BRIEF: Three-Circle’s Hong Kong listing approved by CSRC
Electronic ceramics and components maker Chaozhou Three-Circle (Group) Co. Ltd. (300408.SZ) announced on Wednesday it has received a filing notice from the China Securities Regulatory Commission (CSRC) for its proposed Hong Kong listing, clearing a key regulatory hurdle for the planned IPO.
According to the notice, which equates to a regulatory nod, the company plans to issue up to 149.19 million overseas-listed ordinary shares. Reuters previously reported that Three-Circle aims to raise about $1 billion through the Hong Kong listing.
Founded in 1970 and based in the Southern city of Chaozhou, Three-Circle is one of China’s leading electronic ceramics manufacturers. Its products include optical communication ceramic ferrules, MLCC ceramic materials, semiconductor ceramic packaging substrates, electronic components and new energy materials, serving customers across the telecommunications, consumer electronics, automotive electronics and semiconductor sectors.
The company reported revenue of 9.01 billion yuan ($1.33 billion) last year, up 22% year-on-year, while its net profit rose 19.54% to 2.62 billion yuan. The growth was driven mainly by strong demand for optical communications products, high-end electronic components and from semiconductor-related businesses.
By Lee Shih Ta
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