FIT Hon Teng, a company under Hon Hai Group, has submitted its initial public offering application to Hong Kong Exchanges and Clearing Limited, aiming to raise USD1 billion to USD1.5 billion funds.
The company's co-sponsors include Bank of America Merrill Lynch, CICC and Credit Suisse.
FIT Hon Teng is an electronic connector and electric cable manufacturer under Taian-based Hon Hai. It is committed to transmitting data and supplying electricity with cable, optical fiber, or wireless connections. By the end of 2015, FIT Hon Teng achieved net profit of about USD177 million, a year-on-year decrease of 5.35%.
FIT Hon Teng said that they will use the raised funds to invest in optical transmission solutions and technologies; new product development for accessories interconnection solutions; expanding consumer electronics; and mobile and wireless device market operations. The capital will also be used for business expansion in automobile, industrial, and medical device markets.