News briefing In July, SHENGYI Electronics held a board meeting and passed the resolution on "Investment in Thailand." The company plans to cost approximately 100 million US dollars from its own funds and raised capital to acquire 120 acres of land in the TFD Industrial Park in Chachoengsao, Thailand, for the construction of the manufacturing base. The trial manufacturing is expected to commence in the second half of 2025. Impact analysis SHENGYI Electronics specializes in manufacturing multilayer PCBs, which are widely used in communication and networking equipment, servers, automotive, and consumer electronics, among others. In terms of application, Sengyi's focus aligns well with the current PCB industry in Thailand. Choosing Thailand as a manufacturing base should facilitate business expansion and allow for capacity coordination with Mainland China. Sengyi Electronics is also the seventh Mainland Chinese listed company to invest publicly in Thailand. Looking at the timeline, the announcements of Mainland Chinese investments in Thailand have all been made within the last year. Mass production is expected to take place between the second half of 2024 and the first half of 2026, which almost perfectly overlaps with the planning and production schedules of Taiwanese PCB companies. Currently, both Mainland and Taiwanese PCB manufacturers are planning to produce multilayer and single/double layer PCBs in Thailand. While this is beneficial for the maturity of Thailand's PCB industry, it presents a competitive challenge for Taiwanese PCB manufacturers. In other words, as Mainland Chinese PCB manufacturers commence production, Taiwanese companies may face further profit margin compression in the already fiercely competitive multilayer PCB market. However, this will depend on the proportion and timing of high-end application product migration to Southeast Asia by customers, making it one of the key factors to observe in the future.