Delton Technology (Guangzhou) Inc. has initiated its public share offering, which will run from March 12, 2026, to March 17, 2026. The company plans a global issuance of 46 million H shares, with 10% allocated for the Hong Kong public offering and 90% for the international offering. The maximum offer price has been set at HKD 71.88 per share, with a board lot size of 100 shares. Trading of the H shares on the Stock Exchange of Hong Kong is expected to commence at 9:00 a.m. on March 20, 2026.
The company is primarily engaged in the research and development, production, and sale of customized printed circuit boards (PCBs) for computing power servers and other computing power application scenarios. Computing power servers are designed for computationally intensive workloads and undertake core computing tasks, with their primary function being the efficient processing of large-scale data, complex algorithms, and computation-heavy operations. PCBs serve as a foundational component in electronics manufacturing, providing a physical platform for components and enabling mechanical support and electrical connectivity through conductive pathways and pads.
For the fiscal years 2022, 2023, and 2024, and for the nine-month periods ended September 30, 2024, and September 30, 2025, the company reported revenues of RMB 2.4124 billion, RMB 2.6783 billion, RMB 3.7343 billion, RMB 2.6807 billion, and RMB 3.8351 billion, respectively.
The company has entered into cornerstone investment agreements with several investors, including CPE, Genview Asset Management, and Guotai Junan Investments (related to the Genview over-the-counter swap); Shanghai Greenwoods, and CITIC Securities International Capital Management Limited (related to the CITIC Securities back-to-back total return swap and CITIC Securities client total return swap); Hong Kong Greenwoods, UBS AM Singapore, Value Partners, Eastspring Investments, GBAHIL, MY Asian, Barings, Dajia Life Insurance, and ICBC Wealth Management. Pursuant to these agreements, the cornerstone investors have agreed to subscribe, or procure their designated entities to subscribe, for shares amounting to approximately USD 190 million at the offer price.
Assuming an offer price of HKD 71.88 per share, the company estimates net proceeds of approximately HKD 3.1754 billion from the global offering. The allocation of net proceeds is planned as follows: approximately 19.7% will be used for the second phase of the company's Thailand base; approximately 52.1% is earmarked for expanding and upgrading production facilities at the Guangzhou base, particularly for HDI PCB capacity; around 10.0% is intended to enhance research and development capabilities in material technology, production process improvements, and product development; about 8.2% will be allocated for seeking strategic partnerships, investments, or acquisitions that complement the company's business and align with its development strategy; and the remaining 10.0% is expected to be used for working capital and general corporate purposes.
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