CityU's plan to seek an initial public offering of TeleEye Holdings Ltd on Hong Kong's Growth Enterprise Market attracted around 50 people to a press conference on 23 April. 

TeleEye, a specialized remote monitoring system, plans to make a public offer and placing of 50 million new shares, representing 27.8% of the shareholding. At HK$0.6 a share, the offer is expected to net approximately HK$23 million. The proceeds are earmarked for establishing a global sales network and expanding research and development.

TeleEye is 57.8% owned by its four founders--former CityU professor Dr Chan Chok Ki, Dr Chan Cheung Fat, Dr Ma Chi Kit and Mr Ho Ka Ho--and CityU Enterprises Ltd, the University's investment arm. The listing represents another milestone in CityU's development: it is the first institution of higher education in Hong Kong to nurture a technology company from start-up to public listing.

"The public listing of TeleEye represents a first for City University of Hong Kong--but it will certainly not be the last," said Professor P S Chung, Vice-President (Research). At least 15 other incubation projects are currently in various stages of development at CityU.

"I am confident that many of these projects will see the same success achieved by TeleEye."