Apple Supplier Lens Tech Jumps 5% in Hong Kong Grey Market
Apple supplier Lens Technology shares jumped 5% in Hong Kong grey market.
The company has raised HK$4.8 billion ($607 million) after pricing its Hong Kong listing at the top of the marketed range.
The Shenzhen-listed company has sold 262.3 million shares at HK$18.18 each, the terms show. Lens Technology had offered the shares at HK$17.38 to HK$18.18 apiece.
The HK$18.18 price reflects a discount of 30% to Lens Technology’s closing price of 23.74 yuan on Friday.
The company, which makes mobile-phone-glass covers and other components for consumer electronics, joins the growing wave of China-listed companies seeking to go public in Hong Kong. Lens Technology expects the shares to start trading in the city on Wednesday.
Proceeds from the sale will be used to expand the company’s product and service portfolio, broaden its overseas presence and production capacity, as well as for work on smart-manufacturing projects such as automated industrial systems, according to a prospectus for the listing.
Citic Securities Co. is the sole sponsor for Lens Technology’s listing.
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