BRIEF: Surging Guoxia launches $87 million IPO
Energy storage systems maker Guoxia Technology Co. Ltd.(2655.HK) launched its Hong Kong IPO on Monday, aiming to sell 33.85 million shares for HK$20.10 apiece to raise about HK$680 million ($87.3 million). Shares will be sold in lots of 3,000, requiring investors to pay HK$2,030.26 per lot.
The company swung to the black in the first half of this year with a net profit of 5.58 million yuan, reversing a net loss of 25.59 million yuan a year earlier. Its revenue for the period rocketed nearly 10-fold to 691 million yuan.
The company plans to use HK$267 million of the IPO proceeds to boost its R&D capabilities. It will use another HK$115 million to establish overseas operations and service networks; HK$164 million to expand its large-scale energy storage system products; and the remaining HK$60.6 million for general working capital.
By Lau Chi Hang
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