Key Sentence:
- Biel Crystal Holdings, one of the world’s biggest providers of cover glass for cell phones.
- Biel Crystal has recorded draft archives for the first sale of stock in Hong Kong.
Biel Crystal didn’t uncover further subtleties of the IPO in its recording to the city’s stock trade on Friday, albeit different reports say the organization intends to raise about $2 billion. The Hong Kong-based firm declined a solicitation for input.
Biel Crystal is possessed by its author Yeung Kin-man and his better half, Lam Wai-Ying, who had consolidated total assets of $18.6 billion in February when the Hong Kong Rich List was published.
The organization had delayed an arrangement to list in Hong Kong in 2018 that would have raised $1.5 billion because of market instability set off by the heightening exchange battle among China also the U.S., the South China Morning Post paper announced at that point. Biel Crystal said its net benefit flooded 70.8% to nearly HK$3.2 billion ($406 million) for the year finished March. For a similar period, the organization’s income was about HK$30 billion, up 8.9% from the earlier year.
The organization said its income was adversely affected by clients who didn’t complete tasks after Chinese New Year creating setbacks for item reviews and conveyances. Biel Crystal additionally noted that, albeit the pandemic had supported interest for smart gadgets as individuals needed to work and concentrate from home, this was part of the way offset by debilitated shopper notion and the conclusion of retail outlets.
Biel Crystal’s documenting likewise featured that professional obstructions could unfavorably influence its business. “The continuous exchange battle between the U.S. furthermore, China has strengthened their pressure in worldwide relations,” the organization said in its recording. “We can’t foresee how the two-sided connection between the U.S. furthermore, China will additionally advance or expect the potential effect that any ensuing improvement in such relationship might have on our business.”
Biel Crystal was set up by Yeung Kin-man, 68, in the Chinese city of Shenzhen to make glass covers for mechanical watches in 1989. The firm says it was one of the primary makers to start delivering glass evaluates for cell phones in the mid-2000s when telephones were utilizing plastic. Biel Crystal presently supplies cell phones, tablets, and wearables to Apple, Samsung, Xiaomi, Lenovo, and others.