Avary Holding Discloses Corporate Governance Review in Annual Report
The Chinese PCB manufacturer filed its 2025 annual report detailing self-inspection efforts under a listed company governance special action, while declaring a RMB 10 per 10 shares dividend.
Governance Disclosure Takes Center Stage
Avary Holding (Shenzhen) Co., Limited filed its 2025 annual report with a headline focused on corporate governance, specifically "Self-Inspection and Rectification of Issues under the Listed Company Governance Special Action" (AR filing, 2026-08-11). The Shenzhen Stock Exchange-listed company, which closed at 96.67 with a market capitalization of approximately $33 billion, operates as a major printed circuit board manufacturer with global operations spanning China, Hong Kong, Taiwan, Singapore, India, and Thailand.
The filing emphasized board-level accountability, with the company stating: "The Board of Directors, directors and senior management of the Company hereby warrant that the contents of this Annual Report are true, accurate and complete, without any false records, misleading statements or material omissions, and assume individual and joint and several legal liability therefor" (AR filing, 2026-08-11).
Dividend Proposal and Financial Oversight
The board approved a cash dividend proposal of "RMB 10 (inclusive of tax) per 10 shares" to be distributed to all shareholders, based on 2,317,536,658 shares, with "no bonus shares (inclusive of tax) and no capitalization of capital reserves into share capital" (AR filing, 2026-08-11).
Charles Shen, the company's legal representative, along with Xiao Dewang, who serves as both the person in charge of accounting work and head of the accounting department, declared their guarantee of "the truthfulness, accuracy and completeness of the financial report" (AR filing, 2026-08-11). The filing noted that "all directors attended the Board of Directors meeting at which this Report was reviewed" (AR filing, 2026-08-11).
Business Structure and Risk Disclosure
Avary Holding operates through an extensive subsidiary network including wholly-owned entities Qingding Precision Electronics (Huaian), Hongqisheng Precision Electronics (Qinhuangdao), and international operations through Avary Hong Kong, Avary Taiwan, Avary Singapore, and Avary India. The company also holds controlling stakes in Wuxi Huayang Science and Technology and its subsidiary Jiangsu Turnsor Technology.
The company disclosed that "there are no material risk factors affecting the Company's production, operations, financial condition or sustained profitability," while directing investors to refer to specific sections of the annual report for "the risk factors it may face and corresponding countermeasures" (AR filing, 2026-08-11).
The filing included a standard cautionary statement that "forward-looking statements in this Report regarding future plans and other matters do not constitute substantive commitments by the Company to investors" and urged stakeholders to "maintain an adequate awareness of risks and understand the difference between plans, forecasts and commitments" (AR filing, 2026-08-11).
Audit and Control Structure
PricewaterhouseCoopers Zhong Tian LLP served as the company's accounting firm, with certified public accountants Guan Kun and Hu Yihan signing the audit report. The company's controlling shareholder is Mayco Industrial Limited, with Zhen Ding Technology Holding Limited serving as the indirect controlling shareholder.
According to MarginX data, Avary Holding is scheduled to report first-half 2026 results on August 12, 2026.
This article was generated by MarginX from the AR filing on 2026-08-11. It is not investment advice.