Sublime Chinal plans Hong Kong listing

Sublime Chinal plans Hong Kong listing

Apple supplier Luxshare Precision Industry has joined the growing list of mainland Chinese technology firms seeking to raise funds in Hong Kong, filing for an initial public offering (IPO) [1]. The Shenzhen-listed company, known for manufacturing AirPods, iPhones, and the Vision Pro headset, has hired Citic Securities, Goldman Sachs, and China International Capital Corporation as joint sponsors for its listing bid.

Luxshare aims to raise more than US$1 billion through its Hong Kong IPO, following its secondary listing plan announced in July [1]. This move comes as Hong Kong has solidified its position as the world’s top IPO venue for the year, with 53 firms raising HK$127 billion (US$16.2 billion) in the first seven months [1]. As of August 12, over 210 IPO applications were in the pipeline, with over half of the recent submissions coming from mainland China's technology sector, reflecting the sector's increasing dominance in Hong Kong's capital market [1].

Meanwhile, China Merchants Bank has launched a Hong Kong-based crypto exchange, CMB International Securities Limited, after securing a virtual asset service provider license [2]. The exchange offers 24/7 trading of Bitcoin (BTC), Ether (ETH), and Tether’s USDt (USDT) for eligible professional investors. This development underscores Hong Kong's emerging status as a crypto hub, despite mainland China's ongoing ban on crypto trading [2].

References:
[1] https://www.scmp.com/business/banking-finance/article/3322328/apple-supplier-luxshare-joins-mainland-tech-firms-filing-hong-kong-ipo-application?module=latest&pgtype=homepage
[2] https://cointelegraph.com/news/china-merchants-bank-hong-kong-crypto-exchange?utm_campaign=rss_partner_inbound&utm_medium=rss&utm_source=rss_feed