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After its Hong Kong IPO prospectus lapsed, Dongshan Precision refiled its application on October 11 and passed the HKEX hearing, planning to raise US$2 billion to US$3 billion and aiming to list as early as this month. The report said that in 2025 the company acquired Source Photonics for 5.935 billion yuan in cash to enter the optical module business; in the first half of 2026, optical module revenue reached 5.351 billion yuan with a gross margin of 39.2%, and net profit attributable to shareholders surged 290% year on year. Meanwhile, the company's debt-to-asset ratio has reached 64.5%, and its expansion plans for the next two to three years will require more than US$2.7 billion in investment; its Hong Kong listing is mainly intended to replenish US dollar capital and reduce leverage. No further progress has been disclosed so far.
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From Apple to Nvidia: Why Dongshan Precision Has No Choice but to Go to Hong KongDevelopments
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Suzhou Dongshan Precision Manufacturing Re-files and Passes HKEX Listing Hearing
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Oct 13
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From Apple to Nvidia: Why Dongshan Precision Has No Choice but to Go to Hong Kong
After its Hong Kong IPO prospectus lapsed, Dongshan Precision refiled on October 11 and passed the listing hearing. It plans to raise US$2 billion to US$3 billion and could list as early as this month. In 2025 the company acquired Source Photonics for 5.935 billion yuan in cash to enter the optical module business; in the first half of 2026, optical module revenue reached 5.351 billion yuan with a gross margin of 39.2%, and net profit attributable to shareholders surged 290% year on year. However, its debt-to-asset ratio has reached 64.5%, and its capacity expansion plans for the next two to three years require more than US$2.7 billion in investment. Its Hong Kong listing is mainly aimed at replenishing US dollar capital and reducing leverage.