Dongshan Said to Gauge Demand for Up to $3 Billion Listing

Printed circuit board maker Suzhou Dongshan Precision Manufacturing Co. has started gauging investor interest for a Hong Kong listing that may raise $2 billion to $3 billion, according to people familiar with the matter.

The company, which already trades in Shenzhen and has a market value of 248 billion yuan ($37 billion), began investor-education meetings Monday, the people said, asking not to be identified to discuss confidential information. Dongshan intends to list in Hong Kong as soon as this month, people familiar with the matter have said .

A representative for the company declined to comment.

The offering builds on a record summer for Hong Kong, which is en route to overtake 2021 in annual proceeds from share sales. The blockbuster year has been driven in large part by Chinese companies along the artificial intelligence supply chain. Other PCB makers with recent listings include Victory Giant Technology Huizhou Co., which raised $3 billion in one of Hong Kong’s biggest deals of the year, and Shenzhen Kinwong Electronic Co., which completed a $650 million debut last month.

While Dongshan’s shares have slumped about 50% from a June peak, they are still up 60% this year. The Suzhou-based firm makes PCBs as well as optical transceivers, critical components for AI. The company is the third-largest PCB supplier in the $85.2 billion global market, according to a filing to the Hong Kong stock exchange.

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