Zhejiang Sanhua Intelligent Controls Co has launched its highly anticipated share offering in Hong Kong, aiming to raise up to HK$8.12 billion (US$1 billion), marking a significant milestone in the city’s capital markets revival.
The Chinese air-conditioning and refrigeration components manufacturer began taking investor orders on Friday for 360 million shares, as detailed in its listing prospectus. Shares are being offered in a price range of HK$21.21 to HK$22.53 each, with the company retaining the option to increase the size of the offering.
Founded in 1984, Sanhua has evolved into a global supplier of components for both household and industrial applications, including sophisticated cooling systems for data centres and thermal management systems used in vehicles. The company is also actively expanding into bionic robotics, a sector it plans to develop further using proceeds from the listing.
Sanhua’s shares are scheduled to begin trading on 23 June.
According to its prospectus, the company operates over 48 manufacturing facilities across China, India, Türkiye, and the United States. In 2024, it reported a net profit of 3.1 billion yuan (approximately US$433 million) on revenue totalling 27.9 billion yuan (US$3.9 billion), both figures reflecting year-on-year growth.
Already listed in Shenzhen since 2005, Sanhua now joins a wave of mainland Chinese firms pursuing secondary listings in Hong Kong. These dual listings have been among the most active segments of the city’s equity markets in recent years.
This move follows recent high-profile Hong Kong listings, including Contemporary Amperex Technology Co Ltd, which raised over US$5 billion in May, and Foshan Haitian Flavouring & Food Co, which began bookbuilding for a listing of up to US$1.2 billion this week, with shares expected to list on 19 June.
Zhejiang Sanhua’s offering is jointly sponsored by China International Capital Corp and Huatai Securities Co.
-Bloomberg
