Alibaba-Backed Chaozhou Three-Circle Launches HK$7.2 Billion Hong Kong IPO
Chaozhou Three-Circle (HKG:6951, SHE:300408) launched its Hong Kong initial public offering on Tuesday, seeking to raise up to HK$7.16 billion.The electronic components manufacturer is offering 71.4 million H shares at a maximum price of HK$100.30 each, according to a Hong Kong bourse filing.The offering comprises 7.1 million shares for Hong Kong investors and 64.2 million shares for international investors, subject to reallocation and the overallotment option.The offer price is expected to be determined by July 7, with allocation results due by July 8, ahead of the company's planned trading debut on July 9.Net proceeds will be used primarily to expand the company's overseas production capacity, enhance automation, and support projects in Thailand and Germany to strengthen its global manufacturing and supply chain network.The company also plans to use the funds for technology iteration, materials innovation, working capital, and general corporate purposes.The offering has attracted 17 cornerstone investors, including Temasek, JPMAMAPL, CPE River, Ninety One Asia, Alibaba Investment, GSAM, Manulife, and Taikang Life, which have agreed to subscribe for shares totaling $455 million.China Galaxy International Securities (Hong Kong) is serving as the sole sponsor, sponsor-overall coordinator, overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager.Huatai Financial Holdings (Hong Kong), ICBC International Securities and BOCI Asia are acting as joint global coordinators, joint bookrunners and joint lead managers, while CCB International Capital is serving as a joint bookrunner and joint lead manager.
