China wireless technology to make ASX debut

2.China wireless technology to make ASX debut

Sydney
(Australian Associated Press)

Chinese wireless technology specialist ENICE hopes to raise up to $38 million from Australian investors ahead of a listing on the ASX in October.

The company supplies wireless technology to major Chinese mobile carriers, including China Mobile and China Telecom, in a market that is expected to be worth $79 billion by 2019.

It hopes to raise between $25 million and $38 million through an offer of 95 million chess deposit interests (CDIs) priced at 40 cents each to Australian investors.

The offer is due to open on August 19, with the company expected to make its debut on the Australian Securities Exchange on October 2 with a market capitalisation of about $103 million.

Chief executive Dr Wei Yu said money raised from the initial public offering in Australia would help ENICE expand in China and Hong Kong, fund research and development projects, and a possible expansion to North America.

“Technology is central to our business and our innovative EpinpointRT technology is poised to be a disruptor in the mobile technology industry by changing the way mobile carriers optimise, manage and maintain their mobile networks and, in the process, reduce their operating costs,” he said.

Chairman Yongjun Shen said the IPO was a rare opportunity for investors to participate in China’s burgeoning wireless telco sector, which is undergoing unprecedented growth.

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