Gold Circuit Electronics, a major server printed circuit board (PCB) maker, said after the market close on Sept. 29 that its board had approved the first private placement of common shares for 2026, with Amazon joining as a strategic investor. Under the plan, Amazon will invest about NT$1.589 billion to subscribe for 1,856,308 shares at NT$856 apiece. Once completed, the investment will represent about 0.3% of Gold Circuit’s diluted shareholding.
Private placement set at 80% of the reference price
Gold Circuit said the pricing was based on the average closing price over the previous five trading days, which stood at NT$1,070. The final issue price of NT$856 per share equals 80% of that reference level. Amazon will take the full allotment, totaling about 1.856 million shares.
Under Taiwan’s Securities and Exchange Act, shares acquired through a private placement are subject to a three-year lock-up from the date of delivery and cannot be freely transferred on the public market during that period. The report said the investment does not reach the disclosure threshold for a material event in the U.S. market for Amazon, but for Gold Circuit, bringing in a marquee customer and strategic partner helps strengthen long-term working capital and creates a medium- to long-term business tie within regulatory limits.
Board also approved NT$7.9 billion in new capital spending
Alongside the private placement, Gold Circuit’s board approved an additional capital expenditure plan of up to NT$7.9 billion. The company said the investment is intended to address tight supply-demand conditions in high-end server and switch boards, while matching longer-term order visibility and demand for advanced production capacity.
According to the budget plan, about NT$3.8 billion will go toward land for a new plant, while around NT$4.1 billion will be allocated to factory construction and new production equipment. The spending is expected to begin in phases starting in the fourth quarter of 2026. Gold Circuit said it mainly plans to raise the required funds through unsecured convertible bonds, or CBs.
First-half margin and profit figures
Financial data cited in the report showed Gold Circuit posted a gross margin of 34.72% in the first half. Net profit after tax for the period reached NT$8.267 billion, up 140% year over year, while earnings per share came in at NT$16.17. The report said the company moved ahead with the expansion plan as demand for AI servers and networking products continued to grow.
Amazon’s 0.3% stake leaves control structure unchanged
On the ownership side, Gold Circuit is mainly held by its management team as well as institutional investors including pension funds and sovereign wealth funds, according to the report. Amazon’s 0.3% holding will not alter the existing corporate governance structure, but the move carries strategic weight.
The report added that Amazon has continued to push deployment of in-house application-specific integrated circuit (ASIC) chips for its cloud platform, Amazon Web Services (AWS), in recent years. High-layer-count PCBs are a key hardware input in that supply chain. The report said the tie-up shows how cooperation between the two companies is extending from routine procurement to a capital link, reflecting a supply-chain strategy by end-market companies to secure delivery schedules and capacity allocation for advanced manufacturing.