Shenzhen Investment says to spin off JHD display maker

Shenzhen Investment

25/06/2023 12:28

HONG KONG, June 25 (Reuters) - Hong Kong-listed Chinese
property developer Shenzhen Investment Limited  0604.HK  said on
Sunday it planned to spin off its JHD Group unit which has
submitted an application to list on the  Shenzhen share market.
    JHD, a display solutions provider which develops and
manufactures liquid crystal displays and modules, plans to list
on the ChiNext of the Shenzhen Stock Exchange via an initial
public offering (IPO) of new A shares, Shenzhen Investment said
in a filing.   
    "The proposed Spin-Off is essential for accelerating the
development of JHD as well as for achieving rapid and continuous
improvement of its revenue and profitability," it added. 
    Its holding in the unit will drop to 52.5% after the
spin-off from 70%.

 (Reporting by Clare Jim; Editing by Emelia Sithole-Matarise)
 ((clare.jim@thomsonreuters.com;))