Adtek seeks up to 2 billion yuan in pre-IPO funding ahead of HK listing, Bloomberg reports

Fiber optic connectivity manufacturer Shenzhen ADTEK Technology has launched a pre-initial public offering (pre-IPO) funding round to raise up to 2 billion yuan (HK$2.32 billion) ahead of its planned Hong Kong listing, Bloomberg reported, citing people familiar with the matter. 

The financing has drawn participation from prominent investors, including Singapore's sovereign wealth fund Temasek, Morgan Stanley's private equity arm, and Asian investment firm CPE, according to Bloomberg.

Adtek filed its listing application with the local bourse in May, reportedly aiming to raise US$500 million at a valuation between US$3 billion (HK$23.4 billion) and US$4 billion.

According to its preliminary prospectus, the initial public offering proceeds will be allocated toward expanding production capacity, upgrading research and development centers, and acquiring talent.

The firm posted robust financial growth last year, with net profit surging 1.33 times year-on-year to 624 million yuan and revenue jumping 1.37 times to 2.1 billion yuan.

Founded in 2007, Adtek specializes in delivering fiber optic connectivity products and solutions, which are widely used by leading cloud service providers, global technology giants, and telecommunication operators. 

The company's core business involves the research and development, manufacturing and sales of fiber optic assemblies, micro-optical assemblies and fiber optic connectivity infrastructure products for AI data center applications.

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