Shares of smartphone glass supplier Lens Technology Co. Ltd. (6613.HK; 300433.SZ) opened up almost 4% in their Hong Kong trading debut on Wednesday and continued to rise through the day to close up 9% at $19.84.
The company sold 262 million shares for HK$18.80 apiece to raise net proceeds of about HK$4.69 billion ($597 million). The public offering for local Hong Kong investors was oversubscribed by approximately 462 times, while the international placement was oversubscribed by almost 16 times.
The listing raised $190 million from 10 cornerstone investors, including Xiaomi’s Green Better, Oaktree, UBS Asset Management and Redwood Elite. Lens Technology is a major supplier to Apple. Its reported revenue of 69.9 billion yuan ($9.74 billion) last year, up 28.3% year-on-year, while its profit rose nearly 20% to 3.62 billion yuan.
By Lau Chi Hang
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