Shenzhen Kinwong to raise $5.1b in Hong Kong listing on AI demand

Shenzhen Kinwong Electronic said on Friday that it had priced its Hong Kong share sale at HK$69.88 per share, aiming to raise HK$5.1 billion to expand capacity and meet AI-driven demand.

Here are some details:

• The printed circuit board maker, which had set HK$69.88 as the maximum offer price, is offering 72.9 million H-shares in its global offering.

• Kinwong expects to announce the level of demand for the international offering, the application results for the Hong Kong public offering and share allocation results on September 28.

• Trading in the H-shares is expected to begin on the Hong Kong Stock Exchange on September 29, and the shares will trade in board lots of 100 under stock code 3228.

• Kinwong plans to use the net proceeds to expand and upgrade production capacity for higher-value products to meet AI-driven demand and enhance manufacturing capabilities, among other purposes.

• Kinwong is among four Chinese firms seeking to raise up to a combined HK$14.35 billion through separate Hong Kong listings, alongside RoboTechnik Intelligent Technology, Red Avenue New Materials and Direct Drive Tech.

Reuters

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