A+H listing: PCB industry leader listed on the Hong Kong Stock Exchange

Today (October 28), Dongshan Precision officially listed on the Hong Kong Stock Exchange, with stock code 02384.HK.

With the successful IPO of its H shares, the company has formally established a “A+H” dual‑listing platform, opening up domestic and international financing channels and injecting capital momentum into high‑end capacity investment and global business expansion.

The company’s current H‑share global offering has a base issuance size of approximately 114 million shares, with the Hong Kong public offering and the international offering initially accounting for 10% and 90%, respectively. The offer price is HK$86.80 per share, while the opening price was HK$82.40.

Image source: Suzhou Municipal Financial Office

Dongshan Precision first submitted its listing application to the Hong Kong Stock Exchange on November 18, 2025. After the original filing lapsed due to expiration in May 2026, it resubmitted; in September, it received the China Securities Regulatory Commission’s notice of overseas issuance and listing registration, and on October 8, it passed the Listing Committee hearing of the Hong Kong Stock Exchange.

According to the prospectus, the net proceeds from this fundraising are approximately HK$10.517 billion. About 64.5% of the funds will be allocated to constructing new facilities and upgrading existing production lines, while roughly 20% will be earmarked for potential strategic investments or acquisitions, with a particular focus on expanding optical module and high‑end PCB capacity.

Founded in 1998 and headquartered in Suzhou, China, Dongshan Precision initially specialized in precision metal structural components and went public on the Shenzhen Stock Exchange in April 2010.

As a leading enterprise in China’s precision manufacturing sector, Dongshan Precision has now established four major business segments: electronic circuits, optoelectronic displays, precision manufacturing, and optoelectronic display modules. Its core products include printed circuit boards (PCBs), optical modules, and metal structural components for new energy vehicles, serving downstream markets such as AI computing infrastructure, consumer electronics, and new energy vehicles.

It is reported that in 2025, the company completed the acquisition of Sorsight Optoelectronics, elevating its optical module business to an independent segment and swiftly entering the global computing supply chain. This deal not only represents a strategic expansion aimed at unlocking new growth drivers but also marks a pivotal transition for the company—from an “Apple supply chain” player (in 2024, Apple contributed approximately RMB 18.9 billion in revenue, accounting for 51.28% of total annual sales)—to an “AI computing hardware platform.”

Driven by both optical modules and PCBs, Dongshan Precision has entered a period of rapid growth. According to its interim report, in the first half of this year, the company achieved revenue of RMB 27.798 billion, up 63.95% year-on-year; net profit attributable to shareholders reached RMB 2.957 billion, a year-on-year increase of 290.09%; and the overall gross margin improved from 13.59% in the same period last year to 20.15%.

By business segment, electronic circuits generated RMB 12.53 billion, up 13.29% year-on-year; precision component revenue stood at RMB 6.581 billion, surging 178.63% YoY; optoelectronic display module revenue totaled RMB 2.723 billion, down 10.68% YoY; and optical module revenue reached RMB 5.351 billion, accounting for 19.25% of total revenue. With continuous onboarding of new customers and new products in the optical module segment, the company’s dual-engine strategy—“stabilizing PCBs while boosting optical modules”—has been validated.

Beyond optical modules, Dongshan Precision has not neglected the development of PCBs.

The 2026 interim report highlights “optical modules (including optical chips) + AI‑oriented PCBs” as key product strengths. AI‑oriented PCBs cater to AI computing scenarios, demanding higher speeds, denser interconnections, and enhanced reliability. Leveraging its existing PCB manufacturing capabilities, the company is expanding into high‑end applications such as AI servers.

While optical modules and AI‑oriented PCBs are advancing rapidly, Dongshan Precision’s LED business is currently undergoing a critical phase of “phasing out old capacity and redefining its positioning.” In 2024, amid industry competition and asset impairments, the LED segment weighed heavily on overall performance. Consequently, in 2024 and 2025, the company implemented a contraction strategy for its LED display business. According to reports, the LED smart manufacturing line at the Yancheng facility was completely shut down and dismantled starting in November 2025, with the site repurposed for projects focused on “high‑speed optical module components” and “CPO optoelectronic co‑packaging.” The company no longer engages in LED chip production.

LED devices are no longer Dongshan Precision’s primary growth driver; instead, they have become part of the optoelectronic display segment’s technological reserve, working in tandem with automotive displays and touch‑module solutions. Currently, the company’s optoelectronic display offerings center on touch panels and LCD display modules, primarily serving automotive and consumer electronics markets. By fully transitioning away from traditional LED operations toward the manufacture of optical communication components, Dongshan Precision demonstrates its strategic positioning within the broader trend of optoelectronic integration.