Delton Technology (01989) is scheduled to go public from March 12 to March 17, planning to globally issue 46 million H shares.

Delton Technology (01989) conducted its initial public offering from March 12, 2026 to March 17, 2026, with plans to globally issue 46 million H shares, of which 10% will be sold in Hong Kong and 90% internationally. The offer price will not exceed HK$71.88 per share, and trading of the H shares is expected to commence on the Hong Kong Stock Exchange on March 20, 2026, at 9:00 am. The company is primarily engaged in the research and development, production, and sales of custom printed circuit boards (PCBs) used in computing servers and other computing scenarios. Computing servers are responsible for core computing tasks, designed for computational workloads, efficiently processing large amounts of data, complex algorithms, and compute-intensive operations. PCBs, as a core component of the electronics manufacturing industry, provide a physical installation platform for components, enabling mechanical fixing and electrical connections between components through conductive circuits and solder pads. The company's revenue in 2022, 2023, 2024, and for the nine months ended September 30, 2025, amounted to RMB 24.124 billion, RMB 26.783 billion, RMB 37.343 billion, RMB 26.807 billion, and RMB 38.351 billion respectively. The company has entered into cornerstone investment agreements with CPE, Yuanfeng Asset Management, Guotai Junan Investment, Shanghai Jinglin, CITIC SEC International Capital Management, Hong Kong Jinglin, UBS AM Singapore, Huili, Eastspring, GBAHIL, MY Asian, Palindromes, Great Wall Life, ICBC Wealth Management. Based on these agreements, cornerstone investors have agreed to subscribe at the offer price or prompt their specified entities to subscribe for a total amount of approximately USD 190 million of the offering shares. Assuming an offer price of HK$71.88 per share, the company estimates it will receive a net proceeds of approximately HK$31.754 billion from the global offering. Approximately 19.7% of the net proceeds are expected to be used for the company's Phase II expansion in Thailand; approximately 52.1% for expanding and upgrading the production facilities at the company's Guangzhou base, especially the capacity for HDI PCBs; approximately 10.0% for enhancing the company's research and development capabilities in material technology, improving production processes, and product development; approximately 8.2% for seeking strategic partnerships, investments, or acquisitions that complement the company's business and align with its development strategy; and approximately 10.0% for working capital and general corporate purposes.