Singapore Sovereign Wealth Fund Backs Chinese Apple Supplier
Posted on 01/09/2021
Shenzhen-listed Lens Technology Co. Ltd. is a major parts supplier for Apple Inc. Lens Technology has raised 15 billion yuan (US$ 2.3 billion) in a private placement to raise production capacity. The supplier expects a rebound in the global smartphone market for 2021.
Lens Technology issued around 590 million new shares to 14 institutional investors, including Singapore’s GIC Private Limited and Chinese investment bank China International Capital Corporation Ltd. (CICC). The shares were sold at 25.4 yuan per share, about 30% lower than their closing price on January 7, 2021, according to the filing. The issuance price is determined to be 25.44 yuan per share, the number of shares issued is 589,622,641 shares, and the total amount of funds raised 14,999,999,987.04 yuan.
