Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Shenzhen Kinwong Electronic / Equity Capital Markets

<ul>
<li>Kinwong Electronic launched IPO to raise HK$ 5.1B. Company is a PCB manufacturer providing connectivity infrastructure for global customers in automotive electronics, telecommunication &amp; data, smart devices, industrial control etc.</li>
<li>Kinwong Electronic intends to use the proceeds for research and development, expanding production capacity, repay borrowings, working caital and general corporate purpose.</li>
<li>Given the overall industry dynamics and company’s focus on cost optimization, price competitiveness and high margin products we can expect a sustained incremental demand scenario in near to medium term.</li>
</ul>


Kinwong Electronic launched IPO to raise HK$ 5.1B. Company is a PCB manufacturer providing connectivity infrastructure for global customers in automotive electronics, telecommunication &amp; data, smart devices, industrial control etc.
Kinwong Electronic intends to use the proceeds for research and development, expanding production capacity, repay borrowings, working caital and general corporate purpose.
Given the overall industry dynamics and company’s focus on cost optimization, price competitiveness and high margin products we can expect a sustained incremental demand scenario in near to medium term.


Shenzhen Kinwong Electronic IPO: Diversified Circuitry Coming Into Play

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-kinwong-electronic-co-ltd" target="_blank" data-smartkarma-citation="entities:58633:1" rel="noopener">Shenzhen Kinwong Electronic (3228 HK)</a>'s IPO is seeking HK$4.96bn, though priced at a steep 45.9% discount to the A-share, the absolute PER is not cheap.</li>
<li>The key strengths lie in its comprehensive product portfolio, strong market reputation, and strategic partnerships with global customers. </li>
<li>We value it at 32.7x PER for FY26, in line with the global peer average, meaning a price of HK$80.15. But this is not without risks, given potential earnings disappointment.</li>
</ul>



Shenzhen Kinwong Electronic (3228 HK)'s IPO is seeking HK$4.96bn, though priced at a steep 45.9% discount to the A-share, the absolute PER is not cheap.
The key strengths lie in its comprehensive product portfolio, strong market reputation, and strategic partnerships with global customers. 
We value it at 32.7x PER for FY26, in line with the global peer average, meaning a price of HK$80.15. But this is not without risks, given potential earnings disappointment.


Shenzhen Kinwong (3228 HK) IPO: Marginally Attractive

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-kinwong-electronic" target="_blank" data-smartkarma-citation="entities:58633:1" rel="noopener">Shenzhen Kinwong Electronic (KNWNG HK)</a> is looking to raise up to US$650m in its upcoming Hong Kong IPO. </li>
<li>Kinwong is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise up to US$650m in its upcoming Hong Kong IPO. 
Kinwong is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: Shenzhen Kinwong A/H Listing - At a Premium to AI-PCB HK Peers, Southbound Support

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Kinwong, a PCB maker, launched its IPO to raise USD 650m through an A+H listing. CITIC, BOA, and Guolian are the deal sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Kinwong, a PCB maker, launched its IPO to raise USD 650m through an A+H listing. CITIC, BOA, and Guolian are the deal sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Kinwong (景旺电子) A+H IPO: Analysis of Deal Terms

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-kinwong-electronic" target="_blank" data-smartkarma-citation="entities:58633:1" rel="noopener">Shenzhen Kinwong Electronic (KNWNG HK)</a> is looking to raise about US$600m in its upcoming Hong Kong IPO.</li>
<li>It is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
It is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
In this note, we look at the company’s past performance.


Aequitas: Shenzhen Kinwong Pre-IPO - Peer Comp and Valuation

Hong Kong

Shenzhen Kinwong Electronic Co., Ltd. manufactures printed circuit boards. The Company designs, produces, and sells multilayer boards, thick copper boards, high frequency and high speed boards, flexible circuit boards, and more. Shenzhen Kinwong Electronic supplies its products in information technology, electronics, communication, industrial control, security, and other fields.

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Shenzhen Kinwong Electronic (3228 HK)

Shenzhen Kinwong Electronic IPO: Diversified Circuitry Coming Into Play

Kinwong Electronic launched IPO to raise HK$ 5.1B for R&D, expanding production etc. Focus on cost optimization, price competitiveness and high...

Tina Banerjee

Shenzhen Kinwong (3228 HK) IPO: Marginally Attractive

Shenzhen Kinwong's IPO is seeking HK$4.96bn, though priced at a steep 45.9% discount to the A-share, the absolute PER is not cheap. We are also...

Osbert Tang, CFA

Aequitas: Shenzhen Kinwong A/H Listing - At a Premium to AI-PCB HK Peers, Southbound Support

Shenzhen Kinwong is looking to raise up to US$650m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the...

Nicholas Tan

Kinwong (景旺电子) A+H IPO: Analysis of Deal Terms

We analyze Kinwong's USD 650m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its valuation....

Ke Yan, CFA, FRM

Aequitas: Shenzhen Kinwong Pre-IPO - Peer Comp and Valuation

Shenzhen Kinwong is looking to raise about US$600m in its upcoming Hong Kong IPO. In this note, we look at the company’s past performance.

Nicholas Tan

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