3/5/2023 0 Comments Chinabased linkdoc us![]() ![]() Nayuki's share sale has attracted a group of cornerstone investors, including UBS Asset Management, China Universal Asset Management, GF Fund, China Southern Asset Management and CCB International, according to its prospectus. Nayuki, whose popular fresh-fruit teas include cheese-foam-topped beverages, has set up over 560 stores in more than 70 cities at home and abroad within five years since its founding. "The tea, as one of China's most representative products and culture, has a great opportunity to expand overseas to become a global brand, especially amid China's rising power and globalization trend," said Nayuki's founder, Peng Xin. Institutional books closed a day earlier than scheduled due to demand. The stock opened trading at HK$18.86.ĭespite the cooling performance, the IPO raised $656 million and the retail portion was subscribed 432 times. The Shenzhen-based company closed at HK$17.12 ($2.21) on Wednesday, lower than its initial public offering price of HK$19.80, valuing it at HK$29.4 billion. Ĭhinese leading bubble tea company Nayuki made its debut on the Hong Kong stock exchange on Wednesday, which made it the country's first listed milk tea chain. auditing rules.A selection of beverages and bread from Nayuki. regulations being rolled out that could see Chinese companies delisted if they do not comply with U.S. regulators will potentially gain more access to audit documents of New York-listed Chinese companies.Īnalysts also note the tougher stance coincides with new U.S. listing plans and opt for Hong Kong instead, with one source at the time citing Beijing's concerns that U.S. In May, Reuters reported that Beijing was pressing audio platform Ximalaya to drop U.S. ![]() The tougher stance by the Cybersecurity Administration of China has been driven in part by concerns that the United States could gain greater access to data owned by Chinese firms - similar to concerns that the previous Trump administration had voiced about Chinese firms operating in the United States. later this year, a review of the filings showed. listings, Refinitiv data shows, well up from the $1.9 billion from 14 deals in the same period a year ago.Įight Chinese companies including home service platform Daojia Ltd and Atour Lifestyle Holdings have made public filings with the Securities and Exchange Commission (SEC) to list in the U.S. So far this year, a record $12.5 billion by Chinese firms has been raised from 34 U.S. capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for technology companies looking to benchmark their valuations against listed peers there and tap an abundant liquidity pool. Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal and all declined to comment to Reuters. LinkDoc did not immediately respond to a request for comment. The sources declined to be identified as the information has not yet been made public. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. and make it more difficult to raise funds overseas," he said.īacked by Alibaba Health Information Technology Ltd, LinkDoc filed for its IPO last month and was due to price its shares after the U.S. "The new rules may impose long waiting periods on any companies hoping to list abroad which will hit investor sentiment, depress valuations for IPOs in the U.S. ![]() listing, they may have to wait for further clarification, stricter scrutiny and pre-approval from different regulators and authorities," said Bruce Pang, macro & strategy research head at China Renaissance Securities. LinkDoc's decision to suspend its $211 million IPO, first reported by Reuters, is likely to be followed by others, analysts said, although they noted that U.S. ![]()
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