Chinese IT services company Unisplendour is planning to raise US$1 billion from a stock listing in Hong Kong this year, according to a source familiar with the matter.
The company joins a growing number of mainland-listed companies making their way to Hong Kong to raise funds amid improved stock market sentiment and regulatory support.
The Shenzhen-listed firm picked BNP Paribas, China Merchants Bank International and CSC Financial for the deal, said the person, who requested anonymity for discussing a private matter. The listing details, including the timing, had not been finalised, the person added.
Established in 1999, Unisplendour is an arm of technology conglomerate Tsinghua Unigroup. It is engaged in cloud computing, software development and manufacturing of equipment such as servers and storage systems.
Several other mainland-listed companies are planning share offerings in Hong Kong. Chinese regulators have encouraged companies to view the city as the primary overseas listing venue while also tightening their grip on domestic listings in an effort to improve listing quality and eliminate fraudulent initial public offerings (IPOs).
Meanwhile, Hong Kong’s financial regulators have pledged to ease listing requirements for mainland firms to support their global ambitions. The Securities and Futures Commission and bourse operator Hong Kong Exchanges and Clearing have said they would propose revisions later this year, aiming to lower the fundraising threshold, optimise market structure and improve corporate governance.
Source link
