HK Recently Listed Stocks Watch | DELTON (01989.HK) down 4.41%, cornerstone lock-up expiry on 21 September

NewTimeSpace (newtimespace.com) News, on 17 September 2026, PCB-themed shares traded with volatility and pulled back, while DELTON (01989.HK) weakened. As of 14:10, the company quoted HKD 117.000, down 4.41%.

On the news front, on 15 September 2026, DELTON said during an investor relations activity that the new round of construction at its Thailand plant is progressing in an orderly manner, with additional capacity expected in the fourth quarter of 2026, which will further lift the plant's overall output value and profitability, and that the plant's personnel, buildings, equipment and logistics have not been materially affected, with production and operations running normally. On the same day, the company held a results briefing for the first half of 2026, stating that server PCBs are its largest application area, with products widely used in high-performance computing servers, AI computing servers, storage servers and switches, all core equipment in data centres, and that it has built long-term and stable partnerships with leading global server brand manufacturers and EMS providers, covering 8 of the world's top ten server manufacturers; the company will continue to focus on its computing application strategy, optimise its product mix, advance core customer certification and steadily push forward capacity construction and ramp-up. In addition, on 15 September 2026, the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the 15th Five-Year Plan for the Development of the Electronic Information Manufacturing Industry, which calls for the development of high-frequency, high-speed, high-layer-count and high-density printed circuit boards and integrated circuit (IC) substrates and, in the personal computer segment, motherboard architecture design and printed circuit board (PCB) high-density integration technology; the plan sets a target of more than RMB 30 trillion in revenue for above-scale electronic information manufacturing enterprises by 2030, with R&D investment intensity reaching 3.5%.

DELTON (01989.HK) listed on the Main Board of the Hong Kong Stock Exchange on 20 March 2026 at an offer price of HKD 71.88, with 46 million shares issued.Regarding its shareholding structure, the company's nearest lock-up expiry falls on 21 September 2026 and involves 12 cornerstone investors, namely CPE, Source Peak Asset Management and Guotai Junan Investments (in respect of the Source Peak OTC swap), HK Greenwoods, Shanghai Greenwoods and CITIC Securities International Capital Management (in respect of the CITIC Securities back-to-back total return swap and the CITIC Securities client total return swap), UBS Asset Management (Singapore) Ltd., Value Partners, Eastspring Investments (Singapore) Limited, Greater Bay Area Homeland Investments Limited (GBAHIL), MY Asian Opportunities Master Fund, L.P., Baring Asset Management (Asia) Limited, Dajia Life Insurance Co., Ltd. and ICBC Wealth Management Co., Ltd., with a total of 20.6745 million shares released, representing approximately 44.94% of the shares under the global offering and approximately 4.38% of the company's issued share capital at listing, under a six-month lock-up starting from the listing date of 20 March 2026. In addition, the shares held by the company's controlling shareholders are subject to a 12-month lock-up and are expected to be released from lock-up in late March 2027.

In terms of financial performance, the company disclosed its first interim results after listing on 7 August 2026. For the first half of 2026, revenue was RMB 4.388 billion, up 80.98% year on year; net profit attributable to shareholders was RMB 956 million, up 94.39% year on year; net profit excluding non-recurring items was RMB 939 million, up 96.71% year on year; gross margin was 39.27% and basic earnings per share were RMB 2.14. In the second quarter alone, revenue was RMB 2.474 billion, up 89.2% year on year, and net profit attributable to shareholders was RMB 563 million, up 124.13% year on year. As of 30 June 2026, the company's debt-to-asset ratio was 38.6%.

DELTON (01989.HK) focuses on the R&D, manufacturing and sale of high-end printed circuit boards, with high-speed, high-layer-count PCBs for computing servers as its core business. Its main products include general-purpose server motherboard PCBs, high-end AI server PCBs and storage device PCBs, and the company has achieved stable mass production of 46-layer high-layer-count boards and has introduced M9-grade high-speed materials. The products are used in data centres, cloud computing, artificial intelligence, 5G communications and automotive electronics.

CMSC believes that the current round of copper-clad laminate price increases has run for four to five quarters and that price pass-through across the printed circuit board segment has been fully established, with supply rather than demand the core driver of the increases; based on supply chain research, the institution expects the monthly pace of CCL price increases to continue until June 2027 in the conservative case and until the end of 2027 in the optimistic case.

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