BRIEF: Hipine launches Hong Kong IPO to raise up to $44 million
Gold watch maker Shenzhen Hipine Precision Technology Co. Ltd. (2583.HK) launched its Hong Kong IPO on Friday, planning to sell 10.6 million shares for between HK$27 and HK$29.60 each to raise up to HK$314 million ($44 million).
Hipine said it will use the IPO proceeds mostly to expand its production capacity and strengthen its sales network, with the remainder allocated to brand building, establishing an R&D center in the city of Putian in Fujian province, and for general working capital.
The stock is set to make its trading debut on Sept. 29, with Ping An Securities acting as the sole underwriter.
Hipine designs and makes gold watch cases and gold bezel watches. Its revenue comes mostly from sales of its flagship proprietary Hipine brand of gold watches. In 2024, the company recorded revenue of 460 million yuan ($65 million), up 2.5% year-on-year, while its net profit fell 5.3% to 49.35 million yuan.
By Lee Shih Ta
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