BRIEF: Lens Technology’s Hong Kong IPO gets nod from CSRC
Mobile phone glass supplier Lens Technology Co. Ltd.’s (300433.SZ) Hong Kong IPO plan has been registered by the Chinese securities regulator, clearing a key regulatory hurdle for the listing to proceed. The China Securities Regulatory Commission (CSRC) posted the registration notice on its website on Tuesday, saying Lens Technology plans to issue up to 431 million shares.
Lens Technology first announced its intent to list in Hong Kong in March, and filed an IPO application with the Hong Kong Stock Exchange several weeks later. The company’s revenue grew 28% to 70 billion yuan ($9.7 billion) last year, while its profit rose 20% to 3.62 billion yuan.
Founded in 1993 by Chinese businesswoman Zhou Qunfei, Lens Technology supplies cover glass for smart mobile devices, including Apple’s iPhone. Reports suggest that Apple plans to use ultra-thin glass (UTG) provided by Lens Technology for its future foldable devices, with Lens expected to secure approximately 70% of the orders.
By Doug Young
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