Leading automotive electronics printed circuit board (PCB) company Kinwong Electronic has listed on the HKEX main board on 29 September, raising around HKD5.1 billion (USD650 million) and establishing a dual-listing structure following its SZSE debut in 2017.
Latham & Watkins, Guantao Law Firm, Pillsbury, Herbert Smith Freehills Kramer and DeHeng Law Offices provided legal support.
Market researcher China Insights Consultancy said Kinwong was the world’s largest automotive electronics PCB supplier and ranked 11th among global PCB suppliers by revenue in 2025.
The company issued around 72.94 million shares at HKD69.88 each.
The IPO attracted 14 cornerstone investors, including CPE Redwood, Zhongji Innolight, Maxson Electronics under Han’s CNC Technology, and E Fund Management. CITIC Securities, BofA Securities and Guolian Securities International acted as joint sponsors.
Latham & Watkins advised the issuer on Hong Kong and US law, led by partners Benjamin Su and Terris Tang. Guantao acted as PRC legal counsel for Kinwong, led by managing partner Huang Yaping, and partners Luo Zengjin and Yang Jian. Pillsbury counselled on US export controls and sanctions.
HSF Kramer acted as the underwriters’ Hong Kong and US legal counsel, led by partners Matt Emsley, Stanley Xie and Kong Jin. DeHeng provided PRC legal services, with Su Zhongzheng, Ma Haoran and Ning Yicai serving as project leads.
Shenzhen-headquartered Kinwong was established in 1993 and focuses on the R&D, production and sale of PCBs and high-end electronic materials. Its products include multilayer PCBs, substrate-like PCBs, heavy copper PCBs and high-frequency and high-speed PCBs, with applications spanning automotive electronics, communications and data infrastructure, smart devices and industrial control.
The prospectus stated that listing proceeds would mainly be used to expand and upgrade production capacity for high value-added products, strengthen R&D and technology reserves in next-generation electronic information technologies, repay part of its interest-bearing bank borrowings and fund working capital and general corporate purposes.
