BRIEF: Shenzhen Woer launches $350 million Hong Kong IPO
Telecoms cable and electronic materials maker Shenzhen Woer Heat-Shrinkable Material Co. Ltd. (9981.HK; 002130.SZ) launched its Hong Kong IPO on Thursday, with plans to raise up to HK$2.73 billion ($349 million) by selling 140 million H-shares for up to HK$20.09 each. The deadline for subscriptions is Feb. 10, with trading of the shares set to begin on Feb. 13.
Sixteen cornerstone investors have agreed to purchase $124.3 million worth of shares, or about 35% of the amount being sold.
Woer reported revenue of 6.08 billion yuan ($876 million) for the first nine months of last year, up 26% from 4.82 billion yuan in the year-ago period. About two-thirds of its revenue came from its electronic communications business, while most of the rest came from its electric power transmission product business. Its profit in the first nine months of last year rose 25% to 883 million yuan from 709 million yuan a year earlier.
Woer is part of a growing tide of Chinese companies already listed on the country’s domestic A-share markets in Shanghai and Shenzhen now making second listings in Hong Kong to tap the city’s more international investor pool.
By Doug Young
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