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Apple, Samsung Supplier Aims To Raise Up To $2B In Hong Kong IPO: Bloomberg

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  • Apple Inc, (NASDAQ: AAPL) Samsung Electronics Co Ltd (OTC: SSNLF) cover glass supplier, Biel Crystal Manufactory Ltd, is eyeing a Hong Kong initial public offering (IPO) to raise around $2 billion, Bloomberg reports.

  • The touch screen manufacturer is working with China International Capital Corp Ltd (OTC: CNICF), HSBC Holdings PLC (NYSE: HSBC), and JPMorgan Chase & Co (NYSE: JPM) on the offering.

  • Biel previously canceled its $1.5 billion IPO plans in 2018 due to China and U.S.’s escalating trade war.

  • Chairman Yeung Kin-man has a net worth of about $4.5 billion.

  • Biel’s website disclosed the company’s factories in Shenzhen and Huizhou.

  • Hong Kong IPOs have already raised $25 billion, more than double compared of 2020.

  • Reuters notes that online healthcare giant WeDoctor could raise about $2 billion in Hong Kong IPO following investor appetite recovery. A spinoff of property developer China Vanke Co.’s management business could fetch about $2 billion.

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