Abstract: Kinwong, a PCB maker, launched its IPO to raise USD 650m through an A+H listing. CITIC, BOA, and Guolian are the deal 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.
SHENZHEN KINWONG ELECTRONIC, DELTON TECHNOLOGY (GUANGZHOU), ZHEJIANG SANHUA INTELLIGENT CONTROLS, SUZHOU DONGSHAN PRECISION MANUFACTURING, WUS PRINTED CIRCUIT (KUNSHAN), SHENNAN CIRCUITS, AVARY HOLDING (SHENZHEN), DTECH, SANHUA, VGT, VICTORY GIANT TECHNOLOGY (HUIZHOU), Tripod Technology, FUYAO GLASS, GIGADEVICE, NINGBO JOYSON ELECTRONIC, CCTC, JOYSON ELEC, TTM Technologies
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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