Fibocom received approval from Chinese regulators for an initial public offering (IPO) in Hong Kong.
Fibocom Wireless Inc., a wireless communication module maker based in Shenzhen, China, has registered its plan for a Hong Kong Initial Public Offering (IPO) with the China Securities Regulatory Commission (CSRC). The IPO, which will be for up to 155 million shares, is the latest move in a growing trend of Chinese firms listed in Shenzhen and Shanghai making second listings in Hong Kong. The company's Shenzhen-listed stock has seen a significant increase this year, rising by 55%. This growth is reflected in its financial performance, as Fibocom Wireless Inc.'s profit rose 20% to 677 million yuan from 565 million yuan over the same period. The company reported 6.97 billion yuan in revenue last year, an increase of 23% from 5.65 billion yuan in 2023. Fibocom Wireless Inc.'s IPO registration was posted on the CSRC's website on Thursday. The planned market value of the company for its Hong Kong IPO is approximately 7.87 billion HKD (equivalent to around $1 billion USD), based on the company planning to sell about 155 million shares and its reported revenue of 6.97 billion yuan ($981 million) in the previous year, with a 23% growth from 2023. The IPO would make Fibocom Wireless Inc. the latest in a growing group of Chinese firms listed in Shenzhen and Shanghai to make second listings in Hong Kong. This trend is driven by the city's status as a global financial hub and its attractive market for tech companies. Fibocom Wireless Inc. previously filed a prospectus for the Hong Kong listing in April and updated it in May. The company's revenue and profit figures are from its most recent listing document. As the company prepares for its Hong Kong IPO, it continues to make strides in the wireless communication industry. With its strong financial performance and growing market presence, Fibocom Wireless Inc. is poised for continued success in the coming years.
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