PCB maker Kinwong Electronic’s Hong Kong IPO approved by CSRC

China’s securities regulator registered the Hong Kong listing plan by printed circuit board (PCB) maker Shenzhen Kinwong Electronic Co. Ltd. (603228.SH) on Friday, clearing a key regulatory hurdle for the IPO to proceed. The IPO would complement Kinwong’s current listing in Shanghai, as many Chinese technology firms pursue such dual listings.

Kinwong plans to issue up to 126 million overseas-traded shares in the new listing, according to the notice on the China Securities Regulatory Commission’s (CSRC) website. Underwriters of the Hong Kong IPO include Citic Securities and BofA Securities, according to its preliminary IPO prospectus filed on Jan. 1 this year. That prospectus will lapse on July 1, meaning Kinwong will need to file an updated prospectus before it can complete the listing.

Kinwong was the world’s largest maker of automotive electronics PCBs in 2024, based on revenue that year, according to the preliminary prospectus. Its revenue grew 22% year-on-year to 11.1 billion yuan ($1.63 billion) in the first nine months of last year, while its profit over that period rose 7.3% to 961 million yuan.

The company is one of several Shanghai- and Shenzhen-listed Chinese PCB makers applying for second listings in Hong Kong, as that group emerges as suppliers of a key component for AI computers. Others that have recently listed in Hong Kong, or are preparing to list, include Victory Giant (2476.HK; 300476.SZ), Delton Technology (1989.HK; 001389.SZ), WUS Printed Circuit (002463.SZ) and Dongshan Precision (002384.SZ).

By Doug Young

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