BRIEF: Zhejiang Sanhua gets CSRC nod for Hong Kong IPO

The Chinese securities regulator approved Zhejiang Sanhua Intelligent Controls Co. Ltd.’s (002050.SZ) application to list in Hong Kong, clearing an important regulatory hurdle for the refrigerator and air condition component maker’s planned IPO.

The China Securities Regulatory Commission said Sanhua plans to issue about 477 million shares in the listing, according to a registration notice published on its website on Monday.

The company applied to list on the Hong Kong Stock Exchange in January, with CICC and Huatai International as its underwriters. It reported its revenue rose 8.4% to 20.6 billion yuan ($2.85 billion) in the first nine months of last year from 19 billion yuan in the year-ago period. Its profit over that period rose 6.5% to 2.3 billion yuan from 2.16 billion yuan a year earlier.

Sanhua is already listed on China’s domestic A-share market in Shenzhen. The company originally planned to make a second listing in Switzerland last year, but cited changing market conditions behind its decision to change course and list in Hong Kong instead.

By Doug Young

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