总部位于中国大陆的印刷电路板（PCB）制造商苏州东山精密制造有限公司已成功通过在香港上市的最后一道审批程序，即将进行股票发行。据知情人士透露，此次发行规模可能成为香港第四季度最大的首次公开募股（IPO）之一。
Mainland China-based printed circuit board (PCB) maker Suzhou Dongshan Precision Manufacturing has cleared its final listing hurdle in Hong Kong and is moving towards a share sale that may rank among the city’s largest initial public offerings (IPOs) in the fourth quarter, according to people familiar with the matter.
这些人士表示，该公司最近已通过香港交易所（HKEX）的上市审核程序，但由于相关信息属于保密性质，他们要求保持匿名。
The company passed its listing hearing with bourse operator Hong Kong Exchanges and Clearing (HKEX) recently, the people said, requesting anonymity because the information was private.
这家在深圳证券交易所上市的公司周二发布公告称，已获得中国证监会的上市批准，因此可以发行最多2.34亿股股票。
The Shenzhen-listed company said in a Tuesday announcement that it had received approval from the China Securities Regulatory Commission for its planned Hong Kong listing, allowing it to issue up to 234 million shares.
据消息人士透露，东山精密制造的主要产品包括用于智能手机、个人电脑、汽车系统、工业设备以及物联网设备的印刷电路板、光收发器、精密零部件和触摸屏模块。该公司最初计划最早在10月启动股票发行，目标是筹集高达30亿美元的资金。不过，他们补充说，具体发行时间可能会略有推迟，但上市仍将在今年内完成。
Dongshan Precision, which makes PCBs, optical transceivers, precision components, touch panels and liquid crystal modules used in smartphones, PCs, automotive systems, industrial equipment and Internet of Things devices, initially aimed to open its order books as early as October to raise up to US$3 billion, according to the sources. The timetable, however, could be pushed back slightly, although the listing would still take place this year, they added.
这些人士还指出，由于上市流程仍在进行中，包括发行规模和时间表在内的各项细节仍有可能发生变化；此次IPO很可能会成为香港第四季度规模最大的IPO之一。
As the listing process was under way, details including the size and timetable remained subject to change, the sources said, adding that the IPO would be among Hong Kong’s largest in the fourth quarter.
尽管东山精密在深圳证券交易所的股价已从峰值下跌了40%，但自2024年以来其股价仍上涨了8倍以上，7月份曾创下208.08元的历史新高，公司市值约为3080亿元人民币（约合460亿美元）。
Despite falling 40 per cent from its peak, Dongshan Precision’s Shenzhen-listed shares have jumped more than eightfold since 2024, touching a historical high of 208.08 yuan in July and giving the company a market capitalisation of about 308 billion yuan (US$46 billion).
德勤会计师事务所上周表示，2026年前9个月，香港市场的IPO融资总额已超过3800亿港元（约合484亿美元），已经超过了去年的总融资额。
IPOs in Hong Kong raised more than HK$380 billion (US$48.4 billion) in the first nine months of 2026, already surpassing last year’s total, accounting firm Deloitte said last week.
今年大多数大型IPO（首次公开募股）都涉及在中国大陆上市的公司。光收发器制造商中际光通信（Zhongji Innolight）在7月份筹集了534亿港元，成为香港自2019年阿里巴巴集团（Alibaba Group Holding）以129亿美元进行IPO以来规模最大的上市公司。
Most of this year’s large listings have involved mainland China-listed companies. Optical transceiver maker Zhongji Innolight raised HK$53.4 billion in July, making it Hong Kong’s largest share sale since Alibaba Group Holding’s US$12.9 billion offering in 2019.
德勤（Deloitte）预计，在第四季度还将有3到4家公司在香港上市，每家公司的募资金额都将超过100亿港元。
Deloitte said it expected three to four additional IPOs to raise more than HK$10 billion each in the fourth quarter.
根据东山精密（Dongshan Precision）的财报，该公司2025年的营收为401亿元人民币，同比增长9%；其中海外客户贡献了81.4%的营收。净利润同比增长28%，达到13.9亿元人民币。
Dongshan Precision reported revenue of 40.1 billion yuan for 2025, up 9 per cent from a year earlier, with overseas clients contributing 81.4 per cent, according to its filing. Net profit rose 28 per cent to 1.39 billion yuan.
东山精密的上市由瑞银集团（UBS Group）、国泰海通证券（Guotai Haitong Securities）、广发证券（GF Securities）和中信证券（Citic Securities）联合承销。
UBS Group, Guotai Haitong, GF Securities and Citic Securities are joint sponsors of Dongshan Precision’s listing. By Zoe SL Chan