BRIEF: Shenzhen Senior Technology cleared by CSRC for Hong Kong IPO
The China Securities Regulatory Commission formally registered Shenzhen Senior Technology Material Co. Ltd.’s (300568.SZ) application for a Hong Kong IPO on Friday, clearing a key regulatory hurdle for the lithium-ion battery separator manufacturer to make a second listing to complement its existing listing in Shenzhen.
The company plans to sell about 172 million H-shares in the Hong Kong listing, according to the notice posted on the CSRC website. Shenzhen Senior Technology filed its listing application with the Hong Kong Stock Exchange in December, with China Securities International as the sole sponsor.
Founded in 2003, the company’s revenue rose 14% in the first nine months of last year to 2.93 billion yuan ($430 million) from 2.58 billion yuan in the year-ago period. But its profit fell by more than half over that period, dropping to 141 million yuan in the first nine months of last year from 351 million yuan a year earlier.
By Doug Young
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