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Dongshan Precision Slips in Hong Kong Debut After Raising $1.3 Billion

Suzhou Dongshan Precision, maker of circuit boards for AI devices, raised about $1.3 billion in a Hong Kong secondary listing, but shares opened lower.

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what happened

Circuit-board producer Suzhou Dongshan Precision Manufacturing fell in its first day of trading in Hong Kong, even though it had raised roughly $1.3 billion through a secondary listing there. According to Dow Jones Newswires, the stock slid as much as 6.1% on Wednesday, and by midmorning the drop had narrowed to about 1.6%, while the Hang Seng Index gained 0.3%.

The company priced 113.8 million shares at HK$86.80 each, 7.5% under the maximum indicative price. Cornerstone investors, among them JPMorgan Asset Management, Alibaba Investment and Singapore-based Aurora SF, took about half the deal. Gross proceeds came to HK$9.88 billion, or about US$1.26 billion, according to a filing late on Tuesday.

Hong Kong's IPO market remains busy: KPMG counted 116 listings raising more than HK$388 billion in the first nine months, a record for that period, which makes the city the second-largest IPO venue after Nasdaq. Sentiment toward tech names is shakier, though. Alibaba trades nearly half below its peak from a year ago, and the Hang Seng Tech Index is down 30% this year.

why it matters

The debut suggests investors are still willing to fund large Hong Kong offerings, but they are choosing tech issues selectively and demanding discounts. The weak start highlights how fragile interest remains in Chinese technology shares.

market impact

Hong Kong IPOs and tech stocks: strong deal flow, but investors remain cautious on Chinese tech shares

tags

StockChinaIPO

instruments

Hang Seng IndexHang Seng TechAlibabaHong Kong IPO market

sources

  1. China's Dongshan Precision Makes Soft Hong Kong Debut After $1.3 Bln Listing — Dow Jones Newswires, 28 October 2026 at 03:57 UTC
  2. China's Dongshan Precision Makes Soft Hong Kong Debut After $1.3 Billion Listing — Dow Jones Newswires, 28 October 2026 at 04:12 UTC

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