Kinwong Electronic Seeks Up to HK$5.1 Billion in Hong Kong Listing
Shenzhen Kinwong Electronic (HKG:3228, SHA:603228) launched its Hong Kong initial public offering on Monday, seeking to raise up to HK$5.10 billion.The China-based printed circuit board (PCB) manufacturer is offering 72.9 million H shares at a maximum price of HK$69.88 each, according to a Hong Kong bourse filing.The offering comprises 7.3 million shares for Hong Kong investors and 65.6 million shares for international investors, subject to reallocation.The offer price is expected to be determined by Sept. 25, with allocation results due by Sept. 28, ahead of the company's planned trading debut on Sept. 29.The proceeds will be used mainly to expand and upgrade production capacity for high value-added products, strengthen R&D and technology reserves, and repay part of the company's existing interest-bearing bank borrowings.The company also plans to use the remaining proceeds for working capital and general corporate purposes, including raw material procurement, employee compensation, and logistics.The IPO has 16 cornerstone investors, including Zhongji Innolight (HKG:3308), Han's CNC Technology (SHE:301200, HKG:3200) and CIG Shanghai (SHA:603083, HKG:6166), which have committed to subscribe for a combined $310 million worth of shares.CLSA, Merrill Lynch (Asia Pacific) and Guolian Securities International Capital are acting as joint global coordinators, joint bookrunners and joint lead managers.
