January 26, 2020

Hon Hai [incorp in Cayman Islands] manufacturer eyes primary listing

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539wFrom The China Post

TAIPEI–General Interface Solution (GIS) Holding Ltd., the touch panel module manufacturing unit of Hon Hai Precision Industry Co., has filed an application to seek a primary listing on the main board, according to the Taiwan Stock Exchange ().

TWSE said that GIS, incorporated in the Cayman Islands, is the ninth foreign company to seek a listing on the main board this year.

In a prospectus, GIS said that it is 26.74 percent owned by High Precision Holdings Ltd, which is in turn wholly owned by Hon Hai.

Taiwan-based Hon Hai is the world’s largest contract electronics maker and assembles iPhones and iPads for Apple Inc.

GIS is currently running a broad production base in Shenzhen and Chengdu, China to roll out touch display modules for tablet and smartphone production, while it has secured orders from customers in the U.S., Europe and Asia.

For the primary listing, the company said that it is planning to issue 23.53 million new shares. GIS has tentatively set the issue price at $80 (US$2.66) to raise $1.88 billion from the listing and will use the funds as working capital and improve its financial conditions.

GIS said that it is expected to carry out the listing plan in the second quarter of next year. Grand Fortune Securities and Concord Securities are serving as the underwriters of the listing.

In 2013, GIS posted NT$2.30 billion in net profit, up sharply from NT$384 million recorded a year earlier, with earnings per share () at NT$13.57, while its sales rose to NT$80.33 billion from NT$35.11 billion.

In the first nine months of this year, net profit stood at NT$784.7 million with EPS at NT$2.84, on NT$51.83 billion in sales.

For more on this story go to: http://www.chinapost.com.tw/taiwan-business/2014/11/23/422477/Hon-Hai.htm

IMAGE: vator.tv

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