Shenzhen Kinwong Electronic (03228) plans a global offering of 72.9443 million shares, introducing cornerstone investors including Zhongji Innolight and E Fund.

Shenzhen Kinwong Electronic (03228) is conducting an IPO from September 21, 2026 to September 24, 2026, proposing a global offering of 72.9443 million H shares, with approximately 10.0% allocated to the Hong Kong public offering and approximately 90.0% to the international offering. The offer price will not exceed HK$69.88 per offer share. The board lot size is 100 shares, and the H shares will commence trading on the Stock Exchange at 9:00 a.m. on September 29, 2026. It is understood that the company is a globally renowned PCB manufacturer driven by technological innovation and distinguished by a comprehensive product layout. The company's PCBs provide interconnect infrastructure for global customers in automotive electronics, communications and data infrastructure, smart devices, industrial control, and other fields. Leveraging its PCB products and intelligent manufacturing capabilities, the company has become a leader in the global automotive electronics PCB industry and one of the few suppliers of core components for AI computing infrastructure. Relying on its leading technological advantages in high-end HDI and HLC PCBs and its long-term-oriented high-end capacity layout, the company is able to meet the diverse needs of global customers and capture significant growth opportunities in the AI era. Assuming an offer price of HK$69.88 per offer share, the net proceeds from the global offering are expected to be approximately HK$4.9606 billion. Of this, approximately 60% of the net proceeds will be used to expand and upgrade the company's production capacity for high-value-added products to meet AI-driven demand and enhance the company's production capacity. Approximately 15% of the net proceeds will be used to enhance the company's research and development and technological reserves in the next-generation electronic information technology field. Approximately 15% of the net proceeds will be used to repay part of the company's existing interest-bearing bank borrowings. Approximately 10% of the net proceeds will be used for working capital and other general corporate purposes, including raw material procurement, employee compensation, logistics, and other daily operating needs, to support the continued expansion of the company's business scale and globalization. In addition, the company has entered into cornerstone investment agreements with cornerstone investors, who have agreed to subscribe, at the offer price, for the relevant number of offer shares purchasable with a total of approximately US$310 million. The cornerstone investors include: CPE Redwood Investment Limited, Zhongji Innolight Co., Ltd., Hong Kong Maison Electronics Limited, Shanghai Cig Shanghai Co., Ltd., Singularity Asset Management Limited, E Fund Management Co., Ltd., E Fund Asset Management (Hong Kong) Limited, Boshi Fund (International) Limited, Seven Grand Managers, LLC, 3W Fund Management Limited, Tianhong Fund Management Co., Ltd., Ninety One Asia Pte. Limited, JPMorgan Asset Management (Asia Pacific) Limited, Barings Asset Management (Asia) Limited, and Kingboard Investments Limited.