BRIEF: Aux launches $461 million Hong Kong IPO
Air conditioning maker Aux Electric Co. Ltd. (2580.HK) launched its Hong Kong IPO on Monday, aiming to sell 207 million shares to raise up to HK$3.6 billion ($461 million). Shares will be priced between HK$16 and HK$17.42, with 5% allocated to local Hong Kong investors. Subscriptions will close on Aug. 28, with trading set to debut on Sept. 2.
The company reported revenue of 29.76 billion yuan in 2024, up 19.9% year-on-year, while its net profit rose 17% to 2.9 billion yuan. Its revenue increased 27% year-on-year to 7.36 billion yuan in the first quarter of this year, and its net profit rose 23% to 920 million yuan.
Aux plans to use about 20% of the IPO proceeds for R&D, while 50% will be used to upgrade its intelligent manufacturing system and for supply chain management. Another 20% will go to enhancing its sales and distribution channels, and the remaining 10% will be used for general working capital.
By Lau Chi Hang
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