BRIEF: Minieye jumps in Hong Kong trading debut
Shares of smart driving and smart cockpit solutions provider Minieye Technology Co. Ltd. (2431.HK), opened up 9.4% in their Hong Kong trading debut on Friday from their offer price of HK$17. The shares continued to rise and were up 10.4% at HK$18.76 in the afternoon trading session.
Minieye Technology sold approximately 39.19 million shares, which priced at the bottom of their original range of HK$17 to HK$20.20. The company raised about HK$670 million ($86 million) from the listing. The Hong Kong portion of the offering was oversubscribed 13 times, while the international portion was slightly oversubscribed by 0.1 times.
The company said that 40% of the proceeds will be used to enhance its R&D capabilities and recruit and retain R&D talent, while 30% will be used to improve production efficiency and make its products more competitive.
By Lau Chi Hang
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