Dongshan Precision Is Said to Target Up to $3 Billion HK Listing

Printed circuit board maker Suzhou Dongshan Precision Manufacturing Co. aims to raise $2 billion to $3 billion in its planned Hong Kong listing, according to people familiar with the matter.

The company, which already trades in Shenzhen and has a market capitalization of 313 billion yuan ($47 billion), intends to list in Hong Kong as soon as next month, the people said, asking not to be identified because the information isn’t public.

Dongshan Precision said in a filing Tuesday that it has received approval from China’s securities regulator for the Hong Kong offering.

Deliberations are ongoing and details including the size and timing of the share sale may change, the people said. Representatives for Dongshan Precision didn’t immediately respond to requests for comment.

The company makes PCBs as well as optical transceivers, which are key to the artificial intelligence buildout. Despite falling almost 40% from a June peak, its shares in Shenzhen have still more than doubled this year.

UBS Group AG, Guotai Haitong, GF Securities and Citic Securities Co. are joint sponsors for the Hong Kong listing, according to a preliminary prospectus.