Latest news with #ZhejiangSanhua
South China Morning Post
23-06-2025
- Business
- South China Morning Post
Sanhua shares fall in Hong Kong debut, first drop in 2025's club of billion-dollar IPOs
Chinese heating systems supplier Zhejiang Sanhua Intelligent Controls had a tepid trading debut in Hong Kong on Monday, with investors selling shares following the initial public offering (IPO) frenzy. Trading under the code 2050, the stock began trading at HK$20.95 amid a declining market, 7.2 per cent lower than its offer price of HK$22.53, in an upsized offering that raised HK$9.3 billion (US$1.2 billion). Sanhua's lack-lustre debut was the first decline in the four billion-dollar stock listings in Hong Kong this year, where mainland-listed companies sold H shares in Hong Kong in the so-called A-to-H listing trend. Contemporary Amperex Technology, Jiangsu Hengrui Pharmaceuticals and Foshan Haitian Flavouring and Food gained 0.6, 16.4 and 25.2 per cent on debut, respectively. These deals helped make the Hong Kong stock exchange 2025's top IPO venue globally. Zhang Yabo, the chairman of Zhejiang Sanhua Intelligent Controls, speaking at the company's trading debut on the Hong Kong stock exchange on June 23, 2025. Photo: Aileen Chuang Investors have been showing strong interest in recent IPO bids. Sanhua was oversubscribed by around 747 and 23 times among retail and institutional investors, respectively, according to the allotment results published by the company on Friday.
South China Morning Post
17-06-2025
- Automotive
- South China Morning Post
Hong Kong IPO pipeline swells as Geely-backed ride-hailing platform CaoCao joins the party
Hong Kong's initial public offering (IPO) market is heating up with a growing number of high-profile listings in the pipeline, including CaoCao, a ride-hailing platform backed by Geely , and Zhejiang Sanhua Intelligent Controls, a parts supplier to Tesla Firms from the mainland are seeking to tap into the city's capital markets as global investors diversify their portfolios away from US assets, injecting fresh liquidity into Hong Kong. On Tuesday, CaoCao, operator of the mainland's second-largest ride-hailing platform after DiDi, said it would seek to raise more than HK$1.85 billion (US$236.6 million) by selling 44.18 million shares at HK$41.94 each, with trading expected to commence on June 25 under the stock code 02643. The company planned to allocate 10 per cent of the base offering to Hong Kong investors, with the remaining 90 per cent going to global investors, it said in a filing to Hong Kong's stock exchange. Founded in 2015, the Geely-backed company held a 5.4 per cent market share in terms of gross transaction value on the mainland in 2024. The company said it would use the IPO's net proceeds to invest in tools and services that help drivers operate more efficiently and safely, develop vehicles designed for ride-hailing, advance autonomous driving, expand its geographical coverage, repay bank borrowings, as well as for working capital and general corporate purposes.
Reuters
13-06-2025
- Business
- Reuters
China's Zhejiang Sanhua targets up to $1 billion in Hong Kong listing
June 13 (Reuters) - Chinese heating systems supplier Zhejiang Sanhua Intelligent Controls ( opens new tab aims to raise up to HK$8.12 billion ($1.03 billion) via a Hong Kong listing, reflecting a broader trend of mainland companies tapping into the capital markets rebound. The company, which develops environment-friendly thermal management solutions, is offering 360.3 million H-shares at a maximum offer price of HK$22.53 each, according to an exchange filing on Friday. Sanhua's Shenzhen-listed shares have gained more than 10% this year, valuing the company at 96.59 billion yuan ($13.47 billion). Its shares are set to begin trading in Hong Kong on June 23. The offering highlights the latest sign of recovery in Hong Kong's equity capital markets, which have remained mostly subdued over the past two years. The stock exchange "serves as a good channel for financing for overseas expansions", said Bintuo Ni, research associate at Daiwa Capital Markets. As of June 11, companies have raised about $9.7 billion through IPOs and secondary listings in the city, a sharp rise from $1.05 billion during the same period last year, according to data compiled by LSEG. The surge in activity comes despite ongoing geopolitical tensions between China and the United States, and is being attributed to renewed interest from international investors in Chinese equities. The deal would add Sanhua to the list of mainland-traded companies that are attempting to establish a foothold in Hong Kong, alongside firms such as CATL ( opens new tab and Jiangsu Hengrui Pharmaceuticals ( opens new tab. The most recent company to apply for a secondary listing in Hong Kong was soy sauce maker Foshan Haitian Flavouring and Food Co ( opens new tab, which is seeking to raise up to HK$9.56 billion. In 2024, the company reported a nearly 7% increase in net profit, reaching 3.12 billion yuan. ($1 = 7.8489 Hong Kong dollars) ($1 = 7.1726 Chinese yuan)
Bloomberg
12-06-2025
- Business
- Bloomberg
Zhejiang Sanhua Seeks $1 Billion in Hong Kong Listing
Zhejiang Sanhua Intelligent Controls Co. is seeking to raise as much as HK$8.12 billion ($1 billion) in its Hong Kong listing, the latest billion-dollar deal to drive the city's recovery in share sales. The Chinese company on Friday began taking investor orders for 360 million shares, according to listing document. Sanhua is offering the shares at HK$21.21 to HK$22.53 each and has the option to upsize the deal.
