Unisplendour Is Said to Tap Banks for $1 Billion Hong Kong Listing

(Bloomberg) — Chinese IT services company Unisplendour Corp. has picked BNP Paribas SA, China Merchants Bank International and CSC Financial Co. for its planned second listing in Hong Kong, people familiar with the matter said.

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Beijing-based Unisplendour could raise about $1 billion in the share sale, Bloomberg News has reported previously.

More banks could be added to the deal, the people said, asking not to be identified because the information isn’t public.

Representatives for Unisplendour and the banks didn’t respond to requests for comment.

Unisplendour is one of several Chinese companies on mainland exchanges that are looking to sell shares in Hong Kong. The trend stems from China’s decision to limit stock sales onshore to prop up its equities market, while authorities are also encouraging listings in Hong Kong.

Others planning similar moves include the world’s biggest battery maker Contemporary Amperex Technology Co. Ltd., drugmaker Jiangsu Hengrui Pharmaceuticals Co. and condiment maker Foshan Haitian Flavouring & Food Co.

The deals are helping Hong Kong to emerge from a slump in activity. IPO proceeds in the city may double to more than $22 billion this year as China approves more listings and gains in the Hang Seng Index, which is up 17% so far in 2025, stir hopes for higher valuations, according to Bloomberg Intelligence.

In addition to providing IT services like cloud computing and software development, Unisplendour makes equipment such as servers and computing storage systems. The company’s shares have risen 12% in Shenzhen this year, giving it a market value of about 90 billion yuan ($12.3 billion).