IPO News | Jingwang Electronics (03228) closes its offering and margin subscription amount exceeds HK$29.5 billion by 56.88 times

The Zhitong Finance App learned that Jingwang Electronics (03228) offered shares from September 21, 2026 to September 24, 2026. Up to now, the offering has ended. According to market data, the Group received a total margin subscription of HK$29.506 million, which was oversubscribed by 56.88 times, based on the amount of publicly raised capital of HK$509.74 million.

According to the issuance plan, it is proposed to sell 72.944,300 H shares globally, with the Hong Kong public offering accounting for about 10.0% and the international offering accounting for about 90.0%. The offer price will not exceed HK$69.88 per share offered. For each lot of 100 shares, H shares will begin trading on the Stock Exchange at 9:00 a.m. on September 29, 2026. CITIC Securities, Bank of America Securities, and League of Nations Securities International are co-sponsors.

According to the prospectus, Jingwang Electronics is a world-renowned manufacturer of printed circuit board (“PCB”) products. The company's PCB products provide a connectivity foundation for global customers in the fields of automotive electronics, communication and data infrastructure, smart devices, industrial control, etc. With the company's 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 of AI computing infrastructure.

According to Insight Consulting, in terms of revenue in 2025, the company is the world's largest supplier of automotive electronics PCBs, accounting for 10.6% of the market share, and ranked 11th among global PCB suppliers, accounting for 2.5% of the market share. Eight of the world's top ten Tier 1 automotive suppliers are our customers, and the company's PCB products have been widely used in the automotive products of the top ten global automobile groups.

According to the 2026 semi-annual report disclosed by Jingwang Electronics, during the reporting period, the company achieved operating income of 8.611 billion yuan, an increase of 21.37%; net profit attributable to shareholders of listed companies of 602 million yuan, a year-on-year decrease of 7.38%; and net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss of 466 million yuan, a year-on-year decrease of 13.33%.

The company has signed a Cornerstone Investment Agreement with Cornerstone Investors, and Cornerstone Investors have agreed to subscribe for the relevant number of shares that can be purchased for a total of about US$310 million at the sale price. Cornerstone investors include: CPE Redwood Investment Limited, Zhongji Innovation Co., Ltd., Hong Kong Mason Electronics Co., Ltd., Shanghai Cambridge Technology Co., Ltd., Singpoint Asset Management Co., Ltd., E-Fangda Asset Management (Hong Kong) Co., Ltd., Bosch Fund (International) Co., Ltd., Seven Grand Managers, LLC, 3W Fund Management Limited, Tianhong Fund Management Co., Ltd., Ninety One Asia Pte. Limited, JPMorgan Asset Management (Asia Pacific) Limited, Baring Asset Management (Asia) Co., Ltd., and Jiantao Investment Co., Ltd.

The net proceeds from the global sale are intended to be used for the following purposes: 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 R&D and technical reserves in the field of next-generation electronic information technology. Approximately 15% of the net proceeds will be used to repay part of the company's existing interest-bearing bank loans. Approximately 10% of the net proceeds will be used for working capital and other general corporate purposes, including material procurement, employee compensation, logistics and other daily operating needs to support the continued expansion and globalization of the company's business.