New Business
Apple supplier Lens Technology joins list of Chinese firms planning Hong Kong IPOs
Lens Technology, Apple’s iPhone glass supplier, said on Thursday that its board approved a plan to list in Hong Kong. It did not disclose details. The Shenzhen-listed firm would join a slew of mainland-listed companies eyeing listings in the city amid improved stock market sentiment and regulatory support.
Avatr Technology, the electric vehicle (EV) unit of Shenzhen-listed Changan Automobile, is reportedly considering a US$1 billion Hong Kong IPO. Changan said that while there are plans for Avatr to spin-off for a listing, no specific implementation plans are in place yet, according to mainland media reports.
Financial Secretary Paul Chan Mo-po said at a tech forum on Wednesday that Hong Kong IPOs could raise between US$17 billion and US$20 billion this year, in line with forecasts from Deloitte and PwC. Last year, IPO proceeds in the city added up to US$11 billion, ranking fourth globally. The city was the world’s top IPO venue seven times between 2009 and 2019.
Lens said its Hong Kong listing would “advance the company’s global strategic layout, enhance its international brand image and boost overall competitiveness”, according to its filing.
The company has well-known clients in the consumer electronics and smart car industries, including Apple, Samsung, Huawei, Xiaomi, Tesla, BYD and Meta Platforms. Nearly 68 per cent of its total sales derived from overseas in 2023 and 82 per cent in 2022.
Founder Zhou Qunfei ranked 26th in Forbes’ 2024 list of China’s 100 richest people. Her current net worth is estimated at US$12 billion, and her company has a market capitalisation of around 130 billion yuan (US$18 billion).
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