根据熟悉情况的人士透露，摩根大通资产管理公司（Chase & Co.）旗下资产管理部门及阿里巴巴集团控股有限公司将成为苏州东山精密制造股份有限公司即将进行的香港上市的基石投资者之一。
Chase & Co.’s asset management arm and Alibaba Group Holding Ltd. are set to be among cornerstone investors in printed circuit board maker Suzhou Dongshan Precision Manufacturing Co.’s upcoming Hong Kong listing, according to people familiar with the matter.
这些人士还表示，前身为中信产业基金的CPE以及蒙泰科技股份有限公司也计划以基石投资者身份参与。他们要求匿名，因为涉及保密信息。
CPE, formerly known as Citic PE, and Montage Technology Co. are also planning to participate as cornerstone investors, the people said, asking not to be identified discussing confidential information.
东山精密计划从周二开始接受认购，此次股票发行最多可筹集18亿美元（含超额配售选择权），这些人士透露。基石投资者预计将认购约半数股份，他们说。
Dongshan Precision is planning to start taking orders as soon as Tuesday for its share sale that could raise as much as $1.8 billion, including a greenshoe option, the people said. The cornerstone investors are expected to take up about half of the deal, they said.
目前讨论仍在进行中，基石投资者名单、发行规模和时间等细节可能会有变动。
Deliberations are ongoing and details including cornerstone lineup, size and timing of the offering may change.
东山精密及摩根大通资产管理公司的代表拒绝置评，而阿里巴巴、CPE和蒙泰科技则未能立即回应置评请求。
Representatives for Dongshan Precision and JPMorgan Asset Management declined to comment, while Alibaba, CPE and Montage didn’t immediately respond to requests seeking comment.
东山精密的上市恰逢香港迎来创纪录的夏季，凭借人工智能产业链上多家公司的大规模融资，香港今年股票发行所得有望超过2021年全年水平。
Dongshan Precision’s listing builds on a record summer for Hong Kong, which is en route to overtake 2021 in annual proceeds from share sales, in large part thanks to jumbo offerings by companies along the artificial intelligence supply chain.
今年其他进入市场的印制电路板制造商还包括惠州胜利巨型科技有限公司，其在香港今年最大的一笔交易中融资30亿美元；以及深圳金沃电子股份有限公司，该公司上个月完成了6.5亿美元的首次公开募股。
Other PCB makers which tapped the market this year include Victory Giant Technology Huizhou Co., which raised $3 billion in one of Hong Kong’s biggest deals of the year, and Shenzhen Kinwong Electronic Co., which completed a $650 million debut last month.
然而，东山精密正面临着投资者对人工智能支出规模及其融资方式日益增长的担忧，而此时正值收益率上升。
However, Dongshan Precision is braving the market as investors have become increasingly concerned about the levels of AI spending and how it’s being financed at a time of rising yields.
本月初，美国半导体股票经历了八连跌 — — 自2008年以来最长的一次下跌 — — 使该板块的基准指数蒸发了约16%，而纳斯达克100指数则出现了自2025年4月以来最差的一周表现。
Earlier this month, US semiconductor shares suffered an eight-session rout — the longest since 2008 — that wiped roughly 16% off the sector’s benchmark, while the Nasdaq 100 experienced its worst week since April 2025.
这种负面情绪已经开始对首次公开发行产生连锁反应。澳大利亚数据中心公司Firmus Grid Ltd.在投资者对其估值提出质疑后撤回了约50亿美元的IPO，而同样运营数据中心的AirTrunk则将其在新加坡计划的房地产投资信托基金IPO推迟至明年。
That negative sentiment has started to have ripple effects on initial public offerings. Australian data center company Firmus Grid Ltd. pulled its roughly $5 billion IPO when investors balked at the valuation it sought, while AirTrunk, which also operates data centers, pushed back a planned real estate investment trust IPO in Singapore to next year.
总部位于苏州的东山精密自6月峰值以来已损失超过一半的市值，目前市值为2240亿元人民币（335亿美元）。该公司已在深圳上市，主要生产印刷电路板以及光收发模块——这些是人工智能的关键组件。
Dongshan Precision, which already trades in Shenzhen, has lost more than half its value since a peak in June, giving it a market capitalization of 224 billion yuan ($33.5 billion). The Suzhou-based firm makes PCBs as well as optical transceivers, critical components for AI.
根据招股说明书初稿，瑞士银行集团AG、国泰君安证券股份有限公司、广发证券股份有限公司和中信证券股份有限公司是此次香港上市的联合保荐人。
UBS Group AG, Guotai Haitong Securities Co., GF Securities Co. and Citic Securities Co. are joint sponsors for the Hong Kong listing, according to a preliminary prospectus.