Jones Tech PLC: Market Activity and Strategic Positioning

Jones Tech PLC, listed on the Shenzhen Stock Exchange under the ticker 300684, has experienced a significant uptick in trading volume and share price during the week of 17–18 September 2025. The company’s share price closed at CNY 44.61 on 16 September, within the 52‑week range of CNY 14.30 – 46.90. Market capitalization is 13,361,104,881 CNY and the price‑earnings ratio stands at 51.29.

Trading Performance

  • 18 September 2025 – The stock opened at CNY 46.98 and finished at CNY 46.98 with a +5.31 % intraday gain. Trading volume reached 5.19 billion CNY and the turnover rate was 5.62 %. Total market value after the trade was CNY 140.71 billion.
  • 17 September 2025 – The share price reached CNY 42.31 early in the day, representing an +8.21 % rise. The market value at that point was CNY 126.72 billion, with a turnover rate of 2.52 % and a trade volume of 2.12 billion CNY.
  • 14 September 2025 – The stock traded for 23.47 billion CNY, a record high since listing. The share price moved +0.22 % and the turnover rate was 24.95 %.

The surge in trading activity coincides with broader market enthusiasm for the “liquid‑cooling” server segment, which has attracted attention from major technology firms and investors seeking exposure to the AI and high‑performance computing (HPC) sectors.

Product and Market Focus

Jones Tech PLC specializes in:

  • Thermal Management Materials – thermal pads, gels, greases, phase‑change materials, and synthetic graphite.
  • EMI Shielding Materials – conductive rubber composites, knitted wire mesh strips, shield windows, IP silicone gaskets, and air vents.
  • EMC Filters – single‑phase, three‑phase, feed‑through, DC power supply, PCB series, gradient, and EMI flake filters, including filters for photovoltaic systems.

The company’s services include design consulting, synchronous development, product assessment, and engineering technology solutions. Its customer base spans medical equipment, power electronics, telecommunications, automation, smart devices, military, office automation, IT, industrial machinery manufacturing, rail transportation, and renewable energy.

The company’s revenue mix, as reported for the most recent year, is heavily weighted toward thermal‑management products (98.05 %), with other segments contributing the remaining 1.95 %.

Strategic Implications of the Liquid‑Cooling Trend

Recent market commentary highlights the importance of liquid‑cooling modules for next‑generation AI GPUs and high‑power computing platforms. Several points emerge from investor‑company interactions:

  1. Product Integration – Jones Tech PLC has been supplying core components such as thermal interface materials (TIM) and liquid‑cooling modules to server manufacturers, including OEMs and ODMs such as Foxconn and TSMC. The company is pursuing certification and mass‑production of micro‑channel water‑cooling panels (MLCPs) designed to meet the higher heat‑density requirements of AI accelerators.
  2. Competitive Position – The firm emphasizes its long‑standing presence in the heat‑management sector and the technical barriers to entry for new suppliers. Its products are positioned to serve high‑end server customers, potentially including NVIDIA’s GPU supply chain.
  3. Financial Impact – While the company has not disclosed detailed revenue contributions from liquid‑cooling at the time of these disclosures, the trend suggests a forthcoming growth trajectory in this segment, which could improve margins and diversify the revenue base.

Institutional Support

Two funds managed by People’s Insurance Asset Management (人保资产) have disclosed significant holdings in Jones Tech PLC:

  • 17 September – A portfolio held 24,700 shares, realizing a profit of CNY 7.93 million.
  • 18 September – The same portfolio held 24,700 shares, realizing a profit of CNY 5.85 million.

These institutional positions reinforce market confidence in the company’s business model and growth prospects.

Summary

Jones Tech PLC has experienced notable intraday gains and high trading volumes in September 2025, driven by investor enthusiasm for the liquid‑cooling server sector. The company’s core competencies in thermal management and EMI shielding, combined with its active pursuit of liquid‑cooling solutions for AI and HPC applications, position it favorably within the evolving technology landscape. Institutional backing and a solid revenue base in high‑performance thermal products further support its market standing.