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Chaozhou Three-Circle Raises HK$7 Billion in Alibaba-Backed Hong Kong IPO

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Chaozhou Three-Circle (HKG:6951, SHE:300408) raised HK$7.05 billion in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$100.30 per H-share, according to a Wednesday after-market filing with the Hong Kong Stock Exchange.

The Chinese electronic components manufacturer issued 71.4 million H-shares.

The Hong Kong public offer was 327.49 times subscribed, with a final allocation of 7.1 million shares. The international offering was 16.24 times subscribed, with an allocation of 64.2 million shares.

An over-allocation of 10.7 million shares was made under the global offering.

Cornerstone investors, including Alibaba Investment, were allotted a combined 35.6 million shares, representing 49.81% of the global offering, according to the filing.

Chaozhou Three-Circle debuted on the Hong Kong bourse today, July 9.

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