KINWONG (03228.HK): Launches global offering on 21 Sept; cornerstones to subscribe USD 310m

NewTimeSpace News: On 21 September 2026, Shenzhen Kinwong Electronic Co., Ltd. (stock code: 3228) published its global offering announcement, offering 72,944,300 H shares, comprising 7,294,500 H shares under the Hong Kong Public Offer (approximately 10.0%) and 65,649,800 H shares under the International Offering (approximately 90.0%). The maximum offer price is HKD 69.88 per H share, the board lot size is 100 H shares, and the maximum entry fee is approximately HKD 7,058.47.

The announcement disclosed that the Company has entered into cornerstone investment agreements with the cornerstone investors, who have agreed to subscribe for offer shares purchasable with an aggregate of approximately USD 310 million (approximately HKD 2,431 million, at an exchange rate of USD 1.00 to HKD 7.8421). Assuming the maximum offer price of HKD 69.88 per offer share, the cornerstone investors will subscribe for 34,788,400 offer shares, representing approximately 47.69% of the offer shares under the global offering and approximately 3.24% of the Company's total issued share capital immediately following completion of the global offering.

Assuming an offer price of HKD 69.88 per offer share, the Company estimates that the net proceeds from the global offering, after deducting underwriting commissions and estimated expenses, will be approximately HKD 4,960.6 million. Of this, approximately 60% will be used to expand and upgrade production capacity for high value-added products, approximately 15% to enhance research and development and technology reserves in the next-generation electronic information technology sector, approximately 15% to repay part of existing interest-bearing bank borrowings, and the remaining approximately 10% for working capital and general corporate purposes.

Under the timetable, the Hong Kong Public Offer opens on 21 September and closes at noon on 24 September, with the expected pricing date on 25 September. The final offer price and allotment results are expected to be announced on 28 September, and the H shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on 29 September.

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