Suzhou Dongshan Precision Manufacturing (02384) opens its IPO subscription from October 20 to October 23, introducing cornerstone investors including Alibaba Investment.

Suzhou Dongshan Precision Manufacturing (02384) is conducting its IPO subscription from October 20, 2026 to October 23, 2026, offering approximately 114 million H Shares globally, with approximately 10% under the Hong Kong Public Offering and approximately 90% under the International Offering. The offer price will be no higher than HK$93.80 per Offer Share, with a board lot of 100 shares. The H Shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on October 28, 2026. The Company is a manufacturer primarily focused on printed circuit boards (PCBs), precision components, touch panels and liquid crystal display modules (LCMs), and optical modules, with business and operational footprints spanning the globe. The Company's products are widely used in consumer electronics, automotive, data centers, communications equipment, and industrial control equipment, ultimately enabling interconnectivity among people, devices, and infrastructure. In September 2025, the Company entered the optical module business through the acquisition of Source Photonics, thereby expanding its product portfolio to include optical modules. According to CIC, based on 2025 revenue, the Company is the third-largest PCB supplier in the global PCB market, which was worth US$85.2 billion; based on Source Photonics' 2025 revenue, the Company ranks seventh in the global optical module market, which was worth US$24.5 billion, with a market share of 2.9%. The Company's PCB, precision components, touch panel and LCM products serve the consumer electronics, automotive, and communications terminal markets. Meanwhile, the Company's optical module and AI PCB products for the data center terminal market are its core growth engines, with demand driven by the acceleration of global AI-related infrastructure construction. For the years 2023, 2024, and 2025 and the six months ended June 30, 2026, the Company's revenue was RMB33.651 billion, RMB36.770 billion, RMB40.125 billion, and RMB27.798 billion, respectively. For the years 2023, 2024, and 2025 and the six months ended June 30, 2026, the Company's profit for the year/period was RMB1.965 billion, RMB1.085 billion, RMB1.393 billion, and RMB2.985 billion, respectively. The Company has entered into cornerstone investment agreements with Aurora SF, Yonglian Investment, JPMorgan Asset Management (Asia Pacific) Limited, Alibaba Investment, CPE Bodhi, LMR, Ruiyuan Fund, Montage HK, Orient Asset Management, Spring River Greater China Fund, Jane Street, Nexchip Semiconductor Corporation Hong Kong, Pinpoint, FS.COM, Tianhong Fund, Xinhua Asset Management, Ghisallo, Jump Trading, One Village Capital, and Mr. Luo Zhongli. The Cornerstone Investors have agreed, subject to certain conditions, to subscribe for or cause their designated entities to subscribe for, at the Offer Price, the relevant number of Offer Shares, with an aggregate subscription amount of approximately US$680 million. Assuming the maximum Offer Price of HK$93.80 per H Share, the Company estimates that it will receive net proceeds of approximately HK$10.5169 billion from the Global Offering. To align with the Company's strategy, the Company intends to apply the net proceeds as follows and in the following amounts: approximately 64.5% is expected to be used for constructing new facilities and upgrading the Company's existing production facilities and production lines; approximately 20.0% is expected to be used for potential strategic investments or acquisitions to consolidate the Company's technological leadership and market leadership in its core businesses; approximately 5.5% is expected to be used to repay part of its existing debt; and approximately 10.0% is expected to be used as working capital and for general corporate purposes.