IPO Digest: Delinhai Raises $143m; CICC To Make Stock Market Debut

Wuxi Delinhai Environmental Technology raised a total of 999 million yuan ($143 million) on the STAR Market. In a separate development, China International Capital Corporation Limited (CICC) proposes A share offering amendments to list in Shanghai.

Delinhai raises $143m in STAR Market IPO

Chinese algae management company Wuxi Delinhai Environmental Technology on Wednesday made its debut on the STAR Market of the Shanghai Stock Exchange (SSE), thereby raising a total of 999 million yuan ($143 million), according to a filing.

The company offered 14.87 million common shares at a price of 67.2 yuan ($9.6) apiece in its offering. Its shares opened at 92 yuan ($13.19) soaring by nearly 38.99 per cent compared to its IPO price.

With the IPO proceeds, Delinhai will aim to expand its algae supervision programme and R&D centre. A part of the corpus will also supplement working capital.

Shanghai-based Shengang Securities served as its financial advisor for the deal.

Headquartered in Wuxi, Delinhai provides one-stop algae management for 12 lakes across Yunnan, Jiangsu, Anhui, among others.

According to its prospectus, the company generated revenue of 130 million yuan ($18.7 million) in the first half of 2020, up 20.94 per cent than that of 2019. During the same period, its net profit stood at 44.22 million yuan ($6.3 million), recording a  jump of 26.99 per cent.

Its early-stage investors include Wuxi Capital, Safe & Rich Venture Capital, China Sciences Group (Holding) and Jinyuan Industrial Investment.

CICC seeks to launch IPO in Shanghai 

China International Capital Corporation Limited (CICC), a Hong Kong-listed Chinese state-owned cross-border investment bank, has proposed amendments to its initial public offering of RMB-denominated shares (A shares) on the main board of the (SSE) with a target to offer up to 1.4 billion shares, according to a company filing with the Stock Exchange of Hong Kong.

CICC, which initially proposed the A share offering in February, had got a nod from its shareholders in April. The company plans to offer no more than 24.77 per cent of the total share capital upon the A share offering.

The proposed amendments are currently awaiting the approval of the shareholders.

Set up in 1995, CICC operates businesses in sectors including investment banking, equities, fixed income, wealth management, asset management and private equity investment. It is based in Beijing, and has offices in London, San Francisco, Singapore, New York and Hong Kong. The company got listed in Hong Kong in 2015.