Stocks News
- Hanwang Technology plans Shenzhen listing
Date: 18-Jan-2007 Sources: (Shenzhen Daily)
HANWANG Technology Co., a Chinese partner of Microsoft, plans to raise about 300 million yuan (US$38.53 million) from a local listing in the first half of 2007, two sources familiar with the situation said yesterday.
Hanwang, a Chinese handwriting input software specialist, has hired at least two securities firms to work on the planned initial public offering (IPO) on the Shenzhen Stock Exchange, said the banking sources who declined to be identified before any announcement.
The Shenzhen listing plan came after Hanwang failed to sell shares on the NASDAQ in 2004 due to opposition from some of its shareholders.
'A domestic listing will be more encouraged by the government and regulators as Hanwang controls some key Chinese handwriting input technologies,'one Shanghai-based source said.
'It's not a very big IPO, but that is exactly the amount of money that Hanwang wants for its new round of business expansion and research,'the source added.
Hanwang was founded in 1993 by scholar-turned entrepreneur Liu Yingjian, who owns a 30 percent stake in the company, making him the biggest shareholder.
Shanghai-based New Margin Venture Capital Co. owns a 25 percent stake in Hanwang. New Margin is partly owned by Shanghai Alliance Investment Ltd.
Beijing-based CAS, which is led by the State Council, or Cabinet, directly holds about 11 percent.
Hanwang's products also include electronic pens for tablet PCs and cell phones. Besides Microsoft, Hanwang has also entered into business alliances with technology giants Motorola and IBM .
While Hanwang has a solid niche foothold in China, it will come up against well-established global players as it tries to expand outside its home market, said Florian Pihs, assistant vice president at market research firm Analysys International.
Sponsor Results:
