Shares of Huaqin (3296), a Chinese smart device maker and original design manufacturer, climbed 17 percent in their Hong Kong market debut on Thursday after the company raised HK$4.6 billion in a share offering.
- The stock opened at HK$87.55 versus a listing price of HK$77.70, and rose as high as HK$90.95 before easing back to trade at the opening level.
- Huaqin designs and manufactures electronic products for major technology brands, including smartphones, laptops, servers, smart home devices and wearables. It is also expanding into automotive electronics, robotics and software.
- Huaqin said it plans to use the proceeds for research and development, expanding and optimising its manufacturing network, strategic investment and vertical integration, and working capital.
- Cornerstone investors agreed to subscribe for about US$290 million worth of shares, including funds managed by JPMorgan Asset Management and UBS Asset Management, the prospectus showed.
- CICC and BofA Securities were the joint sponsors for the offering, according to the prospectus.
Reuters
