New Stock News | Zhejiang Sanhua Intelligent Controls (002050.SZ) is considering selecting a sponsor to list on the Hong Kong Stock Exchange or raising 3.9 billion Hong Kong dollars.

According to reports, Zhejiang Sanhua Intelligent Controls (002050.SZ) has selected a bank to arrange for its second listing in Hong Kong, with the possibility of raising at least $500 million (approximately 3.9 billion Hong Kong dollars). The report cited sources familiar with the matter as saying that this Chinese temperature control system supplier may conduct its IPO as soon as next year, with CICC and Huatai being among the banks selected for the arrangement. Discussions are still ongoing, and details including the size and timing of the issuance may still change. On December 14th, Zhejiang Sanhua Intelligent Controls announced that, in order to further promote the company's internationalization strategy, enhance its international image and overall competitiveness, the company plans to issue overseas listed shares (H shares) and apply for listing on the main board of the Hong Kong Stock Exchange. According to the company's articles of association, Zhejiang Sanhua Intelligent Controls' business scope includes research and development of household appliances; manufacturing of refrigeration and air conditioning equipment; manufacturing of household appliances; manufacturing of general valves and plug valves (excluding special equipment manufacturing); general components; manufacturing of special equipment; manufacturing of pumps and vacuum equipment; manufacturing of motors, fans, and ventilators; inspection and testing services; import and export of goods, and technology. The company's business is mainly divided into refrigeration and air conditioning appliance components business and automotive component business. Zhejiang Sanhua Intelligent Controls' third quarter report for 2024 shows that the company's operating income reached 20.563 billion yuan in the first nine months of 2024, an increase of 8.36% compared to the previous year, with a net profit attributable to shareholders of 2.302 billion yuan, an increase of 6.59% compared to the previous year.