XGD Files For Hong Kong IPO

MT Newswires Live11-26

XGD (SHE:300130) has submitted an application for an initial public offering on the main board of the Hong Kong Stock Exchange, according to a Shenzhen Stock Exchange filing on Wednesday.

The Chinese provider of payment terminal systems plans to use the proceeds from the Hong Kong listing to accelerate its global business expansion plan over the next five years.

The funds will be used to establish localized sales and operation network in local markets and enhance the company's independent R&D, XGD said in its IPO application.

A portion of the proceeds will also be used to establish an intelligent headquarters in Dongguan in China's Guangdong province.

The plan is subject to approval from regulators in China and Hong Kong.

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