China IPO Digest: Niutech Lists; Chipown Eyes $114m; Vishee Seeks $165m

Jinan Niutech Environment Technology Corporation has marked its trading debut on the STAR Market after raising $71 million while Wuxi Chipown Microelectronics Limited (Chipown) plans to raise 798 million yuan ($114 million) in STAR Market IPO. 

Niutech raises $71m in STAR Market IPO

Chinese waste management company Jinan Niutech Environment Technology Corporation on Tuesday listed at a premium on the STAR Market of the Shanghai Stock Exchange, according to a company filing. Its shares soared 239.73 per cent to reach a peak of 97.5 yuan ($13.9) before closing at 84.22 yuan ($12). 

The company has raised 496 million yuan ($71 million) after it sold 20 million common shares at a price of 24.79 yuan ($3.5) apiece in its offering. 

Founder Financing Services served as its principle underwriter for the deal. 

It generated annual revenue of 235 million yuan ($34 million) and 64 million yuan ($9.2 million) in net profit in 2019. 

The company’s investors include Junlong Investment, Yuanchuang Investment, and Origo Partners. Origo had poured $5 million in its Series A round of financing back in 2011. 

Chipown eyes $114m in STAR Market IPO

Integrated circuit chip maker Wuxi Chipown Micro-electronics limited (Chipown) plans to raise 798 million yuan ($114 million) in a STAR Market IPO, per its filing on the bourse. 

Chipown, which kicked off its online roadshow for the IPO on July 10, is offering 28.20 million common shares at a price of 28.3 yuan ($4) each. Its shares have been oversubscribed 4,117 times. 

Chinalin Securities is acting as its lead underwriter for the deal. Chipown will float the shares under the symbol “688508”.

The company designs and makes green power management integrated circuits. Headquartered in Wuxi, Chipown has also set up design centers and customer support centers in Suzhou, Shenzhen, Nanjing, Xiamen and Zhongshan. 

Following the IPO, its CEO Lixin Zhang will remain the largest shareholder in Chipown holding 30.41 per cent stake, while state-owned China Integrated Circuit Industry Investment (ICF) will be its second-largest shareholder having 6.65 per cent stake, down by 2.22 per cent. 

Previously in 2019, ICF’s Oriza Hua, ZTC’s investment arm, Sunflower Investment and Kinetic Energy Investment had together made an undisclosed equity interest investment in Chipown. 

Medical device maker Vishee to raise $165m in STAR Market IPO

Chinese rehabilitation medical device provider Nanjing Vishee Medical Technology Co., Ltd is seeking to raise 1.15 billion yuan ($165 million) in its Nasdaq-style STAR Market outing, per its filing with the Shanghai Stock Exchange (SSE).

The company’s issue opened for subscription on July 7 and it has sold as many as 17.09 million common shares. Vishee intended to sell up to 17.09 million shares at a price of 68.35 yuan ($9.8) each.

Vishee will invest the proceeds towards R&D, marketing and branding. Changjiang Financing Service served as a financial advisor for the deal. Vishee will float its shares under the symbol “688580”.

Set up in 2001, Vishee develops and distributes rehabilitation medical products that are used for neurological rehabilitation, and postpartum recovery.

Post-IPO, its CEO Zhiyu Wang will remain as the controlling shareholder in Vishee holding 39.45 per cent stake, while Shenzhen Yanghe Biopharmaceutical Investment will own 5.13 per cent. Yanghe made an undisclosed investment in Vishee in 2015.