摩根大通资产管理部门与阿里巴巴集团等机构已成为苏州东山精密制造股份有限公司香港上市案的基石投资者。根据港交所文件显示，这家印刷电路板（PCB）制造商计划以每股最高93.80港元的价格发行约1.138亿股，筹集最多107亿港元（约14亿美元），并设有15%的超额配售权，可将募资规模扩大至约16亿美元。基石投资者已同意认购本次发行总额的50%，其他主要投资者还包括中信私募（CPE）、澜起科技、Aurora SF、永联投资、LMR、Jane Street Group、Jump Trading LLC以及Foresight Funds。
此次募资规模约为东山精密先前高达30亿美元目标的一半，显示在当前动荡的市场环境下，即便是长期获利的企业也被迫缩减融资野心。不断上升的融资成本正威胁著维持人工智慧（AI）热潮所需的资本支出，并可能冲击支撑亚洲股市上涨的供应链获利表现。尽管今年稍早胜宏科技与景旺电子等PCB同业在香港成功募集大笔资金，且香港全年股票发行总额有望超越2021年，但全球科技产业已显露疲态，美国半导体类股近期遭遇自2008年以来最长的八连跌，那斯达克100指数也创下自2025年4月以来的最差单周表现。
市场的负面情绪已开始蔓延至首次公开募股（IPO）市场，例如澳洲资料中心企业Firmus Grid因估值问题撤回约50亿美元的IPO，AirTrunk将新加坡REIT上市计划推迟至明年，而韩国资料中心基础设施公司Elice在上市首日股价暴跌高达33%。已在深圳上市的东山精密主要生产AI关键零件PCB与光模组，其股价自6月高点以来已跌去逾半，目前市值约2390亿元人民币（约358亿美元）。本次香港上市由瑞银集团、国泰海通证券、广发证券及中信证券担任联席保荐人。
JPMorgan Chase & Co.’s asset management arm and Alibaba Group Holding Ltd. have joined as cornerstone investors in the Hong Kong listing of printed circuit board (PCB) maker Suzhou Dongshan Precision Manufacturing Co. According to a Hong Kong stock exchange filing, the company aims to raise up to HK$10.7 billion ($1.4 billion) by offering approximately 113.8 million shares at a maximum price of HK$93.80 each, with an option to upsize the deal by 15% to about $1.6 billion. The cornerstone investors have agreed to purchase 50% of the offering, with other major participants including CPE, Montage Technology Co., Aurora SF, Yonglian Investment, LMR, Jane Street Group, Jump Trading LLC, and Foresight Funds.
The current deal size is roughly half of Dongshan Precision's earlier fundraising target of up to $3 billion, illustrating that even established, profitable companies are scaling back their ambitions amid market volatility. Rising financing costs are threatening the capital expenditure required to sustain the artificial intelligence boom and could weigh on earnings across the regional supply chain. Although peer PCB makers like Victory Giant Technology and Shenzhen Kinwong Electronic raised significant capital in Hong Kong earlier this year—putting the city on track to surpass its 2021 annual proceeds—strains are emerging globally, marked by an eight-session rout in US semiconductor stocks and the Nasdaq 100's worst week since April 2025.
This negative market sentiment has rippled into the broader IPO landscape, evidenced by Australian data center operator Firmus Grid Ltd. pulling its $5 billion IPO over valuation pushback, AirTrunk delaying its Singapore REIT listing to next year, and South Korea's Elice Inc. plunging up to 33% on its trading debut. Already listed in Shenzhen, Dongshan Precision manufactures PCBs and optical transceivers critical for AI infrastructure, though its shares have fallen by more than half since their June peak to a market capitalization of 239 billion yuan ($35.8 billion). UBS Group AG, Guotai Haitong Securities Co., GF Securities Co., and Citic Securities Co. are serving as joint sponsors for the Hong Kong offering.