Shenzhen Zhaowei Machinery & Electronics raises $244.3 million in Hong Kong listing
FILE PHOTO: Bull statues stand in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo
March 6 : Chinese micro-drive and actuation systems provider Shenzhen Zhaowei Machinery & Electronics on Friday said it has set the final offer price for its Hong Kong listing, raising HK$1.91 billion ($244.25 million).
The Shenzhen-listed company sold 26.7 million H shares at HK$71.28 per share, below the maximum offer price of HK$73.68 apiece disclosed last week.
The offering extends a brisk start to Hong Kong's IPO activity in 2026, as January saw companies such as Eastroc Beverage and Muyuan Foods seek listings in the city.
Hong Kong's stock market logged its strongest start to a year since 2021, with IPOs and second listings raising about $5.5 billion in January, the most since $7.6 billion in January 2021, LSEG data showed earlier in February.
Zhaowei launched its share sale in Hong Kong on February 27, joining a slew of companies seeking listings in the city following the Lunar New Year holiday break.
The company said last week it intended to use the net proceeds from the offering for research and development as well as expansion of global capacity, among others.
Among other companies finalising their listings on the Hong Kong bourse, reusable packaging service provider Alsco Pooling Service set the final offer price at the bottom of its range on Friday, raising HK$223.7 million.
Shenzhen-listed MeiG Smart Technology priced its listing in the city at the maximum offer of HK$28.86 apiece.
The three companies raised HK$3.14 billion in total, according to exchange filings.
Zhaowei and Alsco shares are slated to debut on the Hong Kong stock exchange on Monday, whereas MeiG is expected to begin trading on March 10.
($1 = 7.8197 Hong Kong dollars)
