Printed circuit board (PCB) drill bit manufacturer Dtech Technology raises HKD4.8 billion (USD612 million) in its HKEX debut on 9 July, three years after its IPO on the SZSE, completing an A+H dual listing. Wilson Sonsini, Jia Yuan Law Offices, DTL LAW Office, Eversheds Sutherland, New Sun Law Firm, DLA Piper, King & Wood and Sundial Law Firm acted on the transaction.
The IPO was priced at HKD380 per share, with 12.63 million shares issued, reaching a market capitalisation of HKD150 billion at market opening. The offering attracted 16 cornerstone investors, including Victory Giant Technology, Hillhouse’s subsidiary HHLR, Kingboard Investments, CPE and E Fund Management. CITIC Securities and HSBC acted as joint sponsors.
Wilson Sonsini counselled Dtech on Hong Kong and US law, with partners Chen Weiheng, Chu Yang and Zhu Jie leading the team. Jia Yuan advised on PRC law, led by founding partner Yan Yu, with senior partner Lyu Dandan and partner Li Xueying participating.
DTL, Eversheds Sutherland and New Sun advised on Thailand, German and Vietnam laws respectively, while DLA Piper counselled on international sanctions law.
King & Wood acted as the underwriters’ Hong Kong and US legal counsel, led by partners Anthony Wan and Sun Haotian. Sundial advised on PRC law, with partner Zhao Renying leading the team. Partner Zhang Xiaoyang, and senior partners Zhang Jiong and Lin Xiaochun assisted.
Headquartered in Guangdong and established in 1997, Dtech Technology manufactures precision cutting tools, grinding and polishing materials, functional film materials and intelligent computer numerical control equipment. Its products are used in AI servers, embodied robots, semiconductors and integrated circuits, low-earth-orbit satellite communications and intelligent vehicles, serving end markets including consumer electronics, telecommunications and industrial control.
Market researcher Frost & Sullivan said Dtech Technology had been the world’s largest supplier of PCB drill bits by sales volume for three consecutive years from 2023 to 2025.
The prospectus stated that the IPO proceeds would mainly be used to expand production capacity in China and overseas, as well as expand its global business, invest in frontier technologies, pursue strategic acquisitions and investments, build an integrated digital operations platform and support working capital and general corporate purposes.
