15 Oct 2010 13:30

Shenzhen Sunway gears up ChiNext listing

Shanghai. October 15. INTERFAX-CHINA - Shenzhen Sunway Communications Co. Ltd., a developer and manufacturer of antennas for mobile devices, announced on Oct. 15 that it plans to launch an initial public offering (IPO) on the Shenzhen Stock Exchange's ChiNext board on Oct. 25.

The company said in its prospectus that it will issue 16.67 million shares, which will account for 25 percent of its total shares after the IPO, at a price of RMB 1 ($0.15) per share.

Shenzhen Sunway said that the funds raised will be used to improve its antenna technology and construct a research and development (RD) center.

Founded in 2006, the company develops, produces and sells mobile device antennas for domestic and global handset manufactures such as Huawei Technologies Co. Ltd., Samsung Electronics Co. Ltd. and Research In Motion (RIM) Ltd., according to the company's Web site.

In 2009, the company reported a net profit of RMB 22.89 million ($3.44 million).

Shenzhen Sunway's IPO plan received approval from the China Securities Regulatory Commission (CSRC) on Sept. 4.