China (PRC) | Industrials: AIDC Infra - Super Capacitor- Read-through from Man Yue HK NDR

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China (PRC) | Industrials: AIDC Infra - Super Capacitor- Read-through from Man Yue HK NDR

China (PRC) | Industrials EquityJulyResearch8, 2026

AIDC Infra - Super Capacitor- Read-through

from Man Yue HK NDR

We hosted NDR meetings for Man Yue Technology (894 HK, NC)

in Hong Kong on 6–7 July. A leading Chinese supplier of snap-in

aluminum electrolytic capacitors, MLPC and super capacitors, the company

shared valuable insights into technology trends for these products in AI

applications, from AIDC infra to AI hardware. Key takeaways are below.

Company background: Man Yue has operated for 48 years, maintaining a consistent focus

on its core capacitor business. The company currently offers three main product categories—

snap-in aluminum electrolytic capacitors (liquid and solid types), MLPC and supercapacitors

—serving both AI and non-AI applications incl home appliances, EVs and new energy, etc.

Snap-in aluminum electrolytic capacitors: Man Yue ranks fourth globally in liquid aluminum

electrolytic capacitors by market share, competing with major players including Japan’s

Nippon Chemi-Con and Nichicon, and China’s Jianghai. In April 2026, the company introduced

solid-state snap-in aluminum electrolytic capacitors capable of operating at 130–140°C,

helping address evaporation-related failures in traditional liquid snap-in capacitors used in

high-power AI applications above 90°C ahead of peers. This technology could accelerate the

shift toward safer, more reliable “pure solid-state” PSUs for AI servers, likely starting with Rubin

Ultra as suggested by Man Yue.

MLPC: Man Yue has been China’s first mass producer of MLPC since 2013 (ahead of domestic

peers like Jianghai, Guoguang Electric and Taiwanese peers like APAQ). MLPC is a high-