By Jason Chau
Shares of Chinese electronics manufacturer Huaqin rose in their Hong Kong trading debut, as a growing number of mainland technology firms tap the city's capital markets to fund their expansion amid strong market sentiment.
Huaqin raised 4.55 billion Hong Kong dollars, equivalent to US$580.8 million, in its Hong Kong offering after issuing 58.5 million shares at HK$77.70 each. Its Hong Kong-listed stock jumped as much as 17% from its offering price in early Thursday trading before pulling back and was last trading 12% higher at HK$86.70.
The company is already listed in Shanghai, where its A-shares were last 2.8% lower.
The Shanghai-based firm, backed by J.P. Morgan and UBS, said the proceeds would support research and development, expand its manufacturing network and strategic investments, according to an exchange filing.
Huaqin designs and manufactures electronics, including smartphones, laptops, smart home devices and data-center servers, that incorporate artificial intelligence and other communication technologies for global technology companies. The company said it is the largest original design manufacturer of tablets and smart wearables by global shipment volumes.
It also plans to expand into China's fast-growing automotive electronics and robotics sectors, both of which are considered priority industries by the government and have attracted significant investor interest in recent years.
Huaqin's listing adds to the wave of public offerings in Hong Kong this year, with the city's exchange recently saying it has nearly 500 listings in the pipeline.
Write to Jason Chau at jason.chau@wsj.com
(END) Dow Jones Newswires
04-22-26 2353ET
