On June 23, Zhejiang Sanhua Intelligent Controls Co., Ltd. (“Sanhua Intelligent Controls”, stock code: 02050.HK) officially debuted on the Main Board of the Hong Kong Stock Exchange (HKEX). The company issued a total of 414.3795 million shares in its global offering, with an issue price of HK$22.53 per share, raising approximately US$1.19 billion—making it one of the largest IPOs on HKEX this year. The company had previously listed on the A-share market on June 7, 2005, under the stock code 002050.SZ.

Sanhua Intelligent Controls is the world’s largest manufacturer of refrigeration and air-conditioning control components and a global leader in automotive thermal management system parts, specializing in the R&D, promotion, and application of thermal management technologies. Its business spans two key segments: appliance components for refrigeration & air conditioning and automotive components.

For this listing, Clifford Chance served as the company’s Hong Kong and U.S. legal counsel, while T&C Law Firm acted as its Chinese legal advisor. Linklaters and Jingtian & Gongcheng provided Hong Kong/U.S. legal and PRC legal advisory services, respectively, to the underwriters.