شركة 广和通 تعتزم السيطرة على شركة 航盛电子 قبل 5 أشهر، أول يوم لجمع 2.9 مليار دولار هونج كونج في سوق الأسهم H يهبط دون سعر الاكتتاب

אִקאָנאָמיק טשיינאַ כינאַ בעידזשינג 25 מערץ (China Economic Net, Beijing, March 25) — Broadcom (300638.SZ) last night released an announcement regarding the planned major asset restructuring.

The company plans to acquire the controlling rights of Shenzhen Hangsheng Electronics Co., Ltd. (hereinafter referred to as “Hangsheng Electronics,” “target company”) by way of a cash consideration. The transaction price and the specific equity acquisition ratio are subject to further demonstration and negotiation. After completion of this transaction, Hangsheng Electronics will become a wholly-owned subsidiary of the company.

According to preliminary estimates, this transaction is expected to constitute a major asset restructuring as stipulated in the Administrative Measures for Major Asset Restructuring of Listed Companies, and a major transaction under Chapter 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. This transaction is planned to be conducted by cash consideration and does not involve the issuance of shares by the company; it does not constitute a related-party transaction, and will not result in any change in the control of the listed company.

This transaction is still in the planning stage. The transaction parties have not yet signed any relevant agreements. The specific transaction plan still needs further demonstration and negotiation, and it is also necessary to complete the internal and external decision-making and approval procedures required by the company, the target company, and the transaction counterpart(s).

Broadcom states that the target company’s main business is the R&D, design, production and sales of automotive electronic products. The listed company has been deeply engaged in the automotive wireless communication module market for many years. By integrating downstream enterprises, the listed company has achieved a transformation from an in-vehicle communication module supplier to a provider of full-stack automotive electronic solutions. After completion of this transaction, Hangsheng Electronics will become a controlling subsidiary of the company. The listed company and the target company will conduct deep integration and synergy. The business scale of the listed company will be enhanced, and it will effectively improve the listed company’s ongoing operating capability and ongoing development capability, which is consistent with the interests of the listed company and all shareholders.

Broadcom was listed on the Shenzhen Stock Exchange on April 13, 2017. It issued 20M new shares publicly, at an issue price of 10.45 yuan per share. The total fund-raising amount from the issuance was 209M yuan, and the net amount of raised funds was 28.41M yuan.

The underwriting sponsor of Broadcom’s listing is Guoxin Securities Co., Ltd., and the sponsor representatives are Xia Tao and Zhang Junjie. Total issuance expenses were 20M yuan, of which underwriting and sponsoring fees were 2,000.00 million yuan.

In 2019, the company issued shares to specific investors by non-public offering. Approved by the China Securities Regulatory Commission with Document No. [2019] 976, and with approval by the Shenzhen Stock Exchange, the company issued 12,792,395 shares to specific investors by non-public offering through the lead underwriter, GF Securities Co., Ltd., at an issue price of 54.72 yuan per share. As of November 15, 2019, the company had raised a total of 1.83M yuan (including the issuance expenses of 182.79 million yuan that were payable but unpaid). After deducting issuance expenses of 606.79 million yuan, the net amount of raised funds was 6.07M yuan. The above net amount of raised funds has been verified by Deloitte Certified Public Accountants (Special General Partnership) through the capital verification report “Zhao Tong Yan Zi (2019) No. 441ZC0202.”

Broadcom’s total A-share fund-raising amounted to 909M yuan (excluding supplementary fund-raising for the purchase of assets).

Broadcom was listed on the Hong Kong Stock Exchange on October 22, 2025. Broadcom’s final offer price was 21.50 Hong Kong dollars. The total proceeds were HK$2,904.2 million. After deducting estimated listing expenses payable calculated based on the final offer price of HK$93.6 million, net proceeds were HK$2,810.6 million.

Broadcom’s H-share listing closed at HK$18.98 on its first trading day, down 11.72%, which was below the offer price. The intraday low was HK$18.89.

The final offer price and the allocation results announcement show that the number of shares offered under Broadcom’s global offering was 135,080,200 H shares (subject to whether the over-allotment option is exercised or not), the number of Hong Kong offer shares was 13,508,200 H shares, and the number of international offer shares was 121,572,000 H shares (subject to whether the over-allotment option is exercised or not).

Broadcom’s sole sponsor, sponsor and joint overall coordinator, joint global coordinator, joint bookrunner and joint lead manager is Cciti Securities (Hong Kong) Limited; the overall coordinator, the joint global coordinator, the joint bookrunner and the joint lead manager is Guo Zheng International Securities (Hong Kong) Limited and CMB International Capital Limited; the joint bookrunner and the joint lead manager is Agricultural Bank International Capital Limited, Hua Sheng Securities (International) Limited, and Futu Securities International (Hong Kong) Limited.

According to the final offer price and allocation results announcement, Broadcom’s cornerstone investors include: Qindaogantong, Pacific Asset Management, China Taiping (Hong Kong), GF Fund Management, GF International, Ruihua Investment, Zhidu Investment, Zhang Xiaolei, Guotai Junan Securities Investment, Junyi Hong Kong Fund.

(Responsible person: Xu Zili)