Microintelligence launches $100 million Hong Kong IPO
Industrial robot maker Changzhou Microintelligence Co. Ltd. (3275.HK) began taking investor subscriptions on Tuesday for its Hong Kong IPO. The company plans to offer 37.28 million shares at HK$16.63 to HK$21.46 apiece, raising up to about HK$800 million ($102 million). The shares are set to begin trading on Oct. 27.
The company designs, develops and sells embodied intelligent industrial robots (EIIR) and related solutions for industries including 3C electronics, automobile manufacturing, new energy, fast-moving consumer goods and semiconductors. It was China’s largest provider of EIIR products last year based on revenue, with about 20% of the market.
The company’s revenue rose 22.6% year-over-year to 424 million yuan in the first five months of this year, while its profit for the period increased to 22.53 million yuan from 7.06 million yuan. Revenue from EIIR products grew 39.7% to 260 million yuan, accounting for 61.4% of the total. The company expects its annual profit this year to be lower than the figure from the first five months due to continued investment in R&D.
By Lee Shih Ta
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