Abstract: Dongshan Precision, a China based maker of PCBs, precision components and optical transceivers, launched its IPO to raise USD 1,360m through an A+H listing. UBS, Haitong, GF, and CITIC are joint sponsors. In this note, we look at the deal terms and provide our thoughts on valuation for the company. We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.
SUZHOU DONGSHAN PRECISION MANUFACTURING, MONTAGE, NEXCHIP SEMICONDUCTOR, FS.COM, CFMEE, VGT, SANY HEAVY IND, KINWONG, FIBOCOM WIRELESS, DELTON TECHNOLOGY (GUANGZHOU), LENS TECHNOLOGY, SHENZHEN KINWONG ELECTRONIC, VICTORY GIANT TECHNOLOGY (HUIZHOU), ZHONGJI INNOLIGHT, ZJ INNOLIGHT, SHENNAN CIRCUITS, AVARY HOLDING (SHENZHEN), SHENGYI ELECTRONICS, SHENGYI TECHNOLOGY, KB LAMINATES, TTM Technologies, Coherent
Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.
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