(Bloomberg) -- AirPods maker GoerTek Inc. has picked banks to work on the planned Hong Kong initial public offering of its semiconductor unit Goertek Microelectronics Inc., according to people familiar with the matter.
GoerTek is working with China International Capital Corp., China Merchants Bank International, China Securities International and UBS Group AG on the listing, which could happen as soon as next year and raise at least $300 million, the people said, asking not to be identified as the information isn’t public.
Deliberations are ongoing and details of the offering such as size and timing could change, the people said.
Representatives for GoerTek, CICC, CMBI and CSCI didn’t respond to requests for comment. UBS declined to comment.
GoerTek said in September it intended to spin off and list the subsidiary on the Hong Kong bourse. The move is aimed at capitalizing on opportunities for developing artificial intelligence smart hardware in the coming years, it said.
The Apple Inc. supplier has tried to list Goertek Microelectronics for years. It initially planned a domestic spin off and listing for the company four years ago but withdrew the application on the Shenzhen Stock Exchange in May.
Chinese companies have turned to Hong Kong for second listings or IPOs because of challenges onshore, with China last year slowing the pace of first-time share sales as it sought to prop up its flagging stock market.
Chinese appliance maker Midea Group Co. raised $4.6 billion in a Hong Kong second listing in September in a high-profile deal that attracted global investors. Its Hong Kong-listed shares have climbed 30% since.
GoerTek is headquartered in Weifang, Shandong province. It listed in Shenzhen in 2008, and its shares are up about 8% this year following a 2.8% dip Friday.
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