Television maker Hisense Group Holdings’ optical communications unit made a strong debut in Hong Kong after raising HK$5.6 billion (US$714 million), adding momentum to a fresh wave of mainland Chinese conglomerates spinning off business units to tap overseas capital and support technology expansion.
Shares of fibre-optic communications equipment maker Ligent Technologies jumped as much as 19.2 per cent on Tuesday morning, valuing the company at more than HK$35 billion.
Following the initial public offering (IPO), Hisense retains a 40.1 per cent stake in Ligent, which like its parent is based in Qingdao, eastern China’s Shandong province.
Ligent’s affiliates include Shanghai-listed Hisense Visual Technology and dual-listed Hisense Home Appliances Group.