Display chip designer Viewtrix Technology Co. Ltd. (3310.HK) announced on Wednesday that it plans to float yuan-denominated shares though an IPO on one of China’s domestic markets, launching the process by signing a listing tutoring agreement with GF Securities.
Viewtrix said its board approved the appointment of GF Securities as the tutoring institution on Sept. 2, following an assessment of capital market opportunities after the company’s recent Hong Kong listing. The move is intended to support the company’s business development, deepen its industrial presence and strengthen its overall competitiveness. It will now submit a filing application for the listing tutoring to relevant regulators.
Viewtrix develops, designs and sells display driver chips and micro-OLED display back panels and drivers. Its revenue fell 30.5% year-on-year to 318 million yuan ($47 million) in the first half of the year, while its net loss widened 0.8% to 151 million yuan. Its gross margin improved to 12.4% from 9.1%.
Shares of Viewtrix opened higher on Thursday and traded at HK$27.98 by the midday break, up 2.19%. The stock is up about 34% from its offer price following its Hong Kong trading debut in May.
By Lee Shih Ta
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