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Home Technology & Startups

Unisplendour Said to Plan Hong Kong Listing to Raise About $1 Billion

January 9, 2025
in Technology & Startups
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(Bloomberg) — Chinese cloud-computing and IT infrastructure company Unisplendour Corp. is preparing for a second listing in Hong Kong as soon as this year that could raise about $1 billion, people familiar with the matter said, as mainland-listed companies make a beeline to sell shares in the city.

Most Read from Bloomberg

Beijing-based Unisplendour has invited banks to pitch for a role in the listing, the people said, asking not to be identified because they weren’t authorized to speak publicly on the subject.

The company is currently listed in Shenzhen, where its shares have climbed 45% over the past year, giving it a market value of 70.8 billion yuan ($9.7 billion).

Some companies have been granted waivers from Hong Kong listing rules that require mainland-traded entities to issue at least 15% of their shares. Hong Kong Exchanges & Clearing Ltd. has also started consultations about possibly lowering the threshold.

Unisplendour’s deliberations are ongoing, and details including the size and timing of a potential offering may change, the people said.

Unisplendour didn’t respond to requests for comment.

Established in 1999, Unisplendour provides information-technology services such as cloud computing and software development. It also makes equipment such as servers and computing storage systems.

Unisplendour, which posted revenue of about 59 billion yuan in the first nine months of 2024 and net income of 1.6 billion yuan, trades at around 34 times its earnings, compared with the CSI 300 Index’s roughly 15 times multiple.

Bankers and lawyers are expecting 2025 to be a better year for share listings in Hong Kong, with a sizable portion coming from firms that trade on the mainland. Among the most prominent, Shenzhen-listed electric-vehicle battery maker Contemporary Amperex Technology Co. Ltd., known as CATL, is planning a Hong Kong float that could raise at least $5 billion, Bloomberg News has reported.

–With assistance from Gao Yuan.

Most Read from Bloomberg Businessweek

©2025 Bloomberg L.P.

Tags: Bloombergcloud computingHong KongUnisplendour
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