ltd. (hereinafter referred to as "BOCO Electronics") recently submitted its prospectus to the Hong Kong Stock Exchange, seeking a listing on the Main Board with China Merchants Securities International as the sole sponsor.

Image source: Prospectus

**China's Leading Computing Server Power Supplier with Diversified Product Matrix**

Public information shows that BOCO Electronics, founded in 2021, is a high-performance computing server power supplier that empowers industrial, consumer, and commercial power conversion applications, primarily serving dedicated computing power and AI computing power to meet stringent requirements for output power, efficiency, power density, and reliability.

BOCO Electronics has built a diversified product matrix, mainly covering three segments: dedicated computing server power, AI computing server power, and ESS power conversion products.

The dedicated computing server power products primarily include liquid-cooled three-phase input and air-cooled single-phase input series, suitable for harsh environments such as supercomputing centers.

The AI computing server power products mainly target the needs of supercomputing centers and high-performance computing centers, launching products such as CRPS liquid-cooled gallium nitride to meet the high reliability requirements of large-scale AI workloads.

The ESS power conversion products mainly focus on portable and residential energy storage, with some products adopting third-generation semiconductor technologies such as gallium nitride/silicon carbide, widely used in outdoor leisure and emergency power supply scenarios.

The prospectus shows that BOCO Electronics currently holds 57 patents and 14 software copyrights, with core technologies covering wide-bandgap semiconductor applications, advanced power electronics topologies, and thermal management.

According to Frost & Sullivan, by revenue from high-performance computing server power in 2024, BOCO Electronics ranked fourth globally and first in Mainland China in the computing server power market, with market shares of 8.9% and 18.9%, respectively.

**Rapid Growth Performance, Overseas Business Accounting for Nearly 35%**

In terms of financial performance, the prospectus shows that BOCO Electronics' revenue was RMB 261 million and RMB 556 million in 2023 and 2024, respectively; gross profit was RMB 59.15 million and RMB 122 million; profit during the period was RMB 4.24 million and RMB 39.60 million.

In the first nine months of 2025, BOCO Electronics' revenue reached RMB 751 million, representing a 126% year-over-year growth, with profit during the period of RMB 76.11 million, a 339% year-over-year increase, achieving explosive growth in both revenue and profit.

Looking at the revenue structure by product, in the first nine months of 2025, BOCO Electronics' revenue from dedicated computing server power was RMB 494 million, accounting for 65.8%; revenue from AI computing server power was RMB 2.93 million, accounting for 0.4%; revenue from ESS power conversion was RMB 254 million, accounting for 33.8%.

In overseas business, BOCO Electronics has already achieved certain scale. From 2023 to September 2025, overseas revenue grew from RMB 3.87 million to RMB 261 million, with its proportion of total revenue increasing from 1.5% to 34.8%.

In 2023, 2024, and the first nine months of 2025, revenue from the top five customers accounted for 94.8%, 91.6%, and 88.6% of BOCO Electronics' total revenue, respectively, indicating that customer concentration remains relatively high. Among them, the proportion of revenue from the largest customer decreased from 89.9% in 2023 to 27.0% in the first nine months of 2025, showing improved customer structure.

As of September 30, 2025, BOCO Electronics held cash and cash equivalents of RMB 225 million.

**Industry Scale Continues Growing, Post-Money Valuation Approaches RMB 1.4 Billion**

The Frost & Sullivan report points out that with the continuous construction of AI and blockchain infrastructure, the computing server power industry has experienced significant growth.

In 2024, the market size of the computing server power industry by revenue reached RMB 54.8 billion globally and RMB 13.3 billion in Mainland China, with compound annual growth rates from 2020 to 2024 of 16.7% and 11.8%, respectively. Driven by further growth in computing power demand, the market size of the computing server power industry by revenue is expected to reach RMB 323.3 billion globally and RMB 55 billion in Mainland China by 2029, with compound annual growth rates from 2024 to 2029 of 42.6% and 32.8%, respectively.

The prospectus shows that BOCO Electronics has obtained multiple financing rounds since 2021, raising a total of RMB 178 million. Its post-money valuation reached RMB 1.391 billion as of the end of September 2025.

Pre-IPO, founder Yin Guodong held and controlled approximately 59.75% of BOCO Electronics' shares, and Dr. Shen Guoqiao holds 2.82% of shares as an acting-in-concert party. They collectively hold approximately 62.57% of the shares as the controlling shareholders.

In the prospectus, BOCO Electronics stated that it intends to use the IPO proceeds to enhance R&D capabilities, consolidate its technological leadership position, and further expand its product portfolio; to upgrade smart manufacturing facilities and optimize the global supply chain; to strengthen its sales and marketing capabilities in Mainland China; and for strategic upstream and horizontal acquisitions or investments. It plans to conduct selective acquisitions or investments to strengthen industrial chain integration and technology portfolios, etc.

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