New Stock News | Shenzhen Kinwong Electronic (03228) IPO subscription closes, margin subscription amount exceeds HK$29.5 billion, oversubscribed 56.88 times.

Shenzhen Kinwong Electronic (03228) conducted its IPO subscription from September 21, 2026 to September 24, 2026, and the subscription has now closed. Market data shows that the group received a total of HK$29.506 billion in margin subscriptions, which, based on the public offering amount of HK$509.74 million, represents an oversubscription of 56.88 times. According to 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. The board lot size is 100 shares, and the H shares will commence trading on the Stock Exchange at 9:00 a.m. on September 29, 2026. CITIC SEC, BofA Securities, and Guolian Securities International are the joint sponsors. The prospectus shows that Shenzhen Kinwong Electronic is a globally renowned manufacturer of printed circuit board ("PCB") products. The company's PCB products provide the interconnection foundation for global customers in sectors such as automotive electronics, communications and data infrastructure, smart devices, and industrial control. 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 CIC data, based on 2025 revenue, the company is the world's largest automotive electronics PCB supplier, with a market share of 10.6%, and ranks eleventh among global PCB suppliers, with a market share of 2.5%. Eight of the world's top ten Tier 1 automotive suppliers are customers of the company, and the company's PCB products have been widely used in the automotive products of the world's top ten automotive groups. Shenzhen Kinwong Electronic disclosed its 2026 semi-annual report, showing that during the reporting period, the company achieved operating revenue of RMB 8.611 billion, a year-on-year increase of 21.37%; net profit attributable to shareholders of the listed company was RMB 602 million, a year-on-year decrease of 7.38%; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 466 million, a year-on-year decrease of 13.33%. The company has entered into cornerstone investment agreements with cornerstone investors, who have agreed to subscribe, at the offer price, for the relevant number of offer shares purchasable for a total of approximately US$310 million. The cornerstone investors include: CPE Redwood Investment Limited, Zhongji Innolight Co., Ltd., Hong Kong Maxson Electronics Co., Ltd., Shanghai Cig Shanghai Co., Ltd., Singularity Asset Management Limited, E Fund Management Co., Ltd., E Fund Management (Hong Kong) Co., Limited, Bosera Fund (International) Co., Limited, Seven Grand Managers, LLC, 3W Fund Management Limited, Tianhong Fund 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 as follows: 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 capacity. Approximately 15% of the net proceeds will be used to enhance the company's research and development and technological 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 operating needs, to support the company's continued business expansion and globalization.