Dongshan Precision Lists on HKEX: World's Largest PCB Supplier for Edge AI Devices, Raising HK$9.876 Billion to Boost AI and Data Centers

On October 28, Suzhou Dongshan Precision Manufacturing Co., Ltd. (hereinafter referred to as "Dongshan Precision") was officially listed on the Main Board of the Hong Kong Stock Exchange. Information from the Hong Kong Stock Exchange shows that Dongshan Precision's global offering this time comprised 113,783,200 H shares, with total gross proceeds of HK$9.876 billion and net proceeds of HK$9.717 billion. As of press time, the real-time share price had fallen 2.19% from the offer price to HK$84.9, with a total market capitalization of HK$165.2 billion.

According to the offering plan, the net proceeds from this IPO are expected to be used for building new facilities and upgrading existing production facilities and production lines, potential strategic investments or acquisitions, repayment of part of existing debt, and working capital and general corporate purposes.

World's largest PCB supplier for edge AI devices, with a 26.9% market share

According to disclosures, Dongshan Precision is a company focused on the intelligent manufacturing sector with a global vision and footprint, committed to providing advanced products and solutions to the world's leading technology companies and ultimately achieving interconnectivity among people, devices, and infrastructure. Building on strong technical capabilities, the company engages in the global design, production, and sale of PCBs, optical modules, precision components, and touch panels and LCD modules.

The global PCB market is highly competitive and fragmented, with the top ten players accounting for only 37.4% of total market share. According to data from China Insights Consultancy, based on 2025 revenue, Dongshan Precision is the world's largest PCB supplier for edge AI devices, with a market share of 26.9%; it is also the world's second-largest flexible PCB supplier, with a market share of 24.5%; and it ranks among the world's top three PCB suppliers, with a market share of 4.2%. The company's PCB products for edge AI devices are mainly used in smartphones, personal computers, automobiles, and industrial and IoT devices, where AI models run locally at or near the point of data generation rather than relying primarily on cloud-based processing. The company is currently rapidly expanding its capabilities into the data center end market, enhancing its ability to support AI deployment in data centers and at the edge, thereby driving industrial upgrading in the era of intelligent connectivity.

The world's only supplier with capabilities in PCBs, optical chips, and optical modules simultaneously, positioned in a core cost segment of AI servers

In terms of product portfolio and customer cooperation, Dongshan Precision has built a diversified product portfolio around core-value customers. Its PCBs, optical modules, precision components, and touch panels and LCD modules are widely used in consumer electronics, automobiles, data centers, communications equipment, and industrial control equipment. The company actively leverages synergies in R&D, engineering, supply chain, and operations to provide customers with comprehensive solutions.

Notably, according to data from China Insights Consultancy, Dongshan Precision is the world's only supplier with capabilities in PCBs, optical chips, and optical modules simultaneously, which together account for approximately 9% to 14% of AI server material costs. In most AI servers, their cost share is second only to GPUs, strengthening the company's competitive position in entering the high-growth data center end market.

Within its diversified product portfolio, the company's products with long-term track records (including PCBs, precision components, touch modules, and LCD modules) serve the consumer electronics, automotive, and communications end markets, providing stable and resilient revenue and cash flow, forming the foundation of operations and supporting performance sustainability. At the same time, optical modules and AI PCBs for the AI and data center end markets are core growth engines, with demand driven by the acceleration of global AI-related infrastructure construction.

China Insights Consultancy data shows that the penetration rate of edge AI-enabled devices continues to rise, which, combined with the ongoing electrification of automobiles and continuous upgrades to in-vehicle infotainment systems, is expected to drive continued growth in the content value and demand for the company's products with long-term track records. At the same time, major hyperscale companies in the United States and China are expected to significantly increase capital expenditure by approximately 60% to 70% in 2026, thereby driving demand for the company's optical module and AI PCB products.

Deeply bound to the world's leading customers, with a continuously expanding global manufacturing footprint

Dongshan Precision's strategy has been reflected in its deep, long-term cooperative relationships with the world's leading customers. Its long-term partners cover four of the world's top five consumer electronics brand manufacturers, the world's top five pure electric vehicle manufacturers, and four of the world's top five cloud service providers. The company participates deeply in the early stages of customer product design, thereby establishing long-term, mutually trusting cooperative relationships with customers and grasping the latest industry developments and technology trends. Combined with intelligent manufacturing capabilities and a global footprint, this approach is crucial to meeting customers' high standards for product quality, delivery efficiency, and supply chain stability.

In terms of global footprint, the company is committed to expanding its global manufacturing layout while enhancing local regional operations and service capabilities. The recent acquisition of European automotive parts supplier GMD is a further manifestation of this strategy, through which manufacturing expertise is integrated into localized operating practices to provide first-class service to a broader customer base. In 2025, the company had production facilities in 14 countries and regions across North America, Europe, and Africa, with overseas employees accounting for nearly 20% of its total workforce.

R&D-driven technological depth, with R&D personnel accounting for 12.9%

Through R&D investment and strategic acquisitions, Dongshan Precision has accumulated deep technical expertise and capabilities in key technology areas such as high-depth microvia processing and ultra-fine line processing for flexible PCBs, high-layer-count PCBs and high-order HDI for GPUs and AI accelerator cards and data center switches, metal mesh touch, automotive LCD modules, die-cast component brazing, and the design and manufacturing of optical chips and optical modules. As of December 31, 2025, the company's R&D personnel accounted for approximately 12.9% of its total workforce, giving it a competitive position in the global PCB industry and reflecting its strong emphasis on innovation. The company continues to promote the digitalization and automation upgrades of its production facilities to push the limits of advanced processes in intelligent manufacturing.

Since its founding, Dongshan Precision has adhered to an unremitting pursuit of innovative breakthroughs, continuous improvement, and operational excellence, establishing leading market positions in its core product areas. This listing on the Hong Kong Stock Exchange marks a key step forward in the company's path of global capital deployment and intelligent manufacturing upgrading, and is expected to further consolidate its competitive advantages in the fields of edge AI and data center interconnectivity.