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

Hearing passed, pre-marketing beginsOn.cc reported on October 12 that Dongshan Precision passed its Hong Kong listing hearing and started pre-marketing, gauging investor demand before the formal offering. Citing sources, it plans to raise $2 billion to $3 billion.

Regulator approval in handThe Standard, citing Bloomberg on September 29, reported that the China Securities Regulatory Commission approved the H-share plan, with UBS, Haitong International, GF and CITIC Securities as joint sponsors, and the offering could come as early as October.

Circuit boards and optical modulesAlready listed in Shenzhen, Dongshan Precision makes printed circuit boards, precision components, touch panels and LCD modules for global consumer electronics, telecom and auto brands. Citing its prospectus, The Standard says it is the largest PCB supplier for edge AI devices, with 26.9% share in 2025. It entered optical modules last September by buying Source Photonics.

Profit nearly quadruplesFirst-half revenue was RMB 27.8 billion, up about 64%, and profit RMB 2.985 billion, up 2.93 times. The Standard notes its A shares have risen more than 4.5 times since 2025 on AI demand, for a market value above RMB 310 billion.

How it plans to spendProceeds will expand high-speed EML chip and optical module capacity in mainland China, build a high-end PCB plant in Zhuhai for its unit Multek, upgrade existing lines, and fund possible investments or acquisitions, debt repayment and working capital. Optical modules move data by light in data centers; whoever adds capacity first wins more orders.

▮ SIGNALAI is lifting not just chips but the optical modules that connect them, and that capacity has become a reason for manufacturers to raise money.