First Quality Circuit Co., Ltd. (一品电路) is a subsidiary of Sihui Fushi Electronics (300852.SZ), operating an 88,000 sqm PCB manufacturing facility at AMATA City Rayong in Thailand's Eastern Economic Corridor.
Operational Footprint
88k
Square Meters
Human Capital
500+
Specialists
Phase-1 Monthly Capacity
50k
SQM / month
Founded by Liu Tianming, a Tokyo University-trained engineer, FQC inherits 20 years of Japanese-OEM quality discipline. Historically 64% of parent-company revenue has come from Japanese customers — a reflection of founder-level commitment to audit rigor, process discipline, and multi-decade product lifecycles.
Source: 2020 prospectus, 2024 annual report
Sources: Cninfo 2024 annual report · 2020 IPO prospectus · STCN · Sina Finance
2009
Sihui Fushi Founded
Founded in Sihui, Guangdong by Chairman Liu Tianming, a Tokyo University alumnus. Focus on multilayer PCB manufacturing.
2012
First IATF 16949 Certification
Then-ISO/TS 16949. Established qualification path for Japanese automotive OEM supply.
2015
ISO 13485 Medical Cert
Entered medical-device PCB supply. Shimadzu and Yokogawa onboarded.
2018
ChiNext IPO Application Filed
Formal listing process begins with Shenzhen Stock Exchange ChiNext board.
2020
Listed on Shenzhen ChiNext
July 2020 — ticker 300852.SZ. IPO proceeds underwrite offshore expansion.
2023
Thailand Factory Groundbreaking
Construction begins at AMATA City Rayong. FQC Thailand founded with THB 1.7B registered capital.
2024·6
FQC Thailand Phase-1 Opens
Grand opening June 25 with 400+ attendees. Mass production begins.
2024·10
800G Optical Module PCB Customer-Qualified
3+4+3 HDI with embedded copper blocks. Small-batch shipping begins.
2024
42-Layer ATE Test Board Award
2024 Guangdong Outstanding Hi-Tech Product. IC-tester grade ultra-high-layer rigid.
2026
1.6T Optical Module PCB Certified
Next-gen AI server qualification passed. Q1 2026.
Source: Cninfo 2024 annual report
We don't sell the cheapest PCB — we sell the one a Japanese auditor approves. Twenty years of that discipline, now shipping from Thailand.
— FQC Thailand
Sihui Fushi Electronics (300852.SZ) is a publicly traded PCB manufacturer headquartered in Sihui, Guangdong. 2,000+ employees in China plus 500+ at FQC Thailand. FY2024 revenue: RMB 19.32B, +36.69% YoY.
Ticker
300852.SZ
Status
Active / Listed
Market
Shenzhen ChiNext
Revenue Mix (2024)
Japanese Customer Share
57-66% historically, ~50% current as China market grows
UL Recognition
UL File Number
E336308
Heavy-Copper UL Recognition
2-layer board: 15oz
Multilayer board: 13oz
Source: parent company fsqualitypcb.com
Certifications
