Time Angel Technology (06699.HK), a mainland invisibility correction solution provider, will launch an initial public offering tomorrow. The company plans to sell a total of 16.8296 million shares worldwide, of which 10% (1.683 million shares) will be sold in Hong Kong and the rest will be offered internationally. The share price ranges from RMB147to RMB173each, raising up to RMB 2.912 billion.

At 200 shares per share, the admission fee for each hand is 34948.66 yuan, breaking the record of 32700 yuan set by Zaiding Pharmaceutical (09688.HK) last year, making it the highest entry fee ever for new shares.

Of the net amount raised, about 39.9% was used to fund the construction of Chuangmei base; about 18.3% was used to enhance the company's R & D capability and to fund internal and collaborative R & D projects; about 10.8% were used to develop flexible and scalable intelligent message technology systems; about 10.5% were used to expand the company's internal sales team; and about 9.6% were used to fund various marketing and brand promotion activities. About 6.2% is used to optimize the company's medical services through the establishment of more regional demonstration centers; the balance is used for working capital and other general corporate purposes.

According to the preliminary prospectus, time Angel Technology mainly sells four kinds of invisibility appliances, namely, the standard version, the championship version, the children's version and the COMFOS, Group, which sold 137600 units last year, with an average price of 7700 yuan. Time Angel Technology also announced that the number of cases reached increased from 77700 in 2018 to 120100 in 2019 and further to about 137600 last year.

Subscription for the shares will close at noon next Tuesday (8th) and is expected to be listed on the 16th of this month. Goldman Sachs (Asia) and China International Finance Hong Kong Securities are co-sponsors.