Dingtai High-Tech (01377) has launched its public offering, which will run from June 30 to July 6, 2026.
The company plans a global offering of 12.632 million H shares, with 10% allocated for the Hong Kong public offering and 90% for the international offering.
The offer price is set at HK$380 per share, with a board lot size of 100 H shares. Trading of the H shares is expected to commence on the Stock Exchange at 9:00 a.m. on Thursday, July 9, 2026.
Dingtai High-Tech is a leading integrated supplier of precision manufacturing solutions, providing tools, materials, and intelligent equipment for critical processes in the global PCB manufacturing value chain, primarily including drilling, milling/forming, and other related precision manufacturing processes.
According to data from Frost & Sullivan, the group is the world's largest supplier of PCB drill bits by sales volume.
During the track record period, the group ranked first globally in drill bit sales volume for each of the years 2023, 2024, and 2025, with global market shares of 26.5%, 26.8%, and 29.2%, respectively.
In terms of sales revenue from PCB drill bits, the group ranked first globally in 2023, second in 2024, and returned to the top position in 2025, with global market shares of 21.4%, 20.8%, and 22.9%, respectively.
The group is committed to creating greater value for customers through high-end precision intelligent manufacturing, driving the development of global industries.
Key Investors and Fund Allocation
The group has entered into cornerstone investment agreements with several cornerstone investors, including Victory Giant Technology Group (Hong Kong) Co., Ltd., HHLR Advisors, Ltd., Aspex Master Fund, Kingboard Investment Limited, CPE Investment XV Limited, Cloud Alpha Capital Management Limited, E Fund Management Co., Ltd., E Fund Management (Hong Kong) Co., Ltd., Verition Multi-Strategy Master Fund Ltd., Taikang Life Insurance Co., Ltd., Athos Capital Limited, Hel Ved Master Fund, Millennium, iFund SPC–Vision IX SP, Barings Asset Management (Asia) Limited, Martis Fund, L.P., and Dynamic Electronics Holding Co., Ltd.
These cornerstone investors have agreed, subject to certain conditions, to subscribe or cause their designated entities to subscribe for a certain number of offer shares at the offer price, for a total amount of approximately USD 254 million.
Based on the offer price of HK$380.00 per share, the total number of offer shares to be subscribed by the cornerstone investors will be 5.2365 million H shares.
The group estimates that, based on the offer price of HK$380.00 per share and assuming the over-allotment option is not exercised, it will receive net proceeds of approximately HK$4.665 billion from the global offering after deducting underwriting commissions, fees, and estimated expenses.
The group currently intends to use the net proceeds from the global offering for the following purposes and amounts: approximately 67.5% to advance global production capacity layout and expand global business; approximately 10.0% for R&D investment in frontier technology fields; approximately 10.0% for strategic acquisitions and investments; approximately 2.5% for the construction of a group-wide digital intelligent operation system; and approximately 10.0% to supplement working capital and for general corporate purposes to support daily operations and future business development.
Financial Performance Overview
During the track record period, the group achieved steady revenue growth. Its revenue increased by 19.9% from RMB 1.295 billion in 2023 to RMB 1.553 billion in 2024, and further increased by 34.2% to RMB 2.084 billion in 2025, representing a compound annual growth rate of 26.9% from 2023 to 2025.
The group's gross profit increased from RMB 454 million in 2023 to RMB 539 million in 2024, and further increased by 56.5% to RMB 843 million in 2025, representing a compound annual growth rate of 36.3% from 2023 to 2025, reflecting the continuous expansion of the group's business scale and the sustained improvement in overall profitability.
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