BRIEF: Fibocom gets China’s regulatory nod for Hong Kong IPO
Wireless communication module maker Fibocom Wireless Inc.’s (300638.SZ) plan for a Hong Kong IPO was registered with the China securities regulator, clearing a key hurdle for the listing to proceed. The IPO would make Fibocom the latest in a growing group of Chinese firms listed in Shenzhen and Shanghai to make second listings in Hong Kong.
Shenzhen-based Fibocom plans to sell up to 155 million shares to Hong Kong investors, according to the registration posted on Thursday on the China Securities Regulatory Commission’s (CSRC) website. The company previously filed a prospectus for the Hong Kong listing in April, and updated the document in May.
Fibocom reported 6.97 billion yuan ($981 million) in revenue last year, up 23% from 5.65 billion yuan in 2023, according to its most recent listing document. Its profit rose 20% to 677 million yuan from 565 million yuan over that period.
Fibocom’s Shenzhen-listed stock is up 55% this year.
By Doug Young
To subscribe to Bamboo Works free weekly newsletter, click here
