China Digest: JinXianDai Lists On ChiNext; KBC Eyes $133m In STAR IPO

SaaS provider JinXianDai made its trading debut on the ChiNext board in Shenzhen, while carbon composite products maker KBC is targeting to raise $133 million in the STAR Market.  

Shenzhen Capital-backed JinXianDai raises $54m in ChiNext IPO 

Shenzhen Capital Group-backed software-as-a-service (SaaS) provider JinXianDai Information Co., Ltd on Wednesday listed at a premium on the ChiNext board of the Shenzhen Stock Exchange after raising 378.5 million yuan ($54 million) in its IPO.  

JinXianDai, which filed for its prospectus on April 17, sold a total of 86.02 million common shares at a price of 4.40 yuan ($0.6) each. The stock opened at 5.28 yuan ($0.7), up 20 per cent over the IPO price, per a filing with the board. 

State-owned China Everbright Group’s subsidiary Everbright Securities acted as the lead underwriter of the deal.  

Jinan-based JinXianDai develops SaaS products and solutions for power, railway, petroleum, telecom, and public security industries. It also caters to tech-driven sectors like IoT,  big data,  APP and IT. 

Previously in 2017, Shenzhen Capital along with other investors such as China Aerospace Science and Industry Corporation Limited had poured 120 million yuan ($16.9 million) in JinXianDai. In addition, JinXianDai had garnered capital from Everbright Securities, Kunlun Fund, Horus Capital, Changjiang Securities, among others. 

KBC plans to net $133m in STAR Market

Carbon composite products maker KBC Corporation, Ltd, has kicked off its IPO subscription exercise with a target to secure as much as 944 million yuan ($133 million) on the Nasdaq-like STAR Market of the Shanghai Stock Exchange. 

KBC intends to offer 20 million common shares at a price of 47.2 yuan ($6.7) apiece. 

Shanghai-based Haitong Securities is serving as the principal underwriter of the deal. 

Following the IPO, Jiqiao Liao will remain as the actual controller in KBC. State-backed Hunan New Material Industrial Investment Fund will be the second-largest shareholder holding 12.78 per cent stake. 

The firm will use the proceeds to enhance its manufacturing capacity, construct its R&D base and sales centre. 

Since 2010, KBC has raised two undisclosed rounds of financing from Shenzhen-based CDF-Capital, Hunan Boyun Investment Management, and Yirun Investment.