Apple supplier Lens Technology to debut in Hong Kong after US$607m float
The shares closed at HK$19.84 on Wednesday, up 9.1%. In the stock offering, the shares were priced at the high end of the marketed range, and attracted cornerstone investors such as Xiaomi Corp., UBS Asset Management AG and Oaktree Capital Management.
Headed by China's second-richest woman, Lens Technology is the latest China-traded company to set its sights on Hong Kong. Chinese companies have flocked to the city to list their shares amid a rally in the benchmark Hang Seng Index, which is forecast to double to more than $22 billion this year.
Lens Technology is the biggest debutant in what was the busiest day for share listings in Hong Kong this year. Wuhan Dazhong Dental Medical Co., Beijing Xunzhong Communication Technology Co., Beijing Geekplus Technology Co. and Fortior Technology Shenzhen Co. all ended the day up.
The company, which also makes other components for consumer electronics, saw sales and profit rise at least 20% last year, fueled by demand for smart gadgets. But Lens Technology remained heavily dependent on a few major clients, most notably Apple, which accounted for nearly half of its total sales.
'Lens Tech is one of the few global consumer electronics solution providers with advanced capabilities in both glass and metal processing,' SDICS International Securities analyst Alex Wang wrote in a note. Still, the company faces risks including 'high customer concentration and intensifying industry competition,' according to the note. –BLOOMBERG
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