Hipine Precision Tech Soars in HK IPO, Raising $34M for Expansion
Shenzhen Hipine Precision Technology Co. Ltd., a leading manufacturer of gold watch cases and bezels, has concluded a successful IPO. The company sold shares at HK$29.60 each, raising HK$268 million ($34 million).
In 2022, Hipine reported a revenue of 460 million yuan ($65 million), marking a 2.5% year-on-year increase. The company's net profit stood at 49.35 million yuan. Hipine primarily sells products under its own brand and offers ODM and processing services to other domestic jewelry brands.
The IPO saw strong demand, with the local portion oversubscribed by over 2,500 times and the international portion 2.9 times covered. The company plans to use the proceeds to expand production capacity, bolster its sales network, build its brand identity, and establish an R&D center. Hipine's shares opened up 184% and closed up 248% on their Hong Kong trading debut.
Hipine's successful IPO reflects investors' confidence in the company's growth potential. With the raised funds, Hipine aims to strengthen its market position and drive innovation in the precision watch components industry.
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