(Yicai Global) June 19 -- Testing equipment maker Suzhou HYC Technology, the first company to launch an initial public offering on the Shanghai Stock Exchange's new SSE STAR Market, formerly known as the Shanghai Stock Exchange Science and Technology Innovation Board, today issued its prospectus, which shows it plans to raise CNY1 billion (USD145 million). 

HYC Technology plans to publicly issue up to 40.1 million shares worth 10 percent of the total issued share capital, shows a statement the firm filed with the SSE. The company has not stated its proposed IPO share price but will conduct initial book building from June 21 to 24. Funds raised will mostly go to build a production base for flat panel displays and develop its semi-conductor division. 

June 27 is the day on which prospective investors will apply to purchase shares, per the statement. The bidding results will be published on July 1, and investors allotted shares must pay the same day. 

HYC Technology realized CNY516 million (USD74.7 million), CNY1.37 billion (USD198.4 million) and CNY1 billion in operating revenues, respectively over the past three years, with sales from testing equipment of FPD and jig the major source of income. Its net profits were CNY172 million, CNY296 million and CNY237 million over the same period. 

Set up in 2005, HYC Technology is China's leading supplier of testing equipment for electronic displays and owns many leading technologies in the flexible organic light emitting diode area.

Its better-known customers are the US Apple, South Korea's Samsung and LG Electronics, Japan's Sharp and JDI and the Chinese BOE Technology Group.

Editor: Ben Armour