Lucky Harvest

Over the past six months, at least six A-share listed companies have entered the liquid cooling sector through mergers, acquisitions, or capital increases, all with ties to Dongguan. These include Wuyang Automation planning to acquire 51 percent of Dongguan Kesyu Liquid Cooling Technology for 681 million yuan in cash, Lucky Harvest Technology planning to acquire 51 percent of Suzhou Coolchip Technology, Jinfu Technology acquiring 51 percent of two liquid cooling targets for 571 million yuan, and Lingyi iTech acquiring 35 percent of Dongguan Liminda Electronic Technology for 875 million yuan to gain control. This wave is driven by soaring chip power in the AI computing era, as traditional air cooling approaches its physical limits and liquid cooling becomes the inevitable choice. Nvidia's intelligent computing chip single-card power has risen from 400 watts for the A100 to 1,400 watts for the B300. Dongguan, with its precision manufacturing base, has become a focal point for the liquid cooling industry. Qishi Town has gathered 33 core heat dissipation companies and 53 upstream and downstream supporting enterprises. In 2025, the town's total AI heat dissipation industry output reached 7.494 billion yuan, and it was selected as a provincial-level small and medium-sized enterprise characteristic cluster for 2026 by the Guangdong Provincial Department of Industry and Information Technology. Dongguan's server production in 2025 approached 600,000 units, with the entire industry chain output nearing 100 billion yuan. The city has issued its first special support policy for the AI server industry, proposing that the output of related industries exceed 500 billion yuan by 2030. In the regional competitive landscape of the liquid cooling industry, North American system integrators lead, Taiwan region of China dominates in large-scale manufacturing, and mainland China is rapidly catching up. Dongguan is narrowing the gap through its industrial cluster but faces fierce competition from cities like Shenzhen and Suzhou.