Dongshan Precision once again submitted to the Hong Kong Stock Exchange

On May 19, Dongshan Precision updated its prospectus and prepared to list on the Hong Kong Stock Exchange, with UBS Group, Haitong International, GF Securities and CITIC Securities as joint sponsors.

According to experts, Display understands that Dongshan Precision’s main business includes PCBs, optical modules, precision components, touch panels and LCD modules. Its products are widely used in consumer electronics, automobiles, data centers, communication equipment, and industrial control equipment. Among them, electronic circuits are the largest source of revenue, and it continues to provide PCBs for end-to-cloud AI applications from data centers to edge sides. Dongshan Precision expects PCB sales to continue to grow and remain the main source of revenue.

In the field of optical modules, Dongshan Precision has established the capability of self-developed optical chips with high-speed EML chips as the core through Source Photonics, with transmission rates covering 2.5G to 200G. It is currently focusing on the commercialization of high-end 100G and 200G PAM4 EML chips, while continuing to develop next-generation technologies such as 400G EML chips and high-power continuous light wave sources. In addition, we provide various types of optical modules from 10G to 1.6T and are developing next-generation optical modules of 3.2T or above.

The prospectus shows that Dongshan Precision’s revenue in 2023, 2024 and 2025 will be 33.65 billion yuan, 36.77 billion yuan and 40.1 billion yuan respectively; gross profits will be 4.68 billion yuan, 4.217 billion yuan and 4.964 billion yuan respectively; gross profit margins will be 13.9%, 11.5% and 12.4% respectively.

Dongshan Precision’s operating profits in 2023, 2024 and 2025 are 2.486 billion yuan, 1.671 billion yuan and 1.915 billion respectively; operating profit margins are 7.4%, 4.5% and 4.8% respectively; profits during the period are 1.965 billion, 1.085 billion and 1.393 billion respectively; profit margins during the period are 5.8%, 3% and 3.5% respectively.

Dongshan Precision’s revenue in the first quarter of 2026 was 13.138 billion, an increase of 52.72% from 8.6 billion in the same period last year; net profit was 1.1 billion, an increase of 143.47% from 456 million in the same period last year; net profit after non-exclusion was 1.059 billion, an increase of 167% from 400 million yuan in the same period last year.

▋ Take stock of the IPO trends of 10 companies

According to incomplete statistics from Display, experts say that this year, 2 companies in the display industry have been successfully listed, 3 companies are pending, and 6 companies have been reviewed and advanced. Enterprises are intensively listed in Hong Kong, and upstream materials, equipment, and driver chip companies in the industry chain have become the main force in IPOs.

■ Listed companies

Huigu New Materials was listed on the GEM on March 20 (. Click here). As a leader in Mini LED optoelectronic coating materials, Huigu New Materials specializes in functional resins and coating materials. It has achieved mass production of Mini LED-related coatings and is deeply tied to head panel manufacturers such as BOE, TCL Huarui, and Samsung. The listing raised 900 million yuan, which will be invested in projects such as the expansion of environmentally friendly coatings and the construction of R&D centers to further consolidate its share in the field of Mini LED packaging materials.

Shiya Technology was listed on the Science and Technology Innovation Board on March 25 (. Click here). Shiya Technology focuses on silicon-based OLED (Micro LED related technology) and is a core supplier of global VR/AR displays. Its products are used in mainstream VR devices such as Meta and Pico. This round of fundraising of 2.015 billion yuan will focus on the research and development of Micro OLED/Micro LED display technology to seize the opportunity of the Metaverse hardware explosion.

■ Companies approved/approved to be listed

Huike Co., Ltd. passed the main board meeting on March 3. Huike Co., Ltd. is the world's leading semiconductor display panel manufacturer. Its core products include TV panels and IT panels. It has deployed Mini LED COB production capacity. It plans to raise 8.5 billion yuan to invest in projects such as OLED research and development in Changsha and Mini LED intelligent manufacturing in Mianyang. It will focus on the high-end display panel market and seize the commercialization dividends of Mini LED.

Kangmet held a meeting at the Beijing Stock Exchange on April 30. Kangmet is the core domestic Mini LED silicone encapsulant company. Its products are used in Mini LED backlight and direct display packaging. Its customers include Hongli Zhihui, Ruifeng Optoelectronics and other major packaging manufacturers. After its launch, it will further break through the bottleneck of high-end packaging adhesive technology and replace imported products.

Yunyinggu passed the hearing at the Hong Kong Stock Exchange on May 11. As the domestic leader in display driver chips, its core products include AMOLED driver chips and Micro OLED backplane chips. In 2024, the domestic market share of mobile phone AMOLED driver chips will be 12.4% (first), and the global market share of Micro OLED backplane will be 40.7% (second), and it will be deeply bound to VR/AR head customers. The funds raised will be used for Micro LED drive technology optimization and strategic mergers and acquisitions to strengthen the competitiveness of next-generation display chips.

■ Enterprises under review

Dongshan Precision updated its prospectus on May 19 and is preparing to be listed on the Hong Kong Stock Exchange. It specializes in PCBs, optical modules, and precision components. It has been listed on the Shenzhen Stock Exchange in 2010. The world's third largest PCB supplier in 2025 (market share 4.2%). After acquiring Source Photonics, it has become a major global manufacturer of high-speed optical modules. An application for Hong Kong stocks was submitted on November 18, 2025, and it was planned to raise funds for production capacity upgrades, mergers and acquisitions, and debt repayment. Due to the lengthy response time to multiple rounds of inquiries, the prospectus expired, and the prospectus was updated this time.

Desay SV submitted a prospectus on April 12 and is preparing to be listed on the Hong Kong Stock Exchange. Desay SV has been listed on the A-share market and ranks first in the smart cockpit market share. It has released products such as dual 23.6-inch Mini LED curved dual screens, dual 15.6-inch Mini LED curved dual screens, and has cooperated with TCL Huaxing to customize a 16.1-inch central control screen car display solution for Xiaomi YU7. The listing of the Hong Kong stock market is a key strategy for its international layout.

Fuman Micro officially submitted a statement to the Hong Kong Stock Exchange on April 14. As an A-share LED driver chip company, its products include display driver chips and power management chips, which are widely used in Mini LED backlight and direct display products. Plan for H-share listing to promote globalization and enhance international brand influence.

Xinqi Micro Devices officially submitted a statement to the Hong Kong Stock Exchange on March 15. As a supplier of photolithography equipment, its equipment can be used for LED/Mini LED manufacturing. Photolithography equipment is the core equipment of chip manufacturing and directly determines chip yield. The funds raised from the listing will be used for the research and development of high-end lithography equipment to meet the needs of Micro LED miniaturization production.

Zhuzhou Keneng was accepted on the Science and Technology Innovation Board on May 11. Its core products include high-purity gallium, high-purity indium, gallium oxide, indium oxide and other semiconductor upstream materials. From 2023 to 2025, the domestic market share of high-purity gallium and high-purity indium will rank first for three consecutive years, and it is Mitsui Metals’ only supplier of refined indium in China. It plans to raise 560 million yuan this time, which will be used for the annual production of 500 tons of semiconductor high-purity materials and recycling projects, the construction of a scattered metal advanced materials research and development center and the supplement of working capital to strengthen the upstream material supply capabilities of the semiconductor and display industry chain.

Baolun was accepted on the main board of the Shanghai Stock Exchange on May 13. Its core products cover audio-visual systems such as public broadcasting, smart conferences, professional sound reinforcement, and display terminals. Its "itc" brand has ranked first in the domestic market share in the fields of public broadcasting, professional sound reinforcement, and conference systems for three consecutive years, serving major projects such as the Beijing Winter Olympics and Daxing Airport. It plans to raise 1.583 billion yuan this time, which will be used for the upgrading of R&D centers, construction of production capacity bases, intelligent transformation and marketing network expansion to consolidate its leading position in the professional audio-visual field.

Experts say Display believes that there are two major trends in IPOs this year:

Hong Kong stocks are heating up: companies are flocking to Hong Kong intensively. In addition to the above three companies, companies such as CVTE and Dongshan Precision will also submit prospectuses for Hong Kong stocks in 2025. On the one hand, the new "A+H" regulations for 2025-2026 recommend A-share companies to list in Hong Kong. On the other hand, Hong Kong stock listing is conducive to the global layout of enterprises, facilitates overseas financing and mergers and acquisitions, and can also avoid single market risks and enhance capital flexibility.

Upstream companies have made more IPO progress: materials and equipment companies are more active in IPO, and materials companies with capital focusing on technical barriers will also benefit from the iterative optimization of Mini/Micro LED.