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In another milestone in its development, CityU is the first local institution of higher education to foster a technology company from start-up to public listing. TeleEye Holdings Ltd plans to make a public offer and placing of 50 million new shares, representing 27.8% of the shareholding, on Hong Kong's Growth Enterprise Market. Of the total, 42 million shares are earmarked for a placing and eight million shares will be offered for public subscription.
CityU Enterprises Limited (CityUE), a wholly-owned company of City University, operates under the aegis of the Industrial and Business Development Office. It was established in 1992 to facilitate, coordinate, promote and encourage contract research and consultancy which enhances technical innovation, research and development and the advancement of science, the humanities, educational and cultural activities in Hong Kong.