Zhen Ding Prices $800M Overseas Convertible Bonds

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Zhen Ding Technology Holding Limited successfully priced its sixth unsecured overseas convertible bonds issuance on September 22, 2026, raising a total of US$800 million (approximately NT$25.2 billion).

The Bonds are expected to be issued on September 29, 2026, and will be listed on the Singapore Exchange afterwards. The zero-coupon Bonds have a maturity of five years, a yield-to-maturity of 0.00%, and a conversion price of NT$550.13 per share. Based on the closing price on the pricing date, the conversion premium is 12.5%.

Zhen Ding is the world's largest printed circuit board (PCB) manufacturer. It delivers end-to-end “One ZDT” one-stop solutions across cloud, network, and edge applications in the AI era. In recent years, it has been actively focusing on expanding into the key growth engines of the AI era, including high-end IC substrates, AI servers, and optical modules markets.

Notably, Zhen Ding is one of the few manufacturers capable of providing customers with high-end iHDI and HLC for AI servers. The company continues to work closely with world-leading GPU and ASIC customers on product development spanning the next 2-3 generations.

In terms of optical modules, beyond serving its existing clientele, Zhen Ding is actively collaborating with several global leaders to secure certifications across cloud, network, and edge AI applications. The company’s optical communication products have already entered mass production and have begun contributing to revenue. Meanwhile, additional high-end products continue to undergo customer sampling and certification, further strengthening Zhen Ding’s growth momentum in Cloud and Networking channels.

Zhen Ding’s technical capabilities, accumulated over the past few years, are held in high regard by its global customers. The proceeds raised will be used to supplement working capital, supporting the company’s continued efforts to develop high-end products and reinforce its leadership position in the global PCB industry.

The offering successfully attracted robust participation from overseas institutional investors, including a number of long-only funds. The order book was oversubscribed more than 7 times shortly after the deal launched, highlighting strong investor recognition of the company.

This follows Zhen Ding's previous successful issuance of US$400 million in overseas convertible bonds in September 2025, which also drew intense investor interest. This year's issuance further demonstrates investors' enduring confidence in Zhen Ding's operations and financial prospects.

Morgan Stanley Asia Limited and Citigroup Global Markets Limited served as joint global coordinators and joint bookrunners for the issuance.