【New Share IPO】Ding Tai High-Tech sets the offering price at 380 yuan per share; news: 119k people entered the flight, with a 354x oversubscription rate

Mainland China PCB (printed circuit board) drill-bit manufacturer Ding Tai Kao Ke (new listing code: 01377) concluded its public subscription on July 6 and will list on July 9. Market news said its public portion drew 119k bidders in the form-flying, with an oversubscription of 354 times, involving HK$154.87 billion. Ding Tai Kao Ke said the offering price was HK$380 per H share.

Ding Tai Kao Ke conducted its IPO from June 30 to July 6. It plans to issue 119k H shares, with 10% for public offering in Hong Kong. The maximum offering price is HK$380, raising up to HK$4.8 billion. One board lot is 100 shares, with the entry fee per lot of HK$38,383.2.

CITIC Securities and HSBC are the joint sponsors.

Ding Tai Kao Ke H-share funding level

Ding Tai Kao Ke’s A shares (Shenzhen: 301377) closed at CNY 518.04 on July 3, equivalent to HK$597.82, meaning the theoretical H-share funding level is 57.3%.

Ding Tai Kao Ke is a comprehensive supplier of precision manufacturing solutions, providing tools, materials and intelligent equipment for key process segments in the global PCB manufacturing value chain (including drilling, milling/forming and other related precision manufacturing processes).

Its product portfolio covers four main categories: (i) precision cutting tools; (ii) grinding and polishing materials; (iii) functional film materials; and (iv) intelligent CNC equipment. These products serve a wide range of end markets that are strategically important, including AI servers, humanoid robotics, applications related to semiconductors and integrated circuits, low-orbit satellite communications, high-end equipment manufacturing and smart vehicles, as well as several other industries including consumer electronics, communications and industrial control.

The world’s largest drill-bit supplier

According to data from Frost & Sullivan, by sales volume, Ding Tai Kao Ke is the world’s largest drill-bit supplier. During the historical performance record period, by drill-bit sales volume, it ranked first globally in each of 2023, 2024 and 2025, with global market shares of 26.5%, 26.8% and 29.2% respectively. For sales revenue of PCB drill bits, it ranked first globally in 2023, second in 2024, and returned to first in 2025, with global market shares of 21.4%, 20.8% and 22.9% respectively.

Last year, Ding Tai Kao Ke’s revenue was CNY 2.08 billion (the same below), up 34.2% year-on-year. Its profit for the year was CNY 430 million, up 89.9%.

By Shengwin Hong Technology and Jian Tao Group as cornerstone investors

Ding Tai Kao Ke introduced Shengwin Hong Technology’s Winshine Hong Kong, HHLR ADVISORS, LTD., ASPEX MASTER FUND, and Jian Tao Group’s Jian Tao Investment, CPE INVESTMENT XV LIMITE, Cloud Alpha Capital Management Limited, E Fund, VERITION MULTI-STRATEGY MASTER FUND LTD, Taikang Life Insurance, ATHOS CAPITAL LIMITED, HEL VED MASTER FUND, MILLENNIUM, IFUND SPC – Vision IX SP, Bauche/Branasing (Baring?), Martis Fund, L.P., and Dingying Investment Holding as cornerstone investors, with a subscription amount of $250 million.

Planned use of net proceeds

• 67.5%: Promote domestic and overseas capacity layout, and expand global business

• 10%: Investment in cutting-edge technologies

• 10%: Strategic acquisitions and investments

• 2.5%: Construction project for a full-area digital and intelligent operations system

• 10%: Supplement working capital and general corporate purposes

Source: Ding Tai Kao Ke announcement