Rising automotive safety standards and the shift from gas to electric vehicles have turned an investor spotlight to makers of the automotive parts that power such vehicles, a less glamorous industry that received relatively little attention in the past. One of those, veteran Ningbo Joyson Electronic Corp. (600699.SH) has disclosed plans for a Hong Kong IPO, becoming the latest company listed on China’s domestic boards in Shanghai and Shenzhen to attempt second listings targeting Hong Kong’s more global investor pool.
While the company mostly manufactures traditional automotive parts, it’s trying to jazz up its listing with disclosure of a recent move into the sexier robotics sector that’s become a popular investor flavor lately. More on that shortly.
Formerly the automotive parts division of the Joyson Group in the Eastern city of Ningbo, Joyson Electronic started off primarily as a supplier of high-end automotive functional parts and interior/exterior trim components, according to its preliminary prospectus filed earlier this month. The automotive parts company was restructured in 2010, and listed on the Shanghai Stock Exchange the next year. Its current controlling shareholder is Wang Jianfeng, who directly holds 37.17% of Joyson Electronic through the Joyson Group.