Huaqin Technology (HKG:3296, SHA:603296) launched its Hong Kong initial public offering on Wednesday, seeking to raise up to about HK$4.55 billion.
The China-based smart hardware products manufacturer is offering 58.5 million H-shares at a maximum price of HK$77.70 per share, according to a Hong Kong bourse filing.
The offering comprises 5.9 million shares for Hong Kong investors and 52.7 million shares for international investors, subject to reallocation and the overallotment option.
The offer price is expected to be determined by April 21, with allocation results due by April 22, ahead of the company's planned trading debut on April 23.
Net proceeds will be used mainly to enhance product-centric research and development, including expanding R&D teams and investing in advanced technologies.
The funds will also support manufacturing capacity expansion and optimization, alongside automation and digitalization upgrades.
Huaqin will further allocate proceeds toward strategic investments and vertical integration across its supply chain, as well as for working capital and general corporate purposes.
China International Capital Corporation Hong Kong Securities, and Merrill Lynch (Asia Pacific) are acting as joint sponsors, as well as sponsor-overall coordinators, joint bookrunners, and joint lead managers.
Goldman Sachs (Asia), CLSA, Futu Securities International (Hong Kong), and Tiger Brokers (HK) Global are acting as joint bookrunners and joint lead managers, while ABCI Capital is also a joint bookrunner.