Deloitte assists listing of LX Technology on Stock Exchange of Hong Kong
1st IPO by a DLM solution provider in Hong Kong
Publish date: 24 November 2022
Deloitte China assisted the listing of LX Technology Group Limited ("LX Technology", stock code: 02436.HK) on the Main Board of the Stock Exchange of Hong Kong (the Exchange) on 24 November 2022.
In this public offering, LX Technology offered 53.259 million shares at an offer price of HKD7.6 per share, raising HKD405 million. This is the 1st IPO by a DLM (device lifecycle management) solution provider in Hong Kong.
(from left) Mengsi He, Finance team of LX Technology; Heidi Li, Deloitte China Audit & Assurance (A&A) senior; Elaine Tang, A&A manager; Ramon Song, Deloitte China A&A senior manager; David Lam, A&A director; Daniel Lai, A&A partner; Allen Lau, National leader , Capital Market Services Group of Deloitte China; Zeli Jiang, CFO of LX Technology; Zuoxiong Hu, Chairman of the Board and CEO of LX Technology; Baocheng Hua, Partner of LX Technology; Mark Lian, Deloitte China Deputy Southern Regional A&A leader; Shirley Woo, Shenzhen A&A leader; Sunnie Sy, A&A partner; Leo Fan, IT & Specialized Assurance partner of Risk Advisory; Louis Wong, A&A partner; Mingjuan Zhu, Finance team of LX Technology; Xiaoyang Liang, Finance team of LX Technology; Tian Tian, Finance team of LX Technology; and Yingchun Luo, Finance team of LX Technology attend LX Technology's listing ceremony at the Stock Exchange of Hong Kong.
About the client
LX Technology principally engages in the sales of refurbished de-commissioned IT devices to, among others, resellers of IT devices, and the provision of device and IT technical subscription services to SMEs in the Chinese Mainland, as a DLM solution provider. In 2021, LX Technology accounted for a market share of approximately 3.9% by revenue. Its business model covers long-term and short-term subscription periods and major phases in a device lifecycle.
Source: IPO prospectus of LX Technology dated 14 November 2022
About the IPO engagement
LX Technology was one of the winners of the Shenzhen Technology Fast 20 2018 organized by Deloitte China. Deloitte China has paid close attention to the growth and development strategy of this client.
After starting to serve as the reporting accountants of LX Technology, Deloitte China swiftly established a multidisciplinary professional service engagement team with members from Audit & Assurance (A&A), Technical, Valuation Review, Tax Review, and Risk Advisory. Leveraging their vast experience in capital market services and outstanding service capability, the engagement team delivered the highest quality of professional services in this engagement with the cooperation and completed the work efficiently under a challenging timetable. Through cooperation and collaboration with all the involved intermediaries, we helped LX Technology pass the Exchange’s hearing in 22 September 2022 and debut on 24 November 2022.
Deloitte China congratulates LX Technology on its successful listing on the Exchange. We will continue to provide high quality professional services to assist more clients to take one-step ahead in today's increasingly competitive and complex business environment.
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