Shandong Extreme Vision Technology (HKG:6636) launched its Hong Kong initial public offering on Friday, seeking to raise HK$499.2 million from the deal.

The Chinese computer vision solution provider is offering around 12.48 million H shares at HK$40 apiece, according to a Hong Kong bourse filing.

The offering comprises 624,000 H shares for Hong Kong investors and 11.86 million H shares for international investors, subject to reallocation.

The IPO's allocation results are due March 27, ahead of the company's planned trading debut on the Hong Kong Stock Exchange on March 30.

Net proceeds will be used mainly for the company's research and development capabilities, as well as to support commercialization of the company's offerings.

The company secured Zhengjin International and George Kent International as cornerstone investors who committed to subscribing to a total of HK$47.2 million worth of IPO shares.

CLSA, CMB International Capital, ABCI Securities, SDIC Securities, Guosen Securities, Livermore Holdings, and China Sunrise Securities (International) are the joint bookrunners of the IPO.