Dong Shan Precision Files for Listing on HKEX, Seeking Secondary Listing Outside A-shares

Dongshan Precision submitted its prospectus to the Hong Kong Stock Exchange on May 19th, with sponsor lineup including UBS Group, Guotai Junan, GF Securities, and CITIC Securities. The company is currently listed on the Shenzhen Stock Exchange Main Board. As of the closing on May 20th, the A-share stock price reported 223 yuan, with a market value of about 408.4 billion yuan, a year-to-date increase of 163%, and a cumulative increase of over 11 times since 2024.

The company was founded by Yuan Fugen in Suzhou in 1998 and debuted on the Shenzhen Stock Exchange Main Board in 2010. Currently, Yuan Fugen and his two sons, Yuan Yonggang and Yuan Yongfeng, collectively control approximately 33.26% of the voting rights. Yuan Yonggang serves as Chairman, and Yuan Yongfeng is the Executive Director and General Manager.

About business, Dongshan Precision focuses on four major segments: PCB, optical modules, precision components, and touch panels, with customers spanning four out of the top five global consumer electronics brands, the top five pure electric vehicle manufacturers, and four out of the top five cloud service providers. The prospectus states that the company is the only global supplier with capabilities in PCB, optical chips, and optical modules, with these products accounting for approximately 9% to 14% of the material costs of AI servers, behind only GPU in most AI servers in terms of cost proportion.

According to data from China Insights Consultancy, based on sales revenue, Dongshan Precision ranked third in the global PCB market in 2025, with a market share of 4.2%, and has been the world's second-largest flexible board supplier for five consecutive years. The optical modules and AI PCBs targeting AI and data centers are the core growth directions the company is currently focusing on. A research report from Dongwu Securities points out that after acquiring Source Photonics, the company has accelerated its entry into the core AI computing customer systems of NVIDIA, Microsoft, and others.

In terms of financial data, the company's revenue from 2023 to 2025 was 33.651 billion yuan, 36.77 billion yuan, and 40.125 billion yuan, respectively, maintaining steady growth. The revenue source is mainly from overseas, with income from areas other than Mainland China contributing more than 80% for several consecutive years. This listing in Hong Kong will help the company get closer to the international capital market and enhance its global brand influence.