❯ Dongshan Precision reportedly starts pre-marketing a Hong Kong listing to raise $2 billion to $3 billion

Sounding out investorsAccording to on.cc on October 12, foreign media citing sources said Suzhou Dongshan Precision, which has passed its Hong Kong listing hearing, has begun pre-marketing its Hong Kong listing and expects to raise $2 billion to $3 billion. According to a Bloomberg report relayed by Techmeme, the company could list in Hong Kong as soon as this month. The size and timing could still change.

Circuit boards and optical modulesDongshan Precision is already listed in Shenzhen and is one of mainland China’s largest makers of printed circuit boards. It also makes precision components, touch panels and LCD modules, and its customers are mainly global brands in consumer electronics, communications equipment and autos. A circuit board is the base that holds and connects the chips in an electronic device. The company entered optical modules in September last year by acquiring Source Photonics; optical modules carry high-speed data between servers in data centers.

First-half profit nearly quadrupledFigures cited in the report show first-half revenue of RMB 27.798 billion, up 63.95% from a year earlier, and profit of RMB 2.985 billion, up 2.93 times. The Standard reported in late September that the China Securities Regulatory Commission had approved the H-share plan, with UBS, Haitong International, GF and CITIC Securities as joint sponsors.

Most of the money goes to capacityThe proceeds are planned for building and upgrading production facilities, including more capacity for high-speed EML chips and optical modules and a new high-end circuit board plant in Zhuhai, with some for possible acquisitions, debt repayment and working capital. The Standard said the stock has risen more than 4.5 times since 2025, driven by the AI trend. With new capacity concentrated in optical modules and high-end boards, the company’s results will depend more on orders for those two products.

▮ SIGNALAI orders have reached the circuit board and optical module layer, and companies in the supply chain are using a new round of listings to pay for capacity.