According to sources familiar with the matter, A-share PCB giant Wus Printed Circuit(Kunshan)Co.,Ltd. (002463.SZ) is working with banks on a potential Hong Kong listing that could raise at least $1.5 billion. The sources revealed that Wus Printed Circuit has selected China International Capital Corporation (CICC) and HSBC to lead the Hong Kong share offering. The offering size and timing are still under discussion. Representatives from Wus Printed Circuit and CICC did not respond to requests for comment, while HSBC declined to comment.
On September 19, Wus Printed Circuit announced that the company plans to issue H-shares overseas and list on the main board of The Stock Exchange of Hong Kong Limited to further optimize its overseas business layout and expand diversified financing channels.
Wus Printed Circuit specializes in PCB production, sales and related after-sales services, and is one of the important brands in the PCB industry. The company has been selected as one of the top 100 PCB companies for consecutive years by industry associations and research institutions including the China Printed Circuit Association (CPCA), Prismark, and N.T.Information.
Currently, Wus Printed Circuit has deep roots in the global market. In the first half of 2025, its overseas revenue reached 68.93 billion yuan, up 48.59% year-on-year, accounting for 81.16% of total revenue.
Meanwhile, in recent years, PCB industry companies have announced investments in Thailand. In 2022, Wus Printed Circuit invested $280 million to build a factory in Thailand, with the Thai production base commencing operations on April 1, 2023. In the second quarter of 2025, the Thai production base entered the small-scale mass production phase.
Comments