ECM

Kinwong (景旺电子) A+H Pre-IPO: Early Thoughts

06 Jul 2026 By Ke Yan, CFA
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Abstract: Kinwong, a PCB maker, is seeking an A+H listing. CITIC, BOA, and Guolian are the sponsors. The note covers the company's core segments: automotive electronics and telecommunication and data infrastructure. We also assess the preliminary valuation through the A-H premium range and selected peer set.

DELTON TECHNOLOGY (GUANGZHOU) (001389 CH) ZHEJIANG SANHUA INTELLIGENT CONTROLS (002050 CH) SUZHOU DONGSHAN PRECISION MANUFACTURING (002384 CH) WUS PRINTED CIRCUIT (KUNSHAN) (002463 CH) SHENNAN CIRCUITS (002916 CH) AVARY HOLDING (SHENZHEN) (002938 CH) DELTON (1989 HK) SANHUA (2050 HK) VGT (2476 HK) VICTORY GIANT TECHNOLOGY (HUIZHOU) (300476 CH) Tripod Technology (3044 TT) FUYAO GLASS (3606 HK) Fuyao Glass (600660 CH) NINGBO JOYSON ELECTRONIC (600699 CH) SHENZHEN KINWONG ELECTRONIC (603228 CH) JOYSON ELEC (699 HK) TTM Technologies (TTMI US)

Highlighted Stocks

DELTON TECHNOLOGY (GUANGZHOU), ZHEJIANG SANHUA INTELLIGENT CONTROLS, SUZHOU DONGSHAN PRECISION MANUFACTURING, WUS PRINTED CIRCUIT (KUNSHAN), SHENNAN CIRCUITS, AVARY HOLDING (SHENZHEN), DELTON, SANHUA, VGT, VICTORY GIANT TECHNOLOGY (HUIZHOU), Tripod Technology, FUYAO GLASS, Fuyao Glass, NINGBO JOYSON ELECTRONIC, SHENZHEN KINWONG ELECTRONIC, JOYSON ELEC, TTM Technologies

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