IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) |
|---|---|
| Other Market Stock Code | 603228 |
| H-Share Offer Price | HK$ 69.88 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | KINWONG |
|---|---|
| Stock Code | 03228 |
| Company Full Name | Shenzhen Kinwong Electronic Co., Ltd. |
| Industry | Industrial Manufacturing |
| Principal Activities | We are a globally recognized printed circuit board (PCB) manufacturer driven by technological development and distinguished by our broad product offerings. Our PCB provides connectivity infrastructure for global customers in automotive electronics, telecommunication and data infrastructure, smart devices, industrial control and other sectors. We have become a leader in the global automotive electronics PCB industry and one of the few suppliers of AI computing infrastructure core components. We offer a comprehensive PCB product portfolio, manufacturing and supplying single- and double-sided PCB, MLPCB, HDI PCB, FPC, MPCB and rigid-flex PCB. We have established a "1+1+N" business model, consisting of one pillar business — automotive electronics, one strategic priority business — telecommunication and data infrastructure, and a portfolio of high-potential businesses — smart devices and industrial control, among others. |
| Listing Date | 2026-09-29 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 166 Tiegang Shuiku Road, Xixiang Subdistrict, Bao'an District, Shenzhen, PRC |
| Business Address (Hong Kong) | 31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | kinwong.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | 卓佳证券登记有限公司，香港金钟道89号力宝中心1座31楼3101-3103室 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 69.88 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 6,988 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-09-21 to 2026-09-24 |
| Global Offering Shares | 72,944,300 shares |
| HK Public Offer Shares (Initial) | 7,294,500 shares (10.0%) |
| Public Offer Lots (Initial) | 72,945lots (Pool A36,472lots，Pool B36,473lots) |
| International Placing Shares (Initial) | 65,649,800 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,074,268,341 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 51.6% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 5,097,347,684 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 6,988 |
| 2 lots | 200 | HK$ 13,976 |
| 3 lots | 300 | HK$ 20,964 |
| 4 lots | 400 | HK$ 27,952 |
| 5 lots | 500 | HK$ 34,940 |
| 6 lots | 600 | HK$ 41,928 |
| 7 lots | 700 | HK$ 48,916 |
| 8 lots | 800 | HK$ 55,904 |
| 9 lots | 900 | HK$ 62,892 |
| 10 lots | 1,000 | HK$ 69,880 |
| 15 lots | 1,500 | HK$ 104,820 |
| 20 lots | 2,000 | HK$ 139,760 |
| 25 lots | 2,500 | HK$ 174,700 |
| 30 lots | 3,000 | HK$ 209,640 |
| 35 lots | 3,500 | HK$ 244,580 |
| 40 lots | 4,000 | HK$ 279,520 |
| 45 lots | 4,500 | HK$ 314,460 |
| 50 lots | 5,000 | HK$ 349,400 |
| 60 lots | 6,000 | HK$ 419,280 |
| 70 lots | 7,000 | HK$ 489,160 |
| 80 lots | 8,000 | HK$ 559,040 |
| 90 lots | 9,000 | HK$ 628,920 |
| 100 lots | 10,000 | HK$ 698,800 |
| 200 lots | 20,000 | HK$ 1,397,600 |
| 300 lots | 30,000 | HK$ 2,096,400 |
| 400 lots | 40,000 | HK$ 2,795,200 |
| 500 lots | 50,000 | HK$ 3,494,000 |
| 600 lots | 60,000 | HK$ 4,192,800 |
| 700 lots | 70,000 | HK$ 4,891,600 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 800 lots | 80,000 | HK$ 5,590,400 |
| 900 lots | 90,000 | HK$ 6,289,200 |
| 1,000 lots | 100,000 | HK$ 6,988,000 |
| 2,000 lots | 200,000 | HK$ 13,976,000 |
| 3,000 lots | 300,000 | HK$ 20,964,000 |
| 4,000 lots | 400,000 | HK$ 27,952,000 |
| 5,000 lots | 500,000 | HK$ 34,940,000 |
| 6,000 lots | 600,000 | HK$ 41,928,000 |
| 7,000 lots | 700,000 | HK$ 48,916,000 |
| 8,000 lots | 800,000 | HK$ 55,904,000 |
| 9,000 lots | 900,000 | HK$ 62,892,000 |
| 10,000 lots | 1,000,000 | HK$ 69,880,000 |
| 20,000 lots | 2,000,000 | HK$ 139,760,000 |
| 36,472 lots | 3,647,200 | HK$ 254,866,336 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 3.7B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 75,069,871,669 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 5,097,347,684 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | Net profit RMB 1,244.0 million |
| Period-End Cash Balance | RMB 1,941.2 million |
| Listing Expenses | ~HK$ 136,700,000 |
| Listing Expenses / Funds Raised | ~2.68% |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 10,757,302 | 12,659,373 | 15,308,052 |
| Cost of sales | -8,264,978 | -9,781,688 | -12,003,163 |
| Gross profit | 2,492,324 | 2,877,685 | 3,304,889 |
| Other income and gains, net | 202,128 | 317,888 | 343,749 |
| Selling and distribution expenses | -192,124 | -245,642 | -288,164 |
| Administrative expenses | -563,044 | -630,669 | -715,267 |
| Net finance costs | -147,086 | -114,084 | -77,507 |
| Share of associates and JVs | -8,139 | -18,014 | -20,049 |
| Profit before tax | 1,047,530 | 1,320,439 | 1,464,383 |
| Income tax expense | -136,501 | -160,231 | -220,365 |
| Profit for the year | 911,029 | 1,160,208 | 1,244,018 |
| Profit attributable to owners | 936,252 | 1,169,026 | 1,230,970 |
Balance Sheet
| Item | 2023 | 2024 | 2025 | 2026-04 |
|---|---|---|---|---|
| Cash and cash equivalents | 1,968,398 | 1,838,432 | 1,941,199 | |
| Trade and bills receivables | 3,899,458 | 4,351,823 | 4,869,754 | |
| Inventories | 1,364,010 | 1,742,447 | 2,515,615 | |
| Total current assets | 8,503,930 | 9,791,313 | 12,161,687 | |
| Total assets | 17,230,732 | 19,243,777 | 23,726,909 | |
| Total current liabilities | 4,832,078 | 5,964,225 | 8,055,096 | |
| Total liabilities | 8,260,512 | 7,746,071 | 10,457,117 | |
| Total equity | 8,970,220 | 11,497,706 | 13,269,792 | |
| Equity attributable to owners | 8,777,369 | 11,313,673 | 13,072,711 | |
| Interest-bearing borrowings | 736,623 | 657,334 | 2,455,961 | 4,798,845 |
Cash Flow Statement
| Item | 2023 | 2024 | 2025 | 2026-04 |
|---|---|---|---|---|
| Net cash from operating activities | 2,115,491 | 2,289,629 | 1,931,225 | |
| Net cash from investing activities | -1,873,537 | -2,003,385 | -2,687,744 | |
| Net cash from financing activities | 678,222 | -464,653 | 862,048 | |
| Net increase in cash | 105,529 | -178,409 | 105,529 | |
| Depreciation of PP&E | 736,145 | 777,063 | 931,736 | 372,305 |
| Depreciation of right-of-use assets | 27,106 | 29,463 | 29,310 | 10,775 |
| Amortisation of intangible assets | 12,243 | 10,105 | 10,010 | 3,490 |
| Purchase of PP&E | -1,427,883 | -1,830,997 | -2,762,785 | -2,071,706 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approx. 60% for expanding and upgrading production capacity for high value-added products, approx. 15% for R&D and technology reserves, approx. 15% for repaying bank borrowings, approx. 10% for working capital and general corporate purposes |
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (3)
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (3)
Joint Lead Managers (3)
Capital Market Intermediaries (3)
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
瑞生国际律师事务所有限法律责任合伙 北京观韬律师事务所 Pillsbury Winthrop Shaw Pittman LLP |
| Legal Advisor to Sponsors/Underwriters |
史密夫斐尔凯迈律师事务所 北京德恒律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | 力高企业融资有限公司 CE BGE921 |
| Receiving Banks | 中国银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | CPE Redwood | 50,000,000 USD | 5,611,100 | 7.69% | 0.52% | 6 months | 2027-03-29 |
| 2 | 中际旭创 | 50,000,000 USD | 5,611,100 | 7.69% | 0.52% | 6 months | 2027-03-29 |
| 3 | 香港麦逊 | 50,000,000 USD | 5,611,100 | 7.69% | 0.52% | 6 months | 2027-03-29 |
| 4 | CIG | 30,000,000 USD | 3,366,600 | 4.62% | 0.31% | 6 months | 2027-03-29 |
| 5 | 奇点资产 | 25,000,000 USD | 2,805,500 | 3.85% | 0.26% | 6 months | 2027-03-29 |
| 6 | 易方达基金 | 25,000,000 USD | 2,805,400 | 3.85% | 0.26% | 6 months | 2027-03-29 |
| 7 | 易方达基金管理 | 16,500,000 USD | 1,851,600 | 2.54% | 0.17% | 6 months | 2027-03-29 |
| 8 | 易方达香港 | 8,500,000 USD | 953,800 | 1.31% | 0.09% | 6 months | 2027-03-29 |
| 9 | 博时国际 | 20,000,000 USD | 2,244,400 | 3.08% | 0.21% | 6 months | 2027-03-29 |
| 10 | Seven Grand | 15,000,000 USD | 1,683,300 | 2.31% | 0.16% | 6 months | 2027-03-29 |
| 11 | 3W Fund | 10,000,000 USD | 1,122,200 | 1.54% | 0.10% | 6 months | 2027-03-29 |
| 12 | 天弘基金 | 10,000,000 USD | 1,122,200 | 1.54% | 0.10% | 6 months | 2027-03-29 |
| 13 | Ninety One Asia | 10,000,000 USD | 1,122,200 | 1.54% | 0.10% | 6 months | 2027-03-29 |
| 14 | JPMAMAPL | 5,000,000 USD | 561,100 | 0.77% | 0.05% | 6 months | 2027-03-29 |
| 15 | 霸菱 | 5,000,000 USD | 561,100 | 0.77% | 0.05% | 6 months | 2027-03-29 |
| 16 | KHL | 5,000,000 USD | 561,100 | 0.77% | 0.05% | 6 months | 2027-03-29 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Liu Shaobai | Liu Shaobai |
| Company Secretary | Ye Jiahong | Ye Jiahong |
| Executive Director | 刘羽 | Liu Yu |
| Non-Executive Director | 刘绍柏 | Liu Shaobai |
| Independent Non-Executive Director | 周国云 | Zhou Guoyun |
| Executive Director | 邓利 | Deng Li |
| Non-Executive Director | 卓勇 | Cheuk Yung |
| Independent Non-Executive Director | 辛国胜 | Xin Guosheng |
| Non-Executive Director | 黄小芬 | Huang Xiaofen |
| Independent Non-Executive Director | 曹春方 | Cao Chunfang |
| Non-Executive Director | 卓军 | Cheuk Kwan |
Major Shareholders
| Major Shareholders & Holdings | Mr. Liu Shaobai (56.01% via persons acting in concert; 28.01% interest of spouse), Jinghong Yongtai (27.97%), Yizhao Investment (56.01% via persons acting in concert), Ms. Huang Xiaofen (27.97% via controlled corporations), Mr. Liu Yu (27.97% via controlled corporations), Ms. Cheuk Kwan (27.95% via controlled corporations), Wise Able Investment (27.95%) |
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