Biel crystal Holdings, the largest supplier of smartphone cover glass in the world, has filed draft documents to go public in Hong Kong.
Biel crystal did not provide further details about the IPO, though it filed a filing to the city’s stock exchange on Friday. However, several reports suggest that the company intends to raise around $2 billion. The Hong Kong-based firm declined to comment.
Biel Crystal’s founder Yeung Kyung-man and Lam Waiting are its owners.
Due to market volatility caused by the growing trade war between China & the U.S., the company had delayed its plan to list in Hong Kong for $1.5 billion in 2018.
Biel Crystal announced that its net profit jumped 70.8%, to nearly HK$3.2billion ($406m) for the March year. The company’s revenues for the same period were approximately HK$30 Billion, which is 8.9% more than the previous year. According to the company’s revenue, customers who failed to resume entire operations following Chinese New Year harmed its business. This caused delays in product inspections as well as deliveries. Biel crystal also stated that, although the pandemic had driven demand for intelligent gadgets as more people could study and work from home, this was partially offset in part by the decline of consumer sentiment and closure of retail outlets.
Biel crystal’s filing indicated that trade barriers could harm its business. According to the filing, “The ongoing trade war between China & the U.S. has intensified their tensions in international relations.” “We are unable to predict how the bilateral relationship between China, the U.S., and other countries will evolve or the impact any future developments in this relationship might have on our business.”
Yeung Kin-man (68) founded Biel Crystal in Shenzhen, China, to produce glass covers for mechanical watches. It claims it was the primary company to make glass screens for mobile devices back in 2000, back when phones still used plastic. Biel Crystal provides smartphones, tablets, and wearables to Apple and Samsung and other manufacturers such as Xiaomi, Lenovo, Xiaomi, and Lenovo.