Hong Kong IPO Market Grows as WUS and Dongshan Seek Listings
The competition among printed circuit board (PCB) manufacturers heats up as WUS Printed Circuit (Kunshan) Co. Ltd. has filed for a second listing on the Hong Kong Stock Exchange. This announcement comes just days after its competitor, Dongshan Precision Manufacturing, made a similar move. Both companies, already listed in Shenzhen, aim to tap into the global investor market to raise funds for future growth.
WUS has demonstrated remarkable financial growth, with its revenue increasing by 57% to 8.49 billion yuan (approximately $1.2 billion) in the first half of 2025. During the same period, the company’s profit surged by 49%, reflecting its strong position in the high-end PCB market, particularly in sectors such as AI servers and smart vehicles.
Distinct Paths in the PCB Industry
While both WUS and Dongshan operate in the PCB industry, their business strategies and growth trajectories differ significantly. WUS has focused on high-growth sectors like smart vehicles and data communications, while Dongshan primarily serves the more established consumer electronics market, producing PCBs for smartphones and personal computers. WUS’s targeted approach has led to faster growth compared to Dongshan, whose revenue streams have matured.
WUS began operations in 1992 in Kunshan, a city known for its concentration of electronics manufacturers. Over the years, the company expanded its operations, establishing a facility in Huangshi in 2014 and more recently a joint venture in Jintan with Germany’s Schweizer Electronic for producing smart vehicle PCBs. WUS’s latest facility, opened in Thailand in 2022, is set to commence production in 2024. This site is expected to focus on high-end products, including PCBs for AI servers and advanced networking equipment.
The establishment of the Thai facility is part of a strategic move by many Chinese manufacturers to diversify their operations in light of increasing global trade restrictions. WUS’s decision to exit the consumer electronics PCB market in 2007 allowed the company to concentrate on areas with higher growth potential, such as smart cars and data communications.
Financial Highlights and Market Position
According to the company’s listing documents, WUS now holds a significant share of the global PCB market for data centers, commanding 10.3% as of June 2025. Its leadership in high-density interconnect (HDI) PCBs, particularly for autonomous driving applications, is further evidenced by its 15.2% market share in this category.
WUS’s rapid growth has resulted in impressive gross margins, which have increased from 27.9% in 2022 to 32.3% in the first half of 2025. In contrast, its competitors report significantly lower gross margins, with Dongshan Precision at 14.3% and Shennan Circuits at 25%.
The company’s profits reached 1.68 billion yuan in the first half of 2025, a substantial increase from 1.14 billion yuan during the same period last year. Additionally, WUS boasts a robust cash position, with reserves growing to 2.74 billion yuan from 1.54 billion yuan, indicating a strong ability to self-finance future expansions.
As WUS prepares for its Hong Kong IPO, it is clear that the company has positioned itself as a leader in the fast-evolving PCB market. With superior growth rates and a focus on high-end technologies, investors may find WUS an attractive option compared to Dongshan Precision. The upcoming IPOs from both companies will provide new opportunities for global investors interested in the burgeoning Chinese technology sector through the Hong Kong Stock Exchange.
