Zhejiang Sanhua Intelligent Controls Co., a Chinese air conditioning systems company, has raised HK$9.3 billion ($1.2 billion) in a stock offering in Hong Kong based on the highest level of the stock price range. This is reported in a press release from Zhejiang.
Zhejiang put up for auction 414.4 million shares at a price of HK$22.53 per share and increased its sales volume by 15% amid strong demand. The stock listing is scheduled to take place on June 23.
China International Capital Corp. and Huatai Securities Co. are acting as joint sponsors of Sanhua as part of the stock offering.
Sanhua receives the bulk of its income from the supply of refrigeration equipment, air conditioning systems and auto parts, but recently began to engage in bionic robotics, for the development of which it intends to direct part of the proceeds from the transaction.
Zhejiang Sanhua Intelligent Controls is a Chinese manufacturer of control components, subsystems and technological solutions used in air conditioning systems and household appliances, as well as in the automotive industry and other fields. The headquarters is located in Shaoxing (China).
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