2026.04.22
On April 21, 2026, Shenghong Technology (Huizhou) Co., Ltd. (stock code: 2476.HK, hereinafter referred to as Shenghong Technology) globally issued 95,850,000 H-shares (before exercising the over-allotment option) and listed on the main board of the Hong Kong Stock Exchange. The issuance price was HKD 209.88 per share. The financing scale of this issuance and listing was USD 2.57 billion (before exercising the over-allotment option) and USD 2.95 billion (if the over-allotment option is fully exercised). This was not only the largest Hong Kong IPO since 2026 but also the largest IPO of a Chinese TMT enterprise since early 2022. The international placement orders (excluding employee subscription parts) were oversubscribed by 18.5 times, and the Hong Kong public offering was oversubscribed by 431.2 times, achieving a successful international issuance.
Shenghong Technology is an A-share listed company and is already listed on the Shenzhen Stock Exchange's Growth Enterprise Market (stock code: 300476.SZ). After this H-share listing, Shenghong Technology will achieve dual listings in A-shares and H-shares. The company is a global leader in the artificial intelligence and high-performance computing PCB industry, ranking first in global market share for advanced HDI and high multi-layer PCBs of 14 layers and above. Key customers include global AI technology solution providers, large cloud service providers, data center equipment OEMs, server brand companies and other leading global technology enterprises. The company can produce high multi-layer PCBs of over 100 layers and is among the first globally to achieve large-scale production of 6-step 24-layer HDI products, as well as 10-step 30-layer HDI and 16-layer Any-Layer interconnect HDI technology capabilities. Its products are widely used in high-growth fields such as artificial intelligence, new energy vehicles and high-speed network communications.
As a long-term partner of Shenghong Technology, JunHe has provided comprehensive legal services to the company for many years, including but not limited to assisting it in acquiring 100% equity of MFS Technology for approximately USD 460 million (this transaction was awarded the 2023-2024 Top Ten Cross-border M&A Golden Whistle Award by Morning Whistle Group), and assisting in its cross-border investments and mergers in Malaysia, Thailand, Vietnam and other locations. During this issuance and listing, JunHe also assisted the company in simultaneously completing high-premium A-share stock financing to specific targets and the acquisition of TCL Group's Malaysian factory, witnessing Shenghong Technology's rapid development.
JunHe served as the issuer's Chinese legal advisor, Hong Kong legal advisor and data compliance special legal advisor, assisting the company in completing various domestic and international legal tasks involved in the issuance and listing application process. Despite the exceptionally tight timeline, the project team completed all the legal tasks, assisted the company in multiple communications with the China Securities Regulatory Commission and the Hong Kong Stock Exchange, reviewed and coordinated investment agreements and communications with nearly 40 cornerstone investors, and coordinated matters related to A-shares and H-shares. JunHe fully leveraged the advantages of its domestic and international project teams, relying on its rich listing experience and professional and rigorous service attitude to assist the company in successfully completing this issuance and listing, earning high praise and recognition from the company and other intermediary institutions. During this issuance and listing process, JunHe also served as the company's Chinese legal advisor for A-share stock financing to specific targets and as the M&A legal advisor for the company's acquisition of TCL Group's Malaysian factory.
The overall lead partner for this project was JIANG, Wenjun (Kelvin), with JIANG, Wenjun (Kelvin) as the head of the domestic team. ZHANG, Ke, Yuki CHAN and YANG, Yinglei led the overseas team and GU, Yu was the head of the data compliance team. YAO, Jiwei (Jervis) was the core internal partner.
