Apple supplier Lens Technology seeks up to HK$4.8 billion in Hong Kong listing
The Shenzhen-listed company is selling 262 million shares at HK$17.38 to HK$18.18 each, according to a stock exchange filing on Monday (Jun 30). That represents a discount of as much as 28 per cent to its last close in Shenzhen of 22.06 yuan. Lens Technology expects the shares to start trading in Hong Kong on Jul 9.
The maker of mobile phone glass covers and other components for consumer electronics is part of a wave of Chinese companies listed on mainland exchanges seeking to sell shares in Hong Kong.
Such deals have made up about three-quarters of Hong Kong's listing proceeds this year, with more to come as the onshore Chinese market remains constrained for fundraising.
Lens Technology plans to use the proceeds from the share sale to expand its product and service portfolio, broaden its overseas presence and production capacity, and advance its vertical integration in smart manufacturing, according to a prospectus for the listing.
Lens Technology was among Asian exporters hit by US President Donald Trump's tariff onslaught in April, although its shares rebounded slightly after he initiated a pause on the higher duties. Apple is one of its largest customers, accounting for almost half of the Chinese company's revenue in 2024.
The Changsha-based company's shares are down about 26 per cent from a February high, giving it a market capitalisation of about 110 billion yuan.
Citic Securities is the sole sponsor for Lens Technology's listing. BLOOMBERG
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