Key facts
- Dongshan Precision raised HK$9.9 billion ($1.3 billion) in its Hong Kong listing.
- The company makes printed circuit boards and optical transceivers, key components for AI servers.
- Cornerstone investors, including JPMorgan Asset Management and Alibaba Group Holding Ltd, agreed to buy 50% of the offering.
Suzhou Dongshan Precision Manufacturing Co. began trading in Hong Kong on Wednesday after raising HK$9.9 billion ($1.3 billion). The debut comes amid a volatile market for artificial intelligence-linked companies and a broader selloff in Chinese technology stocks. The company priced its shares at HK$86.80 apiece, selling about 113.8 million shares in the offering. Trading was expected to begin on Oct. 28. Dongshan Precision's Shenzhen-listed stock is up 35% this year, despite a nearly 60% slide from a June peak. The company makes printed circuit boards and optical transceivers, key components for AI servers, and is the third-largest PCB supplier in an $85.2 billion global market.