One of Apple Inc.’s biggest glass suppliers is hoping to become a smash hit on the Hong Kong stock exchange, according to reports.
Biel Crystal Manufactory Ltd., a maker of touch screens, is looking to raise as much as $2 billion in an initial public offering (IPO), according to Bloomberg, citing people familiar with the matter.
The Hong Kong-based company is reportedly working with China International Capital Corp., HSBC Holdings PLC and JPMorgan Chase & Co. on the listing.
The firm plans to hand in an IPO application soon and could raise between $1 billion and $2 billion, though the final size has not yet been decided, the sources told Bloomberg.
Biel Crystal, which operates factories in the South China cities of Shenzhen and Huizhou and also supplies the likes of Samsung Electronics Co., attempted a $1.5 billion listing in Hong Kong in 2017 but later ditched the plan due to a stock market selloff triggered by the trade war between China and the U.S., the South China Morning Post reported at the time.
The company would join a long queue of firms looking to list in the Asian financial hub, where over $25 billion has already been raised via first-time share sales, more than twice the figure recorded by this time last year, Bloomberg data shows.
Trade tensions between the world’s two largest economies have hit the fortunes of some of Apple’s other Chinese suppliers, such as OFilm Group Co. Ltd., a maker of camera phone components.
OFilm sold its camera module unit earlier this year after saying a top foreign client, believed to be Apple, had terminated a purchase agreement worth tens of billions of yuan.
Bloomberg contributed reporting.
Contact reporter Matthew Walsh (email@example.com) and editor Heather Mowbray (firstname.lastname@example.org)
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