分析师表示，由于投资者在香港市场对巨型募资项目持谨慎观望态度之际，权衡了美国对其光模块业务潜在贸易限制的影响，苏州东山精密制造股份有限公司在香港首次公开募股（IPO）中筹集的资金低于预期。
Suzhou Dongshan Precision Manufacturing raised less than expected in its Hong Kong initial public offering (IPO), as investors weighed potential US trade restrictions on its optical modules business amid the city’s cautious appetite for mega listings, analysts said.
根据该公司周二发布的招股书，该公司已开始接受投资者对香港上市的认购订单，拟以每股最高93.80港元的价格发售1.137亿股股份。
The company has started taking investor orders for a Hong Kong listing, offering 113.7 million shares at a maximum price of HK$93.80 per share, according to its prospectus on Tuesday.
共有20家基石投资者同意购买价值6.8亿美元的股份。其中包括摩根大通旗下资产管理部门、阿里巴巴集团控股有限公司、简街资本、澜起科技、永联投资、LMR和景顺基金（Foresight Funds）。阿里巴巴拥有《南华早报》。
A total of 20 cornerstone investors have agreed to buy US$680 million worth of the shares. They include JPMorgan Chase & Co.’s asset management arm, Alibaba Group Holding, Jane Street Capital, Montage Technology, Yonglian Investment, LMR and Foresight Funds. Alibaba owns the South China Morning Post.
东山精密表示，基石投资者认购部分将占拟募集资金总额的最高50%。
The cornerstone tranche would account for up to 50 per cent of the total funds set to be raised, Dongshan Precision said.
若计入超额配售选择权，这家中国印刷电路板制造商可能筹集约123亿港元（合18.4亿美元），而一周前的市场预期为20亿至30亿美元。
With the overallotment option, the Chinese printed circuit board maker could raise about HK$12.3 billion (US$1.84 billion), compared with market expectations of US$2 billion to US$3 billion a week ago.
辉立证券（香港）经理陈耀宗表示：“由于H股定价必须参考A股并给予折让，母公司股价的下跌直接缩小了H股的募资规模。”
“Since H-share pricing must reference the A-share with a discount, the fall in the parent stock directly reduced the H-share fundraising size,” said Jasper Chan, manager at Phillip Securities (Hong Kong).
他表示，市场对巨型IPO持谨慎态度，也导致基石投资者的认购承诺减少。
He said a cautious market appetite for mega IPOs had led to reduced cornerstone commitments as well.
此次香港上市的发行价较该公司的深圳上市股票周一122.15元人民币的收盘价折让35%。
The Hong Kong debut price reflects a discount of 35 per cent to the 122.15 yuan closing price of the firm’s Shenzhen-listed shares on Monday.
东山精密于2025年9月通过收购旭创科技（Source Photonics）进入光模块业务，这是该公司今年上半年毛利率激增的关键驱动因素。然而，由于市场对美国潜在限制措施的猜测，该业务正受到威胁。
Dongshan Precision entered the optical module business in September 2025 by acquiring Source Photonics, a key driver of its gross profit surge in the first half this year. However, the business was under threat because of market speculation about potential US restrictions.
摩根士丹利于10月1日发布报告称，美国联邦通信委员会（FCC）最早可能于10月将3.2太比每秒（3.2T）的高速光模块列入其限制名单，要求物料清单价值的65%源自美国企业方可具备进口资格。
Morgan Stanley issued a report on October 1 that said the US Federal Communications Commission (FCC) might include 3.2-terabit-per-second (3.2T) high-speed optical modules on its restricted list as early as October, requiring 65 per cent of the bill-of-materials value to originate from US firms for import eligibility.
根据东山精密的招股书，美国联邦通信委员会尚未提议或颁布限制中国制造光收发器的正式规则。
The FCC has not proposed or enacted formal rules restricting Chinese-made optical transceivers, according to Dongshan Precision’s prospectus.
该公司表示，2026年上半年其光收发器收入占总收入的19.2%。招股书称，除了在成都和常州的工厂外，子公司旭创科技在中国内地以外也拥有生产能力，为海外交付提供了供应链灵活性。
The company said its optical transceiver revenue reached 19.2 per cent of total revenue in the first half of 2026. Besides its plants in Chengdu and Changzhou, subsidiary Source Photonics has manufacturing capacity outside mainland China, offering supply flexibility for overseas deliveries, the prospectus said.
光收发器是人工智能数据中心的关键组件，可将电信号转换为光信号，从而实现服务器与计算设备之间的高速数据传输。
Optical transceivers are critical components in AI data centres, converting electrical signals into optical signals to enable high-speed data transmission between servers and computing equipment.
这家总部位于苏州的公司本月在深圳上市的股票已下跌26%，跌至近六个月来的最低点，市值降至2230亿元人民币（合333.4亿美元）。
The Suzhou-based firm has seen its Shenzhen shares drop 26 per cent this month to a near six-month low, bringing its market capitalisation to 223 billion yuan (US$33.34 billion).
东山精密预计将于10月28日在香港上市。招股书显示，瑞银、国泰海通证券、广发证券和中信证券为此次香港上市的联席保荐人。
Dongshan Precision expects to list its shares in Hong Kong on October 28. UBS, Guotai Haitong Securities, GF Securities and Citic Securities are joint sponsors for the Hong Kong listing, according to its prospectus.