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Leidi Network, Lei Jianping, March 12
Guangzhou DELTON Technology Co., Ltd. (abbreviated as &#34;DELTON Technology&#34;, stock code: &#34;1989&#34;) has recently opened its subscription and is preparing to list on the Hong Kong stock market on March 20, 2026 (Friday).
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The cornerstone investors of DELTON Technology include CPE, Yuanfeng Asset Management, and Guotai Junan Investment (for Yuanfeng's OTC swaps), Shanghai Jinglin, and CITIC Securities International Capital Management Co., Ltd. (for CITIC Securities' back-to-back total return swaps and CITIC Securities' client total return swaps), Hong Kong Jinglin, UBS AM Singapore, Huiri, Eastspring, GBAHIL, MY Asian, Ba Ling, Dahua Life, and ICBC Wealth Management, with a total subscription of USD 190 million.
Among them, CPE subscribed for USD 15.9 million, Yuanfeng Asset Management and Guotai Junan Investment (for Yuanfeng's OTC swaps) subscribed for USD 14.1 million, Shanghai Jinglin and CITIC Securities International Capital Management Co., Ltd. (for CITIC Securities' back-to-back total return swaps and CITIC Securities' client total return swaps) subscribed for USD 820,000, Hong Kong Jinglin subscribed for USD 29.18 million, UBS AM Singapore and Huiri each subscribed for USD 30 million, Eastspring and GBAHIL each subscribed for USD 15 million, and MY Asian, Ba Ling, Dahua Life, and ICBC Wealth Management each subscribed for USD 10 million.
DELTON Technology plans to globally offer 46 million shares, with a maximum offering price of HKD 71.88, raising a total of HKD 3.306 billion, with a net fundraising amount of HKD 3.175 billion.
The funds raised by DELTON Technology will be used to expand and upgrade the production facilities at the company's base in Guangzhou, particularly the capacity for HDIPCB; for the second phase of the company's base in Thailand; to enhance the company's R&amp;D capabilities in developing material technologies, improving production processes, and product development; for working capital and general corporate purposes; and to seek strategic partnerships, investments, or acquisition projects that complement the company's business and align with its development strategy.
DELTON Technology was listed on the Shenzhen Stock Exchange in April 2024, issuing 42.3 million shares at an issue price of RMB 17.43, raising RMB 737 million. Once listed on the Hong Kong stock market, DELTON Technology will form an &#34;A+H&#34; share structure
Revenue of 3.835 billion and net profit of 724 million in the first 9 months
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DELTON was established in June 2002, with its headquarters located in the Huangpu Development Zone of Guangzhou. Its production bases are mainly distributed in Guangzhou, Guangdong, and Huangshi, Hubei.
DELTON is dedicated to high-end PCB manufacturing, with products primarily applied in end-user fields such as data centers, cloud computing, industrial internet, artificial intelligence, 5G communications, automotive electronics, security, and printing.
The prospectus shows that DELTON's revenue for 2022, 2023, and 2024 is expected to be 2.41 billion, 2.678 billion, and 3.734 billion respectively; gross profit is expected to be 629 million, 892 million, and 1.246 billion respectively; and gross profit margins are expected to be 26.1%, 33.3%, and 33.4% respectively.
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DELTON's annual profits for 2022, 2023, and 2024 are expected to be 280 million, 415 million, and 680 million respectively, with annual profit margins of 11.6%, 15.5%, and 18.2% respectively.
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DELTON's EBITDA for 2022, 2023, and 2024 is expected to be 467 million, 679 million, and 955 million respectively.
In the first 9 months of 2025, DELTON's revenue was 3.835 billion, a year-on-year increase of 43%; net profit was 724 million, a year-on-year increase of 47%; and net profit after deducting non-recurring items was 700 million, a year-on-year increase of 46.71%.
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Among them, DELTON's revenue in the third quarter of 2025 was 1.41 billion, a year-on-year increase of 44.64%; net profit was 232 million, a year-on-year increase of 34%; and net profit after deducting non-recurring items was 226 million, a year-on-year increase of 44.5%
Delton Technology is expected to have a net profit of 980 million to 1.02 billion yuan in 2025, an increase of 44.95% to 50.87% compared to 676 million yuan in the same period last year; the expected net profit after deducting non-recurring items is 975 million to 1 billion yuan, an increase of 43.73% to 48.16% compared to 678 million yuan in the same period last year.
Xiao Hongxing and Liu Jinchang couple control 53.8% of the shares.
The executive directors of Delton Technology are Xiao Hongxing, Ms. Zeng Hong, and Peng Jinghui; the non-executive director is Ms. Liu Jinchang, and the independent non-executive directors are Ms. Chen Limei, Ms. Li Ying, and Dr. Shi Ling.
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As of September 30, 2025, Zhenyun Investment holds 40.25%, Guangxie Investment holds 10.17%, Guangcai Investment and Guangsheng Investment each hold 6.78%, Hong Kong Central Clearing Limited holds 3.75%, and Changjiang Securities Innovation Investment (Hubei) Co., Ltd. holds 2.48%;
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As of September 30, 2025, the equity structure of Delton Technology.
Guangdong Yueke Venture Capital Management Co., Ltd. - Guangdong Yueke Zhenyue No. 1 Equity Investment Partnership (Limited Partnership) holds 1.48%, Liu Jiahong holds 1.36%, Guotou (Guangdong) Venture Capital Management Co., Ltd. - Guotou (Guangdong) Technology Achievement Transformation Venture Capital Fund Partnership (Limited Partnership) holds 1.28%, and Ningbo Lijin Equity Investment Partnership (Limited Partnership) holds 1.08%.
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The actual controllers of Delton Technology, Xiao Hongxing and Liu Jinchang, hold 99.90% and 0.10% of Zhenyun Investment, respectively; Xiao Hongxing is the general partner of Guangsheng Investment and Guangcai Investment, holding 10% of the capital contribution of each; Liu Jinchang is the limited partner of Guangsheng Investment and Guangcai Investment, holding 26.01% and 51.04% of the capital contribution, respectively;
The couple Xiao Hongxing and Liu Jinchang collectively control 53.8% of the company's shares.
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001389

DELTON Technology Co., Ltd. (stock code: 1989) has opened its initial public offering and plans to list on the Hong Kong Stock Exchange on March 20, 2026, with expected fundraising exceeding HKD 3 billion. Cornerstone investors include CPE, Yuanfeng Asset Management, among others, with a total subscription amount of USD 190 million. The company intends to globally offer 46 million shares, with a maximum offer price of HKD 71.88. The funds raised will be used for expanding production facilities, enhancing research and development capabilities, and working capital. DELTON Technology is set to list on the Shenzhen Stock Exchange in April 2024, forming an "A+H" share structure

DELTON Technology opens for IPO: plans to raise over HKD 3 billion, listed on March 20, CPE is the cornerstone investor