China-based electronics manufacturer Huaqin Technology said on Tuesday it has determined the offer price for its Hong Kong share sale at HK$77.70 per share, paving the way for the deal to raise up to HK$4.55 billion ($580.9 million).
Huaqin’s share sale joins companies like Victory Giant and Sigenergy Technology which debuted in Hong Kong recently, as the city’s capital markets continue to attract interest despite war-driven market volatility.
Shanghai-listed electronics firm sets offer price at HK$77.70 per H share, the highest it had earlier said it would price at.
The company is offering 5.9 million Hong Kong shares, along with 52.7 million international shares.
Huaqin said it expects to announce details of indications of interest in the international offering, levels of applications in the Hong Kong public offering and the basis of allocation on Wednesday.
Shares will commence trading on the Hong Kong Stock Exchange on April 23, under stock code 3296.
The listing adds to the slew of other Chinese technology firms choosing the Asian financial hub, which cemented its status as the world’s top IPO destination last year.
Huaqin will use the proceeds raised to fund product-centric R&D investment, and expand its manufacturing network, among other purposes.
($1 = 7.8302 Hong Kong dollars)
Reuters
