IPO Digest: Risuntek Lists In Shenzhen; Wantai Eyes $54m In Shanghai

Acoustic products supplier Risuntek made its trading debut in Shenzhen after raising 416 million yuan ($59 million) in its IPO, while biopharmaceutical firm Wantai BioPharm aims to secure 382 million yuan ($54 million) in Shanghai IPO.

Acoustic products provider Risuntek raises $59m in Shenzhen IPO 

Dongguan-headquartered acoustic products and accessories supplier Risuntek Inc on Friday listed at premium on the Shenzhen Stock Exchange (SZSE) after raising 416 million yuan ($59 million) in its IPO. 

Risuntek sold 24 million common shares at a price of 17.32 yuan ($2.44). It opened at 20.78 yuan ($2.9), a jump of 19.98 compared to the IPO price, according to a filing with the board. 

The company’s shares are listed under the symbol “002981”. China Oceanwide backed Minsheng Securities acted as the principal underwriter of the deal. 

Founded in 2005, Risuntek manufactures and distributes acoustic products with including headsets and accessories. Its proprietary technologies such as RF test, waterproof and active noise control are used to create headsets that are used in fields like sports, translation, and entertainment. 

Risuntek’s top clients comprise Apple, Samsung, LG, Microsoft, ASUS, Xiaomi, Huawei, Chinese smartphone developers Meizu and OPPO, Chinese smart charging technology and consumer product player Anke Innovations, SZ-based headset producer 1more, among others. 

It has set up two subsidiaries in Vietnam and one in India, in a bid to extend its manufacturing capacity. 

Proceeds from the IPO will be used to upgrade the pipeline technologies, as well as to build a manufacturing base and research center. 

According to its prospectus, it recorded annual revenue of 828 million yuan ($117 million) and 83 million yuan ($12 million) in net profit as of 2019. During the same period, the company has 755 million yuan ($107 million) in assets under management, up 248 million yuan ($35 million) from 2018. 

Biopharmaceutical firm Wantai seeks $54m in Shanghai IPO

Beijing Wantai Biological Pharmacy Enterprise Co Ltd (Wantai BioPharm), a biopharmaceutical firm with focus on In-Vitro-Diagnostic (IVD) reagents, has kicked off the IPO subscription for investors on the bourse of the Shanghai Stock Exchange, seeking to snag 382 million yuan ($54 million). 

Wantai intends to offer up to 43.60 million shares at price of 8.75 yuan ($1.2) apiece. 

The company is committed to providing innovative IVD reagents and vaccines for diseases such as SARS, bird flu, hepatitis, and hand, foot and mouth disease (HFMD). It has partnered with Xiamen University to set up the National Institute of Diagnostics and Vaccine Development in Infectious Diseases. 

Apart from Xiamen University, it has also collaborated with a collection of leading institutions including China Academy of Science, Chinese Center for Disease Control and Prevention, The University of Hong Kong, and National Taiwan University. 

Its prospectus shows that its antibody test kits for Covid-19 epidemic received an approval from the National Medical Products Administration, and were exported to Italy, Hungary, Austria and the Netherlands, among others. 

Wantai will deploy the proceeds to the development of novel technology, besides HPV vaccine and establishing a marketing network. 

Sinolink Securities, Tsinghua University’s investment arm Tsinghua Holdings, is the principle underwriter of the deal. Wantai will float the shares under the symbol “603392”.