BRIEF: X.J. Electronics to raise up to $28 million in Hong Kong IPO
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
