Chinese tech manufacturers rush to list in Hong Kong, seeking nearly $6 billion

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June 30 : Five Chinese technology and advanced manufacturing companies launched Hong Kong listings on Tuesday to raise up to HK$44.1 billion ($5.6 billion), one of the busiest days for new share sales this year, according to their company filings. The biggest of the five offerings is Shenzhen-listed Apple supplier Luxshare Precision Industry, looking to raise up to HK$24.27 billion ($3.15 billion) after contemplating a Hong Kong listing for more than a year. The rush of new deals announced on Tuesday adds to a run of Chinese companies turning to Hong Kong for fresh capital as Beijing encourages more domestic champions to list close to home.

There has been $22.45 billion worth of new listings in Hong Kong in the first half, up nearly 57 per cent from a year earlier, making it the busiest start to the year in five years, according to LSEG data.

Luxshare is selling 383.5 million shares at a maximum offer price of HK$63.28 apiece, according to its prospectus. The final price will be set on July 8, with trading set to commence the following day. The company manufactures electronic devices, including routers, wireless charging modules and video conferencing equipment.

Chaozhou Three-Circle, which makes electronic ceramic materials and parts used in electronics, cars and chip equipment, is seeking up to about HK$7.16 billion, according to its prospectus.

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Nexchip Semiconductor, which manufactures chips designed by other companies, said it would seek up to HK$6.98 billion.

Guangdong Dtech Technology, a maker of tiny drill bits and other tools used to produce printed circuit boards, is aiming to raise up to HK$4.80 billion, its filings showed.

Rokae (Shandong) Robotics Group, the smallest of the five deals, said it would sell 23 million shares at HK$38 each to raise about HK$875 million. The company makes industrial robots, collaborative robots that can work near people and newer AI-linked robots.

($1 = 7.8413 Hong Kong dollars)

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