Key Takeaways:
WUS Printed Circuit has filed for a Hong Kong IPO to complement its existing Shenzhen listing, just a week after rival Dongshan Precision made a similar filing
WUS' revenue grew 57% in the first half of 2025, while its profit rose 49%, as it boasts enviable gross margins due to its focus on the higher end of the PCB market
The race is on to see who can become Hong Kong's first major listed maker of the printed circuit boards (PCBs) at the core of everything from consumer electronics to smart cars and cutting-edge servers used for AI computing.
Just a week after one of its top rivals filed for a Hong Kong IPO, WUS Printed Circuit (Kunshan) Co. Ltd. (002463.SZ) submitted its own application for a similar listing. Both WUS and that rival, Suzhou Dongshan Precision Manufacturing (002384.SZ),come from the same industry, and are already listed in Shenzhen. Both are also following a recent trend by companies already listed on China's domestically focused A-share markets to raise new funds by tapping more globally focused investors in Hong Kong.
But the similarities end there, as this pair of companies offer two very different stories. WUS is squarely focused on the road ahead, seeing a future in PCBs used in smart vehicles and AI-based applications. By comparison, Dongshan Precision focuses on the far more mature consumer electronics space, making PCBs for smartphones and PCs. And while WUS has grown organically since its founding in 1992, Dongshan Precision started out as a sheet metal producer and has grown mostly through acquisitions since then.
As a result of those differences, WUS' core PCB business is growing far faster than Dongshan's. We wrote about Dongshan in more detail last week after its filing, so this week we'll spend some time ...
