Suzhou Dongshan H Shares Debut on HKEX After HK$9,876.38 Million IPO

Suzhou Dongshan Precision Manufacturing Co., Ltd. began trading its H shares on the Main Board of the Hong Kong Stock Exchange on October 28, 2026, after pricing a global offering of 113,783,200 H shares at a final offer price of 86.80 Hong Kong dollars (HK$86.80) each for gross proceeds of HK$9,876.38 million, according to the company’s allotment results announcement dated October 27, 2026.

The H shares trade under stock code 2384 and the short name DSBJ in board lots of 100 shares, with dealings commencing at 9:00 a.m. Hong Kong time. The exchange’s quote page for the stock records the listing date as October 28, 2026, and the listing category as a primary listing.

The final offer price was set below the maximum offer price of HK$93.80 stated in the prospectus dated October 20, 2026, and the offer size adjustment option was not exercised and lapsed. After estimated listing expenses of HK$159.44 million, net proceeds amounted to HK$9,716.94 million. The H shares have a nominal value of RMB1.00 each. UBS served as a joint sponsor and sponsor-overall coordinator for the offering, and ABCI acted as an overall coordinator.

In the first trading session, exchange data published by HKEX showed an opening price of HK$82.40, an intraday low of HK$81.50 and an intraday high of HK$87.10. The last price stood at HK$86.15 as of the exchange’s 16:08 HKT update on October 28, 2026, against the final offer price of HK$86.80. Volume totaled 15.89 million shares with turnover of HK$1.34 billion, and the exchange put the market capitalization of the H shares at HK$9.80 billion. Upon listing, the company had 1,945,390,732 issued shares, including 6,046,200 treasury shares.

Subscription and Allocation Results

The Hong Kong public offering was 0.52 times subscribed, with 4,484 valid applications, all of them successful. Of the 11,378,400 H shares initially available in the Hong Kong tranche, 5,472,900 were reallocated to the international offering, leaving a final 5,905,500 Hong Kong offer shares representing 5.19% of the global offering. The allocation tables show that every applicant in both Pool A and Pool B received 100% of the shares applied for.

The international offering was 3.17 times subscribed, with 81 placees receiving a final 107,877,700 H shares, or 94.81% of the offering. The announcement records an over-allocation of 17,067,400 shares in the international offering, which may be covered by exercising the over-allotment option, by secondary-market purchases at prices not exceeding the offer price, through deferred delivery, or through a combination of these means. The five largest placees accounted for 52.13% of the international offering allotment, the company’s concentration analysis shows.

Futu Securities International (Hong Kong) Limited resigned as an underwriter, joint bookrunner, joint lead manager and capital market intermediary effective October 27, 2026, following mutual discussions with the company. Futu HK did not participate in the bookbuilding and allocation process and is not entitled to any service fees or incentives in connection with the international offering.

Cornerstone Investors and Lock-Up Terms

Twenty cornerstone investors were allocated 56,891,100 H shares in total, equal to 50.00% of the H shares following the global offering and 2.93% of total issued share capital. Aurora SF received the largest allocation at 13,562,000 shares, followed by JPMorgan Asset Management (Asia Pacific) Limited with 6,781,000 shares and Alibaba Investment Limited with 4,068,600 shares. Other cornerstone investors included CPE Bodhi Investment, LMR Multi-Strategy Master Fund, the Foresight Funds, Montage Hong Kong Holdings, Orient Asset Management (Hong Kong), Jane Street Singapore and Jump Trading Pacific.

The allocation to HK Yonglian Investment Development Co., Limited was reduced from 7,956,300 shares to 3,366,700 shares on a non-pro rata basis so that the cornerstone placing tranche would comply with the 50% cap under paragraph 3.2 of Practice Note 18 to the Listing Rules.

Each cornerstone investor agreed to a six-month lock-up from the listing date, ending April 27, 2027. Controlling shareholders Yuan Yonggang, Yuan Yongfeng and Yuan Fugen, holding 15.61%, 12.76% and 3.03% respectively and 31.41% in aggregate, are subject to lock-up undertakings across two six-month periods ending April 27, 2027 and October 27, 2027. Because cornerstone holdings do not count toward the free float at listing, the company confirmed it satisfies the free float requirement under Rule 19A.13C of the Listing Rules based on the final offer price, and the directors confirmed there will be at least 300 shareholders at the time of listing.

UBS AG Hong Kong Branch is the stabilizing manager for the offering, and any stabilization action must end by November 22, 2026, the 30th day after the final day for lodging applications under the Hong Kong public offering. The expected market value of the H shares held by the public is approximately HK$9.88 billion, above the HK$3.0 billion minimum prescribed under Rule 19A.13A(2)(b).

The company is headquartered at the Wuzhong Economic Development Zone in Suzhou, Jiangsu Province, and Yuan Yonggang serves as chairman of the board. According to the company’s official profile, DSBJ was founded in 1998, tracing its origins to a sheet-metal fabrication and stamping workshop established in Dongshan Town, Suzhou, in 1980, and it has been listed on the Shenzhen Stock Exchange since 2010, a history also recorded in the allotment announcement.

DSBJ describes four core business segments: Electronic Circuitry, Optical Modules including Optical Chips, Precision Components, and Optoelectronic Display Modules. The company characterizes itself as the world’s second-largest supplier of flexible printed circuits and among the top three global suppliers of printed circuit boards, and it reports 2025 annual revenue of 5.6 billion U.S. dollars as of its 2025 annual report, with operations in more than 50 countries. DSBJ Singapore was established in 2019 as the group’s overseas headquarters.