Chinese cable maker launches Hong Kong IPO
November 23, 2010 | BY
clpstaff &clp articlesHL Technology Group (HL Technology) raised HK$500 million (US$64.4 million) from its initial public offering (IPO) on the Hong Kong Stock Exchange. The…
HL Technology Group (HL Technology) raised HK$500 million (US$64.4 million) from its initial public offering (IPO) on the Hong Kong Stock Exchange. The PRC-based company is a provider of cable and connector related products.
HL Technology plans to use 44% of the raised capital for the production of new products, 40% will be used to expand production capacity, 6% will go to the establishment of a research base, and the remainder will be used to replenish working capital.
The underwriter in this transaction was Piper Jaffray Asia, and it was advised by an Orrick Herrington & Sutcliffe team on Hong Kong law, and Jingtian & Gongcheng on PRC law. Morrison & Foerster, Deheng Law firm and Conyers Dill & Pearman represented HK Technology on Hong Kong law, PRC law and Cayman Islands law respectively.
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