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, DELTON, SANHUA, VGT, VICTORY GIANT TECHNOLOGY (HUIZHOU), Tripod Technology, FUYAO GLASS, GIGADEVICE, Fuyao Glass, NINGBO JOYSON ELECTRONIC, CCTC, JOYSON ELEC, TTM Technologies
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