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OCTOBER 2026 I I-CONNECT007 MAGAZINE 83 The Cost of Time: Certification Cycles for a Broad Product Strategy Sundell Technology's product portfolio covers nearly all the mainstream markets that a PCB factory can serve: automotive electronics, laptops, AIPCs, serv- ers, communications and switches, and energy ap- plications. Its Phase I capacity of 120,000 square me- ters per month for general-purpose high-end PCBs requires a sufficiently diversified customer base to fully utilize it. But a broad product strategy carries a cost: Each new product line requires customer qualification, and each new customer category can bring another round of factory audits. As capacity continues to ramp, customer qualifications, yields, and utiliza- tion must keep pace, while growing order volumes gradually absorb the fixed costs of the initial invest- ment. Their real challenge is not simply getting the equipment running, but synchronizing customer qualification, stable delivery, and capacity growth while developing multiple product lines in parallel. Thailand is not a low-cost manufacturing base. This truth was acknowledged by all the manufacturers we visited. Customers shift orders to Thailand primarily to meet compliance requirements for overseas. Orders are not simply "taken," they are "screened." Some are filtered out by cost, others by customer qualifi- cation. Ultimately, what remains are those that must be produced in Thailand. Another price of pursuing a broad product strategy is that every product line must go through this screening process separately. Investments and Partnerships Matter In February 2025, Japan's Meiko Electronics in- vested approximately $20 million in Sundell Technology's parent company, JIARUIAN PTE. LTD., acquiring a 14.9% stake and appointing a director to Sundell's board. For Sundell Technology, the sig- nificance of this strategic investment lies not only in the capital itself but also in the customer resources and technical exchanges it brings. "Meiko does not get deeply involved in our internal management," Song Bo said. "First, it provides capital; second, it brings customer resources; and third, it facilitates mutual technical exchange. We visit its factories to learn, and there are regular exchanges and visits between the two sides." However, none of these resources—capital, customers, or technical exchange—produces an immediate return. For a factory still expanding capacity each quarter, the greatest benefit of a hands-off industrial shareholder may not be the orders it brings, but the time it allows to complete certifications carefully and improve yields steadily. Capital markets and financial reporting cycles may be less patient. Managing this tension between operating needs and financial expectations is a central challenge for Sundell Technology. Laying the Groundwork for 2028 In contrast to its measured pace of construction, Sundell Technology has laid out an ambitious and tightly packed roadmap. Using 18-layer PCBs as the benchmark, the company plans to ramp up produc- tion in stages, in parallel with more advanced HDI process capabilities. On the technology front, de- velopment will proceed step by step along a clear path, from sample delivery and small-batch vali- dation to full-scale mass production. Key iteration milestones have already been mapped out for both Sundell's well equipped final inspection stations.