Lens Technology, a Shenzhen-listed Chinese mobile screen maker, is set to apply for a Hong Kong listing before the end of March, targeting a July offering, according to sources familiar with the matter.
The company, a key supplier for Apple's iPhone, has engaged CITIC Securities to lead the offering, although the sources requested anonymity due to the confidential nature of the information. Additionally, Bank of America will serve as the offering's main coordinator, as per one of the sources.
The goal of Lens Technology is to raise between $1 billion to $1.5 billion through the offering, one of the sources confirmed.
Despite not responding to a request for comment from Reuters, the company affirmed its intention to issue H shares and join the Hong Kong stock exchange on March 12, further boosting its shares by 18% this year. Lens Technology commenced trading at 26.15 yuan ($3.62) per share on Wednesday, reflecting a market capitalization of around $18 billion, data from LSEG indicated.
By Wednesday afternoon, the shares had dipped by close to 1%, standing at 25.89 yuan each.
Please note that the timing and terms of the offering are subject to change based on market conditions, as cautioned by the sources.