Zhejiang Sanhua Intelligent Controls Co., a Chinese manufacturer of components for appliances, has selected CLSA as lead bank to arrange its global depository receipt sale in Switzerland, according to people with knowledge of the matter.
(Bloomberg) — Zhejiang Sanhua Intelligent Controls Co., a Chinese manufacturer of components for appliances, has selected CLSA as lead bank to arrange its global depository receipt sale in Switzerland, according to people with knowledge of the matter.
The Shenzhen-listed company is looking to raise about $1 billion through the GDR sale in Zurich, said the people, who asked not to be identified as the information is private. An offering could happen as early as in the first quarter, they said.
BNP Paribas SA, Citigroup Inc. and Huatai International are also among the firms advising on the potential listing, the people said. Deliberations are ongoing and details of the share sale including size, timing and bank lineup may change, they said.
Representatives for BNP, Citi, CLSA, Huatai and Sanhua declined to comment.
The Chinese securities regulator has approved Sanhua’s plan to sell shares in Switzerland, the Shaoxing, Zhejiang-based firm said in a statement last month, without giving further details.
Tracing its history to 1984, Sanhua supplies heating, ventilation, air conditioning and refrigeration and refrigeration equipment, according to its website. It has about 23,000 employees globally and makes around 230 million units every year. Sanhua has supply and co-operation links with manufacturers including Panasonic Holdings Corp., Toshiba Corp., Midea Group Co. and Samsung Electronics Co., the website shows.
Shares of Sanhau have risen about 17% this year, giving the company a market value of about $13 billion.
–With assistance from Jinshan Hong.
(Adds Sanhau’s share price in the last paragraph.)
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