Shanghai-listed Huaqin, one of the world’s largest consumer electronics original design manufacturers (ODMs), kicked off a Hong Kong share sale on Wednesday, aiming to raise up to HK$4.55 billion (US$580 million).
The electronics giant – the latest mainland-listed firm to tap Hong Kong’s stock market with Beijing’s backing – is offering 58.55 million shares, with 10 per cent earmarked for retail investors and the rest for international placement.
The maximum offer price of HK$77.70 per share represents a discount of 31.2 per cent to its A-share closing price of 98.30 yuan on Tuesday. Nvidia supplier Victory Giant Technology, which started book-building on Monday, offered a discount of nearly 60 per cent to its mainland-traded shares. Victory Giant is also a cornerstone investor.
Huaqin is a leading full-stack intelligent product ODM – a company that designs and makes products that other brands sell under their own names. It held a 22.5 per cent global market share in consumer electronics ODMs in 2024 by shipment volume, ranking first worldwide, according to its prospectus, which cited data from China Insights Consultancy.
A raft of Chinese companies are selling shares on the Hong Kong stock exchange. Photo: Jelly Tse
Huaqin, which currently has a market capitalisation of 101 billion yuan (US$14.8 billion), leads in multiple segments. It was the world’s largest ODM for tablets and smart wearables with a market share of 37.9 per cent and 18.7 per cent respectively, according to China Insights Consultancy. It was also the world’s second-largest smartphone ODM with a 25.9 per cent market share.