2619.HK
luckin makes consumer products

Kitchen appliance maker X.J. Electronics (Hu Bei) Co. Ltd. (2619.HK) launched its Hong Kong IPO on Tuesday, aiming to raise up to HK$228 million ($28 million) through the sale of new shares. The company set a price range of HK$2.86 to HK$3.35, with plans to sell 68.2 million shares, according to its latest stock exchange filing.

Final pricing of the shares is set for June 23, with a trading debut set for June 25. A pricing at the top of its range would give the company a market capitalization of HK$914 million.

X.J. Electronics reported 1.5 billion yuan ($209 million) in revenue last year, up 26% from 1.19 billion yuan in 2023. Its annual profit last year rose 16% to 140 million from 121 million in 2023. The company’s largest market is North America, accounting for more than three-quarters of its sales last year, making it vulnerable to the U.S.-China trade war.

By Doug Young

To subscribe to Bamboo Works weekly free newsletter, click here

Recent Articles

Autohome is an auto trading platform

Autohome deflated by plunging ad sales, car price wars

The car-trading services provider reported a fourth consecutive quarter of revenue decline in the second quarter, as its gross margin plunged more than 10 percentage points Key Takeaways: Autohome’s revenue…