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Royole Seeks IPO in Shanghai for $1.8b to Build Gen 6 Fab
Royole Corp. is seeking to raise 12 billion yuan ($1.8 billion) in an IPO on Shanghai’s Star Market board after its U.S. listing plan was shelved.
The company plans to file the application to China’s Nasdaq-style trading venue as soon as December. Royole is seeking a valuation of over $8 billion, said the people, more than what it was seeking in a private funding round last year, which never closed. Royole joins a flurry of Chinese companies pivoting to a listing closer to home amid escalating U.S.-China tensions. Chinese firms potentially risk being delisted in the U.S. as the Securities and Exchange Commission plans to push ahead with proposing regulation that would kick off firms not complying with U.S. audit rules. Royole is working on a number of ongoing projects including Airbus to install displays in planes Louie Vuitton on clothing, clothing and merchandising and of course the Flex Pia foldable smartphone series. The funding will be used to provide Royole share of the capex for an announced 16-billion-yuan ($2.4 billion USD) OLED production line in Qingdao, China. They expect the local government to provide 75% of the capital for the fab.
Royole did not provide any details, besides that this production line will be used to make flexible and foldable OLEDs.
Figure 1: Flex Pai
Royole Corp. is seeking to raise 12 billion yuan ($1.8 billion) in an IPO on Shanghai’s Star Market board after its U.S. listing plan was shelved.
The company plans to file the application to China’s Nasdaq-style trading venue as soon as December. Royole is seeking a valuation of over $8 billion, said the people, more than what it was seeking in a private funding round last year, which never closed. Royole joins a flurry of Chinese companies pivoting to a listing closer to home amid escalating U.S.-China tensions. Chinese firms potentially risk being delisted in the U.S. as the Securities and Exchange Commission plans to push ahead with proposing regulation that would kick off firms not complying with U.S. audit rules. Royole is working on a number of ongoing projects including Airbus to install displays in planes Louie Vuitton on clothing, clothing and merchandising and of course the Flex Pia foldable smartphone series. The funding will be used to provide Royole share of the capex for an announced 16-billion-yuan ($2.4 billion USD) OLED production line in Qingdao, China. They expect the local government to provide 75% of the capital for the fab.
Royole did not provide any details, besides that this production line will be used to make flexible and foldable OLEDs.
Figure 1: Flex Pai
Source: Royole