苏州东山精密制造股份有限公司（一家印制电路板制造商）在香港筹集了约99亿港元（13亿美元），这是近两个月来香港最大规模的上市，正值与人工智能基建相关的公司面临动荡的市场环境。
Suzhou Dongshan Precision Manufacturing Co. a printed circuit board maker, raised about HK$9.9 billion ($1.3 billion) in Hong Kong’s biggest listing in nearly two months, which hit a volatile market for companies related to the artificial intelligence build out.
记者 Sangmi Cha 和 Julia Fioretti 报道 根据周日向香港交易所提交的文件，该公司将发行价定为每股86.80港元，低于最高发行价93.80港元，这证实了彭博新闻社早前的报道。
By Sangmi Cha and Julia Fioretti The company priced its shares at HK$86.80 apiece, compared to a maximum of HK$93.80, according to a filing to the city’s stock exchange on Sunday, which confirmed an earlier Bloomberg News report.
东山精密表示未行使超额配股权，意味着此次发售共出售约1.138亿股。预计将于10月28日开始交易。
Dongshan Precision said it had not exercised an option to upsize the deal, meaning it sold about 113.8 million shares in the offering. Trading is expected to begin on Oct. 28.
即使从6月高点下跌近60%后，东山精密在深圳上市的股价今年仍上涨了35%。
Dongshan Precision’s Shenzhen-listed stock is up 35% this year even after a nearly 60% slide from a June peak.
东山精密生产构成AI服务器复杂电子骨干的组件，正在亚洲市场环境棘手之际冒险上市，尤其是对其所在行业的公司而言。
Dongshan Precision, which makes the components that tare the intricate electronic backbone of AI servers, is braving the market at a tricky time across Asia especially for companies in its business.
今年以来，香港首发上市筹资额已超过500亿美元，逼近2010年创下的578亿美元纪录，但债券收益率上升和新股表现不佳正使投资者和发行人更加谨慎。
First-time listings have raised more than $50 billion in Hong Kong this year, edging closer to the $57.8 billion record set in 2010, but rising bond yields and poor deal performance are making investors and issuers more cautious.
包括该地区主要数据中心运营商在内的一系列撤回和延迟上市案例，促使一些公司搁置了近期的上市计划。
A string of withdrawals and delays, including by major data center operators in the region, has prompted some companies to put near-term listing plans on hold.
新加坡东方汇理财富管理亚洲首席策略师陈Francis（Francis Tan，音译）表示：“随着东山精密深圳股价大幅下跌，其香港发行的参考估值也随之下降。投资者仍希望分享AI革命的红利，但他们越来越要求盈利可见性，而不再仅仅买单叙事。” 中国科技股遭受重创，随着投资者面对经济疲软到足以侵蚀企业利润、却又不足以触发强有力新刺激政策的现实，这轮深度抛售似乎没有结束的迹象。
“With Dongshan’s Shenzhen share price declining substantially, the reference valuation for its Hong Kong offering has also fallen,” said Francis Tan, Asia chief strategist at Indosuez Wealth Management in Singapore. “Investors still want exposure to the AI revolution, but they are increasingly demanding earnings visibility rather than simply buying the narrative.”Chinese technology stocks have been particularly hit hard, with no end in sight for a deepening selloff as investors confront the realities of an economy that’s weak enough to erode corporate profits but not to trigger forceful new stimulus.
彭博汇编的数据显示，全球第二大股票市场自5月高点以来市值已蒸发3.5万亿美元。上周跌势加剧，推动境内基准沪深300指数进入熊市，香港一项科技行业指数也即将抹去自北京两年前出台全面增长支持措施以来的全部涨幅。
The world’s second-largest equities market has lost $3.5 trillion in value from a peak in May, data compiled by Bloomberg show. The rout intensified last week, pushing the onshore benchmark CSI 300 Index into a bear market and a technology sector gauge in Hong Kong toward erasing all its gains since Beijing’s sweeping growth support package two years ago.
东山精密此次上市在很大程度上依赖基石投资者，这些投资者以持有股票至少六个月为条件，获得交易中的保证配售。其中包括摩根大通资产管理公司、阿里巴巴集团控股有限公司、CPE和澜起科技，它们同意合计认购此次发行股份的50%。简街集团和Jump Trading公司也在其中。
Dongshan Precision’s listing leaned heavily on cornerstone investors, which get guaranteed allocation in the deal in exchange for holding the stock for at least six months. They include JPMorgan Asset Management, Alibaba Group Holding Ltd., CPE and Montage Technology Co., who agreed to buy a combined 50% of the offering. Jane Street Group and Jump Trading LLC are also among them.
这家总部位于苏州的公司生产PCB和光模块，这两者是AI的关键组件。据其招股说明书，该公司在全球规模达852亿美元的市场中是第三大PCB供应商。
The Suzhou-based company makes PCBs and optical transceivers, key components for AI. It’s the third-largest PCB supplier in an $85.2 billion global market, according to its prospectus.
瑞银集团、国泰海通证券、广发证券和中信证券担任此次香港上市的联席保荐人。
UBS Group AG, Guotai Haitong Securities Co., GF Securities Co. and Citic Securities Co. are joint sponsors for the Hong Kong listing.