BRIEF: Lens Technology cleared for Hong Kong listing
Smartphone glass supplier Lens Technology Co. Ltd. (300433.SZ) said on Sunday that its listing application was approved by the Hong Kong Stock Exchange, clearing a major hurdle for its IPO.
Founded in 1993 by Hunan-born entrepreneur Zhou Qunfei, Lens Technology supplies glass covers primarily for smartphones and other smart mobile devices, including Apple’s iPhone. The firm’s revenue grew 28% year-on-year to 70 million yuan ($9.74 million) last year, as its profit rose 20% to 3.62 million yuan.
The company plans to use proceeds from the offering to diversify its product and service portfolio, broaden its global footprint, enhance its production capabilities and fortify its vertically integrated smart-manufacturing capacity.
By Lau Chi Hang
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