CN Innovations Holdings, a Hong Kong-based smartphone and tablet component maker, plans to launch an initial public offering in the second half of the year to raise up to HK$2.3 billion (US$296 million), Ming Pao Daily reported Monday, citing unidentified sources.
The company, under the stewardship of chairman Chong Hok-shan, took its shoe business — S. Culture International Holdings (1255.HK) — public in July last year, giving the Chong family its first publicly listed entity.
There were rumors in 2011 that Chong, who is the brother-in-law of tycoon Li Ka-shing, planned to list CN Innovations in Taiwan. But he is said to have aborted that plan due to unfavorable market conditions. Sources told Ming Pao that he is now targeting a Hong Kong listing, with the deal to be arranged by BOC International Holdings and CLSA Group.
CN Innovations posted revenue of HK$3.32 billion in 2013, up 24.2 percent from the previous year, while net profit rose 39.1 percent to HK$420 million. The company is said to be the world’s third largest supplier of glass used for smartphone screens, with names such as Apple Inc. and Samsung among its clients.
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