Kinwong Electronic (03228) opened its public offering from September 21, 2026 to September 24, 2026, and the subscription period has now concluded.
Market data shows the group received a total of HK$29.506 billion in margin subscriptions, which represents 56.88 times oversubscription against the public offering amount of HK$509.74 million.
Under the issuance plan, the company intends to globally offer 72.9443 million H shares, with approximately 10.0% allocated to the Hong Kong public offering and approximately 90.0% to the international offering.
The offer price will not exceed HK$69.88 per offer share, with each board lot comprising 100 shares. The H shares are scheduled to begin trading on the Stock Exchange at 9:00 a.m. on September 29, 2026.
CITIC Securities, BofA Securities, and Guolian Securities International are the joint sponsors.
According to the prospectus, Kinwong Electronic is a globally renowned manufacturer of printed circuit board ("PCB") products. The company's PCB products provide interconnection foundations for global customers across automotive electronics, communications and data infrastructure, smart devices, and industrial control sectors.
Leveraging its PCB products and intelligent manufacturing capabilities, the company has become a leader in the global automotive electronics PCB industry and one of the few suppliers of core components for AI computing infrastructure.
According to China Insights Consultancy data, based on 2025 revenue, the company is the world's largest automotive electronics PCB supplier with a 10.6% market share, and ranks eleventh among global PCB suppliers with a 2.5% market share.
Eight of the world's top ten Tier 1 automotive suppliers are customers of the company, and its PCB products have been widely applied in the automotive products of the world's top ten automotive groups.
Kinwong Electronic disclosed its 2026 interim report showing that during the reporting period, the company achieved operating revenue of RMB 8.611 billion, up 21.37% year-on-year; net profit attributable to shareholders of the listed company was RMB 602 million, down 7.38% year-on-year; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 466 million, down 13.33% year-on-year.
The company has entered into cornerstone investment agreements with cornerstone investors, who have agreed to subscribe for the relevant number of offer shares at the offer price for a total of approximately US$310 million.
The cornerstone investors include: CPE Redwood Investment Limited, Zhongji Innolight Co., Ltd., Hong Kong Maison Electronics Limited, Shanghai Cambridge Technology Co., Ltd., Singularity Asset Management Limited, E Fund Management Co., Ltd., E Fund Management (Hong Kong) Co., Limited, Bosera Funds (International) Limited, Seven Grand Managers, LLC, 3W Fund Management Limited, Tianhong Asset Management Co., Ltd., Ninety One Asia Pte. Limited, JPMorgan Asset Management (Asia Pacific) Limited, Barings Asset Management (Asia) Limited, and Kingboard Investments Limited.
The net proceeds from the global offering are intended to be used for the following purposes: approximately 60% of the net proceeds will be used to expand and upgrade the company's production capacity for high value-added products to meet AI-driven demand and enhance the company's production capabilities.
Approximately 15% of the net proceeds will be used to enhance the company's research and development and technology reserves in the next-generation electronic information technology field.
Approximately 15% of the net proceeds will be used to repay part of the company's existing interest-bearing bank borrowings.
Approximately 10% of the net proceeds will be used for working capital and other general corporate purposes, including raw material procurement, employee compensation, logistics, and other daily operational needs, to support the company's continued business expansion and globalization.
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