BRIEF: Breton launches $30 million Hong Kong IPO

Construction machinery maker Breton Technology Co. Ltd. (1333.HK) launched its Hong Kong public offering Friday, announcing plans to sell 13 million shares for HK$18 apiece to raise HK$234 million ($30 million). The company will take orders through April 30, with trading of the stock set to commence on May 7.

The company reported 640 million yuan（$88 million）in revenue last year, up 37% year-over-year, though its loss widened 19.7% to 270 million yuan over the period.

The company will use 40% of its IPO proceeds for R&D investments, 40% for factory construction and equipment procurement and 10% to expand its sales network and for brand-building initiatives.

By Lau Chi Hang

To subscribe to Bamboo Works weekly free newsletter, click here