Xinyi Automobile Glass plans HK IPO raising up to US$700m next year
Xinyi Automobile Glass Company, a unit of Xinyi Glass, plans to raise US$600m–US$700m in a Hong Kong IPO next year, IFR reports. The firm submitted a listing application in August and is the global leader in aftermarket automotive glass by revenue.
Xinyi Automobile Glass Company, a unit of Xinyi Glass (0868), is planning to raise between US$600 million (HK$4.68 billion) and US$700 million in a Hong Kong initial public offering next year, IFR reported, citing people familiar with the matter.
Xinyi Glass announced at the end of August that Xinyi Automotive Glass had submitted a listing application to Hong Kong Exchanges and Clearing (0388), seeking approval to list and trade its shares on the Main Board.
Xinyi's automotive glass business has nearly 40 years of operating history and is one of the group's three major businesses. By revenue, it ranks first globally in the aftermarket automotive glass products market.