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iPhone screen maker plans US$1.5b Hong Kong IPO in 2018
[HONG KONG] Biel Crystal Manufactory, the biggest cover-glass maker for iPhones, plans to raise about US$1.5bn from a Hong Kong IPO as early as the first half of 2018, according to people familiar with the situation. According to the people, Biel Crystal has kicked off formal preparation for the planned IPO after years of consideration. IFR first reported about the IPO plan in January 2016. Citic CLSA and JP Morgan are working on the proposed share sale, according to the people. When contacted by IFR, an official at Biel Crystal said she had no knowledge of the IPO plan and could not comment. The listing plan of Biel Crystal comes after Apple launched the iPhone 8 and iPhone X, the 10th anniversary edition of the ubiquitous smartphone, in the current quarter. Biel Crystal's clients also include Samsung and Sony. Established in 1986, Hong Kong-based Biel Crystal has manufacturing facilities in Shenzhen and Huizhou, according to its website. Biel Crystal had a production output of HK$36bn (US$4.6bn) in 2016 and the company's total registered capital was HK$13.2bn in 2016, according to the website. Apart from producing cover glass for mobile devices, Biel Crystal also makes cover glass for branded watches.