# Yang Chang-Chih
**Yang Chang-Chih** (杨长基) is the Taiwanese founder of [Gold Circuit Electronics](https://www.edgepedia.org/gold-circuit-electronics) (金像电子, GCE), a printed circuit board manufacturer established in Taoyuan, Taiwan, in September 1981.[1](https://www.gce.com.tw/history.html) A former senior executive at PCB maker Compeq, he built Gold Circuit into a leading PCB maker on demand for AI server boards, and debuted at No. 13 on the 2026 Forbes Taiwan 50 Richest list.[2](https://www.forbes.com/sites/chengboliu/2026/06/10/founder-of-printed-circuit-boards-maker-debuts-on-taiwans-50-richest-list/)
| Key facts | |
|---|---|
| Founded | Gold Circuit Electronics, September 1981, Taoyuan, Taiwan, with NT$10 million capital[1](https://www.gce.com.tw/history.html) |
| Prior career | Senior executive at PCB maker Compeq (华通电脑)[2](https://www.forbes.com/sites/chengboliu/2026/06/10/founder-of-printed-circuit-boards-maker-debuts-on-taiwans-50-richest-list/) |
| Listing | Taiwan Stock Exchange, March 9, 1998, ticker 2368[3](https://www.twse.com.tw/pdf/ch/2368_ch.pdf) |
| Ownership | 19.65% stake held through King Hsiang Investment, 90% owned by Yang[4](https://www.gce.com.tw/file/st/2024AnnualReport.pdf) |
| 2025 results | Revenue NT$60,003.76 million (+54%), net income NT$9,606.53 million, EPS NT$19.47[5](https://www.marketscreener.com/news/gold-circuit-electronics-ltd-reports-earnings-results-for-the-full-year-ended-december-31-2025-ce7e5fd2d98bfe25) |
| Wealth | $6.8 billion, No. 13 on the 2026 Forbes Taiwan 50 Richest list[2](https://www.forbes.com/sites/chengboliu/2026/06/10/founder-of-printed-circuit-boards-maker-debuts-on-taiwans-50-richest-list/) |
| Succession | Son Chen-Tse Yang chairman since 2017; daughter Chen-Jung Yang a director[6](https://www.setn.com/news/1853692) |
## Founding and background
Gold Circuit Electronics was founded in September 1981 with capital of NT$10 million, built in Taoyuan City on 837.6 ping of land as a limited company producing printed circuit boards.[1](https://www.gce.com.tw/history.html) The Taiwan company registry records the establishment date as September 5, 1981, with the registered office at No. 113, Xiyuan Road, Zhongli District, Taoyuan City.[7](https://notebz.com/com/30955404) Yang had previously been a senior executive at Compeq, one of Taiwan's established PCB makers, and the company expanded into manufacturing PCBs for servers around two decades ago.[2](https://www.forbes.com/sites/chengboliu/2026/06/10/founder-of-printed-circuit-boards-maker-debuts-on-taiwans-50-richest-list/)
## Listing, ownership and succession
GCE was listed on the [Taiwan Stock Exchange](https://www.edgepedia.org/taiwan-stock-exchange) on March 9, 1998, under ticker 2368, classified in the electronic components industry; its registered business covers the manufacture, processing, and sale of double-sided and multilayer printed circuit boards plus computer, electronics, and communications products.[3](https://www.twse.com.tw/pdf/ch/2368_ch.pdf)
Yang's stake is held through an institutional vehicle. King Hsiang Investment Co., Ltd. holds 19.65% of GCE and is 90.0% owned by Chang-Chih Yang, 5.0% by Jui-Ching Li, and 2.5% each by Chen-Tse Yang and Chen-Jung Yang.[4](https://www.gce.com.tw/file/st/2024AnnualReport.pdf) Per the 2023 annual report's shareholder table, the top shareholders were Yang Chang-Chih with 19.65%, the new labor pension fund with 6.31%, and Li Jui-ching with 5.62%.[8](https://info.ifa.ai/tw-stock/2368/major-holders) MarketScreener records a larger 21.88% stake (107,634,977 shares) for Yang; the registry board list shows him as a director holding 107,258,019 shares.[9](https://www.marketscreener.com/quote/stock/GOLD-CIRCUIT-ELECTRONICS--6496480/company/) • [7](https://notebz.com/com/30955404)
Succession to the second generation began in 2017. Yang left the chairman post that year, handing it to his son Chen-Tse Yang (杨承泽), while Yang and his daughter Chen-Jung Yang (杨承蓉) retain board seats.[6](https://www.setn.com/news/1853692) GCE's own 2024 annual report states that Chen-Tse Yang took over as CEO in November 2017 and has worked at the company for nearly 30 years.[4](https://www.gce.com.tw/file/st/2024AnnualReport.pdf) The company registry currently lists Chen-Tse Yang as chairman and representative, with Yang Chang-Chih, Chen-Jung Yang, and Yang Chang-Ching as directors.[7](https://notebz.com/com/30955404)
## Business and scale
GCE has long specialized in PCBs for servers and is a leader in that market; server boards and internet boards performed well in 2024 amid AI server demand.[4](https://www.gce.com.tw/file/st/2024AnnualReport.pdf) The 2024 annual report records Taiwan revenue of NTD 38,360,776 thousand, up 30.35% from 2023, on sales volume of 15,616,427 square feet, down 4.71% year over year.[4](https://www.gce.com.tw/file/st/2024AnnualReport.pdf) In 2025 revenue rose 54% to a record NT$60 billion, with net profit up 71% to NT$9.6 billion ($304 million).[2](https://www.forbes.com/sites/chengboliu/2026/06/10/founder-of-printed-circuit-boards-maker-debuts-on-taiwans-50-richest-list/) DigiTimes attributes the record year to a ramp-up in ASIC server customer orders.[10](https://www.digitimes.com/news/a20260114PD201/gce-asic-servers-pcb-revenue-2025.html)
The company employs 8,831 people and is headquartered at 113 Shi Yuan Road, Chung Li Industrial Park, Taoyuan City.[9](https://www.marketscreener.com/quote/stock/GOLD-CIRCUIT-ELECTRONICS--6496480/company/) Server boards account for about 78% of revenue and networking about 15%; AI-related revenue share has risen from about 20% to about 50%, with the company also benefiting from 800G switches and CSP self-developed ASIC platforms.[11](https://www.moneyweekly.com.tw/ArticleData/Info/Article/247973) On the Q2 2026 earnings call, spokesperson Yang Cheng-Jung put the AI share at "around 40% to 50%, not yet at 50%."[12](https://finance.biggo.com/news/TW_2368.TW_2026-08-28) Customers reportedly include Google and Amazon.[2](https://www.forbes.com/sites/chengboliu/2026/06/10/founder-of-printed-circuit-boards-maker-debuts-on-taiwans-50-richest-list/)
## By the numbers
- **2025 full year:** revenue NT$60,003.76 million (vs NT$38,951.89 million in 2024), net income NT$9,606.53 million, basic EPS NT$19.47 (vs 11.54).[5](https://www.marketscreener.com/news/gold-circuit-electronics-ltd-reports-earnings-results-for-the-full-year-ended-december-31-2025-ce7e5fd2d98bfe25)
- **H1 2026:** consolidated revenue NT$43.59 billion, up 68% year over year; pre-tax net profit NT$11.39 billion, up 121%; EPS NT$16.17 versus NT$7.08 a year earlier.[12](https://finance.biggo.com/news/TW_2368.TW_2026-08-28)
- **Monthly record:** NT$10.384 billion in August 2026, a record high, after first crossing NT$10 billion in July 2025; first-eight-month 2026 revenue reached NT$64.059 billion, up 71.3%.[13](https://www.ic-pcb.com/taiwan-pcb-august-update-ai-servers-drive-zhen-ding-to-record-highs-tripod--gold-circuit-post-65-growth.html) • [14](https://www.ftnn.com.tw/news/580323) • [15](https://www.taiwannews.com.tw/news/6418300)
- **Wealth:** US$6.8 billion (about NT$215.6 billion) at No. 13 on the 2026 Forbes Taiwan 50 Richest list, after GCE's share price rose roughly five- to sixfold in a year.[2](https://www.forbes.com/sites/chengboliu/2026/06/10/founder-of-printed-circuit-boards-maker-debuts-on-taiwans-50-richest-list/) • [6](https://www.setn.com/news/1853692) Forbes's own profile page shows a lower estimate of $4.9 billion.[16](https://www.forbes.com/profile/yang-chang-chih/)
The trajectory behind these numbers is steep. In 2015, with Yang still chairman, the company earned EPS of only NT$0.18, and it lost money in 2017 (EPS -NT$0.50); results turned around in 2020, with EPS rising from NT$0.24 in 2019 to NT$3.82.[17](https://www.businesstoday.com.tw/article/category/183008/post/202604150054/) GCE later became the first PCB stock to reach NT$1,000 per share.[18](https://money.udn.com/money/story/5591/9429636)
## How it compares with Taiwan's other PCB makers
GCE sits among Taiwan's PCB "big three" alongside [Unimicron](https://www.edgepedia.org/unimicron) and Zhen Ding.[17](https://www.businesstoday.com.tw/article/category/183008/post/202604150054/) Zhen Ding remains the world's largest PCB manufacturer, with record 2025 revenue of NT$182.52 billion and AI-related applications at nearly 70% of its total; GCE's NT$60 billion is about a third of that scale.[19](https://www.zdtco.com/download/upload2026_03_12220260312113240wfnlv0RgG1pdf) • [5](https://www.marketscreener.com/news/gold-circuit-electronics-ltd-reports-earnings-results-for-the-full-year-ended-december-31-2025-ce7e5fd2d98bfe25) In the AI server and ASIC high-end segment specifically, GCE and mainland China's WUS (沪电股份) are regarded as each other's most direct competitors, while Taiwan's high-end PCB makers in the AI upgrade wave include GCE, Tripod, Zhen Ding, and Unimicron.[20](https://www.moneyweekly.com.tw/ArticleData/Info/Article/244709/) GCE and Tripod are both seen racing toward NT$100 billion annual revenue in 2026.[14](https://www.ftnn.com.tw/news/580323)
## Recent expansion
The company established Gold Circuit Electronics (Thailand) on April 11, 2023, and its Thai plant, the company's first location outside [Greater China](https://www.edgepedia.org/greater-china), opened in 2025 with a $40 million investment and another $40 million going into expansion; Yang is personally investing NT$1.3 billion in the Thai operation.[1](https://www.gce.com.tw/history.html) • [2](https://www.forbes.com/sites/chengboliu/2026/06/10/founder-of-printed-circuit-boards-maker-debuts-on-taiwans-50-richest-list/) • [16](https://www.forbes.com/profile/yang-chang-chih/) A newly leased plant in Taoyuan's Yangmei District was scheduled to begin adding capacity in the third quarter of 2025.[15](https://www.taiwannews.com.tw/news/6418300) In November 2025 GCE said it would invest NT$7.2 billion to expand its Taoyuan factory complex, where it is headquartered.[2](https://www.forbes.com/sites/chengboliu/2026/06/10/founder-of-printed-circuit-boards-maker-debuts-on-taiwans-50-richest-list/)
For 2026, earnings-call coverage reports announced capital expenditure of approximately NT$19 billion (about $601.7 million), while FTNN reports a plan of about NT$17 billion; both describe continued expansion at home and abroad.[12](https://finance.biggo.com/news/TW_2368.TW_2026-08-28) • [14](https://www.ftnn.com.tw/news/580323) The company targets raising Taiwan capacity 50% above 2025 levels in the second half and expects Thai capacity to grow five- to six-fold once new lines open; Suzhou plant 2 and Thailand plant 2 are to add capacity in the second half of 2027.[14](https://www.ftnn.com.tw/news/580323) • [11](https://www.moneyweekly.com.tw/ArticleData/Info/Article/247973) In September 2026 the company announced further equipment purchases by its Suzhou and Thailand subsidiaries.[3](https://www.twse.com.tw/pdf/ch/2368_ch.pdf)
## References
1. GCE金像电子, 公司沿革 (company history). https://www.gce.com.tw/history.html
2. Founder Of Printed Circuit Boards Maker Debuts On Taiwan's 50 Richest List (Forbes, June 10, 2026). https://www.forbes.com/sites/chengboliu/2026/06/10/founder-of-printed-circuit-boards-maker-debuts-on-taiwans-50-richest-list/
3. TWSE 台湾证券交易所 个股资讯：金像电子 (2368). https://www.twse.com.tw/pdf/ch/2368_ch.pdf
4. Gold Circuit Electronics 2024 Annual Report. https://www.gce.com.tw/file/st/2024AnnualReport.pdf
5. Gold Circuit Electronics Ltd. Reports Earnings Results for the Full Year Ended December 31, 2025, MarketScreener. https://www.marketscreener.com/news/gold-circuit-electronics-ltd-reports-earnings-results-for-the-full-year-ended-december-31-2025-ce7e5fd2d98bfe25
6. 【台湾50大富豪】股价狂飙5倍！PCB之王创办人首进榜, 三立新闻网 (SETN). https://www.setn.com/news/1853692
7. 金像电子股份有限公司, 工商笔记本 (Taiwan company registry). https://notebz.com/com/30955404
8. 金像电(2368) 最新持股, ifa.ai. https://info.ifa.ai/tw-stock/2368/major-holders
9. Company Gold Circuit Electronics Ltd., MarketScreener. https://www.marketscreener.com/quote/stock/GOLD-CIRCUIT-ELECTRONICS--6496480/company/
10. Gold Circuit Electronics sees record revenue on ASIC server orders (DigiTimes, Jan 14, 2026). https://www.digitimes.com/news/a20260114PD201/gce-asic-servers-pcb-revenue-2025.html
11. 一块PCB可以让营收一年增加七成，金像电到底接到了什么？, 理财周刊. https://www.moneyweekly.com.tw/ArticleData/Info/Article/247973
12. Gold Circuit Electronics FY2026 Q2 Earnings Call, BigGo Finance. https://finance.biggo.com/news/TW_2368.TW_2026-08-28
13. Taiwan PCB August Update, IC & PCB Union. https://www.ic-pcb.com/taiwan-pcb-august-update-ai-servers-drive-zhen-ding-to-record-highs-tripod--gold-circuit-post-65-growth.html
14. AI伺服器订单旺到明年！金像电、健鼎营收双拚千亿, FTNN. https://www.ftnn.com.tw/news/580323
15. Unimicron, Kinsus extend record revenue streaks; Zhen Ding, Gold Circuit post solid results, Taiwan News. https://www.taiwannews.com.tw/news/6418300
16. Yang Chang-Chih, Forbes profile. https://www.forbes.com/profile/yang-chang-chih/
17. PCB大翻身系列1, 今周刊 (Business Today). https://www.businesstoday.com.tw/article/category/183008/post/202604150054/
18. PCB史上首档「千金股」！金像电从10元股价浮沉, 经济日报. https://money.udn.com/money/story/5591/9429636
19. Zhen Ding Achieves Record Revenue in 2025 with Both GM and OPM Expanding. https://www.zdtco.com/download/upload2026_03_12220260312113240wfnlv0RgG1pdf
20. AI让PCB身价翻倍！高阶板迎黄金成长期, 理财周刊. https://www.moneyweekly.com.tw/ArticleData/Info/Article/244709/
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*Topic: Encyclopedia › Society and history › Economics and business › Founders, operators, and investors › Technology founders and companies › Semiconductors and hardware › Taiwan chips and electronics*
*Initially written Sep 19, 2026 · Reviewed: Sep 19, 2026; Sep 30, 2026 · Edited: Sep 30, 2026; Oct 15, 2026; Oct 21, 2026 · Last review: Sep 30, 2026*
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