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Investing.com -- Chinese refrigeration components maker Zhejiang Sanhua Intelligent Controls is planning a $1 billion secondary listing in Hong Kong, adding momentum to the revival of the city’s IPO market.
The air conditioning and refrigeration parts supplier aims to raise up to 8.12 billion Hong Kong dollars ($1.03 billion) by selling 360.33 million shares priced between HK$21.21 and HK$22.53 each, according to a company filing.
Sanhua expects to begin trading on the Hong Kong exchange from June 23.
The company has secured cornerstone investor agreements covering as much as 57.7% of the shares being offered, with the exact percentage depending on offer size adjustments, overallotment options and final pricing.
Notable cornerstone investors include UK asset manager Schroders (LON:SDR), Singapore wealth fund GIC, and ICBC Wealth Management.
The substantial listing comes as Hong Kong’s IPO market shows signs of recovery after a period of reduced activity.
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