-- Shanghai Xizhi Technology (HKG:1879) launched its Hong Kong initial public offering on Monday, seeking to raise up to about HK$2.53 billion from the deal.
The China-based optoelectronic computing company is offering 13.8 million H-shares at a maximum price of HK$183.20 per share, according to a Hong Kong bourse filing.
The offering comprises 689,775 shares for Hong Kong investors and 13.1 million shares for international investors, subject to reallocation and the overallotment option.
The offer price is expected to be determined by April 24, with allocation results due by April 27, ahead of the company's planned trading debut on April 28.
Net proceeds will be used mainly to fund research and development, including optical interconnect hardware and optical computing products.
The funds will also support commercialization efforts, including expanding product development and sales teams, as well as working capital and general corporate purposes.
China International Capital Corporation Hong Kong Securities, and Haitong International Capital are acting as joint sponsors.
China International Capital Corporation Hong Kong Securities, Haitong International Securities, and The Hongkong and Shanghai Banking Corporation are acting as joint bookrunners and joint lead managers, along with Futu Securities International (Hong Kong) and Shenwan Hongyuan Securities (H.K.).