On November 8, 2024, Guangdong APT Electronics Co., Ltd., based in Guangzhou, Guangdong, successfully listed on the main board of the Hong Kong Stock Exchange as APT Electronics Co., Ltd. (02551.HK).
In this IPO, APT Electronics fully exercised its over-allotment option, globally issuing 38.64 million shares (public offering and international placement each accounting for 50%), representing 7.19% of the total shares after the issue. The offer price per share was HK$3.61, raising a total of approximately HK$0.139 billion, with net proceeds of around HK$82.25 million.
In this IPO, APT Electronics received oversubscription of 5677.83 times for public offering and 6.95 times for international placement. The international placement involved 133 underwriters, including Geely Group which received 10.374 million H shares and Geely Holding CEO Gui Shengyue who received 1.247 million shares, representing 26.85% and 3.23% of the public offering shares respectively, and 1.93% and 0.23% of the total shares after the completion of the offer.
For this IPO, APT Electronics did not introduce cornerstone investors.
According to documents, after listing, APT Electronics' major shareholders include a controlling shareholder group consisting of Mr. Xiao Guowei, Mr. Yuan Liming, Mr. Chen Zhenghao, and Ms. Lau Meiliang (each holding 3.78% and 1.62%), collectively owning 65.68% of North Electro-Optic. Mr. Xiao, as a GP, holds shares through the platforms Jingyu Investment, Jingleading Investment, Jingrui Investment, and Jingshi Investment with 2.63%, 1.22%, 0.98%, and 1.23% ownership respectively. These shareholders, per the concerted action arrangement, vote as per Mr. Xiao's instructions, collectively holding approximately 43.72% of the shares; Li Xingxing (son of Li Shufu, brother-in-law of non-executive director Zheng Xin) controls Yaoning Technology with a 12.77% stake; Jingyuan Optoelectronics Co., Ltd. holds 0.87% through Jingyu Optoelectronics; other shareholders including Yueke Group, Yue Cai, Xinyu Dingdekai, Beijing Rongyi Semiconductor Lighting Industry Investment, Fan Wuzhou, Sinobest Industry, Zhongke Baiyun, Ye Zhiyu, Xijiao Science and Technology, Gaosai'er, Shidiya, Gaotao, and others, totaling 35.45% ownership; other public shareholders hold 7.19%.
Established in 2006, APT Electronics, as a provider of intelligent vision products and system solutions covering automotive intelligent vision, high-end lighting, and new displays, integrates LED technology with integrated circuits (IC), electronic control, software, sensors, optics, and other technologies by leveraging industry insights and active technological innovation methods, possessing various 'LED+' technologies. According to Zok Insight data in 2023, in the Chinese high-end lighting industry, APT Electronics ranks third among domestic device and module manufacturers and fifth among all device and module manufacturers with a market share of 5.3%; in the Chinese mid-to-high-end automotive intelligent vision industry, APT Electronics ranks fifth among domestic manufacturers and twelfth among all manufacturers with a market share of 0.5%; in the Chinese LCD TV backlight display industry, APT Electronics ranks fourth among domestic and all manufacturers with a market share of 9.1%.
The main intermediaries for the IPO listing of APT Electronics (02551.HK) are Citic Securities / Citic CLSA as the exclusive sponsor, exclusive overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager.
Citic Securities / Citic CLSA act as the exclusive sponsor, exclusive overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager for the IPO of APT Electronics (02551.HK).
GF Sec (Hong Kong) and Sinolink acted as its joint global coordinators, joint bookrunners, joint lead managers;
Ernst & Young served as its auditor;
Jingtian & Gongcheng, and Haiwen & Partners acted as its company lawyers in China, company lawyers in Hong Kong, and company lawyers in the USA;
KWM and Grandall Law Firm served as its brokerage lawyers in China, brokerage lawyers in Hong Kong, and brokerage lawyers in the USA;
Zhuoshi Consulting is its industry consultant.
Link to Jingke Electronics' prospectus:
https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1031/2024103100020_c.pdf
