Guangzhou Delton Technology Co., Ltd. (DELTON TECHNOLOGY (GUANGZHOU) INC., stock code: 1989) has launched its Hong Kong IPO. The subscription period is from March 12 to March 17, 2026, with a global offering of 46,000,000 H shares. The offer price is not more than HKD 71.88 per share, with 100 shares per board lot, implying an estimated minimum investment of approximately HKD 7,260.49. The shares are expected to be listed on the Main Board of the Hong Kong Stock Exchange on March 20, 2026. CITIC Securities (Hong Kong) Limited and HSBC Corporate Finance (Hong Kong) Limited are the joint sponsors of the IPO.

Delton Technology: Top Three Global Compute Server PCB Manufacturers

Offering structure: Approximately 10% of the H shares (4,600,000 shares, subject to reallocation) will be offered to the Hong Kong public, while approximately 90% (41,400,000 shares, subject to reallocation) will be allocated internationally.

Offer price: Not more than HKD 71.88 per share; 100 shares per board lot; estimated minimum investment of approximately HKD 7,260.49.

Subscription period: March 12–17, 2026 (expected pricing date: March 18, 2026).

Listing date: March 20, 2026.

IPO sponsors: CITIC Securities (Hong Kong) Limited and HSBC Corporate Finance (Hong Kong) Limited.

Company Overview

Delton Technology focuses on the research, development, manufacturing, and sales of customized printed circuit boards (PCBs) for compute servers and other compute-intensive applications. According to Frost & Sullivan, based on cumulative revenue from 2022 to 2024, the company ranks third globally among compute server PCB manufacturers and first among those headquartered in Mainland China. Its products are widely used in AI servers, general-purpose servers, and data center switches, and the company has established long-term partnerships with eight of the world’s top ten server manufacturers.

Financial Information

According to the prospectus, Delton Technology reported revenues of approximately RMB 2.412 billion, RMB 2.678 billion, and RMB 3.734 billion for 2022, 2023, and 2024, respectively, with net profits of approximately RMB 280 million, RMB 415 million, and RMB 676 million in the same periods. For the nine months ended September 30, 2025, revenue was approximately RMB 3.835 billion, with net profit of approximately RMB 724 million.

Assuming the maximum offer price of HKD 71.88 and without the exercise of the over-allotment option, the company expects net proceeds from the IPO of approximately HKD 3.175 billion. The funds are intended to be used for: Phase II construction of the Thailand facility (approximately 19.7%), expansion and upgrading of the Guangzhou production facility (approximately 52.1%), enhancement of R&D capabilities (approximately 10.0%), strategic partnerships or acquisition opportunities (approximately 8.2%), and working capital and general corporate purposes (approximately 10.0%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Delton Technology via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Delton Technology, tap "Public Offer," enter your subscription quantity, and submit your order.

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