Suzhou Dongshan Precision Manufacturing raised less than expected in its Hong Kong initial public offering (IPO), as investors weighed potential US trade restrictions on its optical modules business amid the city’s cautious appetite for mega listings, analysts said.
The company has started taking investor orders for a Hong Kong listing, offering 113.7 million shares at a maximum price of HK$93.80 per share, according to its prospectus on Tuesday.
A total of 20 cornerstone investors have agreed to buy US$680 million worth of the shares. They include JPMorgan Chase & Co.’s asset management arm, Alibaba Group Holding, Jane Street Capital, Montage Technology, Yonglian Investment, LMR and Foresight Funds.