Latest news with #ZhejiangSanhua
Reuters
a day ago
- Business
- Reuters
China's Zhejiang Sanhua targets up to $1 billion in Hong Kong listing
June 13 (Reuters) - Chinese heating systems supplier Zhejiang Sanhua Intelligent Controls ( opens new tab aims to raise up to HK$8.12 billion ($1.03 billion) via a Hong Kong listing, reflecting a broader trend of mainland companies tapping into the capital markets rebound. The company, which develops environment-friendly thermal management solutions, is offering 360.3 million H-shares at a maximum offer price of HK$22.53 each, according to an exchange filing on Friday. Sanhua's Shenzhen-listed shares have gained more than 10% this year, valuing the company at 96.59 billion yuan ($13.47 billion). Its shares are set to begin trading in Hong Kong on June 23. The offering highlights the latest sign of recovery in Hong Kong's equity capital markets, which have remained mostly subdued over the past two years. The stock exchange "serves as a good channel for financing for overseas expansions", said Bintuo Ni, research associate at Daiwa Capital Markets. As of June 11, companies have raised about $9.7 billion through IPOs and secondary listings in the city, a sharp rise from $1.05 billion during the same period last year, according to data compiled by LSEG. The surge in activity comes despite ongoing geopolitical tensions between China and the United States, and is being attributed to renewed interest from international investors in Chinese equities. The deal would add Sanhua to the list of mainland-traded companies that are attempting to establish a foothold in Hong Kong, alongside firms such as CATL ( opens new tab and Jiangsu Hengrui Pharmaceuticals ( opens new tab. The most recent company to apply for a secondary listing in Hong Kong was soy sauce maker Foshan Haitian Flavouring and Food Co ( opens new tab, which is seeking to raise up to HK$9.56 billion. In 2024, the company reported a nearly 7% increase in net profit, reaching 3.12 billion yuan. ($1 = 7.8489 Hong Kong dollars) ($1 = 7.1726 Chinese yuan)
Bloomberg
2 days ago
- Business
- Bloomberg
Zhejiang Sanhua Seeks $1 Billion in Hong Kong Listing
Zhejiang Sanhua Intelligent Controls Co. is seeking to raise as much as HK$8.12 billion ($1 billion) in its Hong Kong listing, the latest billion-dollar deal to drive the city's recovery in share sales. The Chinese company on Friday began taking investor orders for 360 million shares, according to listing document. Sanhua is offering the shares at HK$21.21 to HK$22.53 each and has the option to upsize the deal.
