On September 29, KINWONG fell 6.98% at open on its first day of trading on the Hong Kong Stock Exchange, trading at HK$65.0/share, with turnover of HK$119 million, breaking below its IPO price of HK$69.88 per H-share.

The company completed its H-share global offering of approximately 72.94 million shares, raising net proceeds of approximately HK$4.96 billion. Despite strong subscription demand — with the Hong Kong public offering oversubscribed 94.25 times — dark-market trading had already signaled weakness, closing at HK$65.45, down 6.34% from the offer price. Cornerstone investors, including Innolight Technology and Efunds, were allotted 47.69% of the IPO shares.

The global top-ranked automotive electronics PCB supplier reported H1 revenue of RMB 8.611 billion, up 21.37% year-over-year, while net profit attributable to shareholders declined 7.38% to RMB 602 million, reflecting a revenue-growth-without-profit-growth dynamic. Pre-IPO share reductions by controlling shareholders, who collected over half of RMB 1.711 billion in cumulative dividends over three years, had also drawn market scrutiny.

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