IPO

AIM Vaccine Shrinks Its IPO But Gives Chairman a Mega Paycheck

China’s second-largest maker of non-Covid vaccines has finally crossed the IPO finish line and will list its shares next Thursday Key Takeaways: AIM Vaccine is finally landing on the Hong Kong Stock Exchange at its third attempt, but has only issued 0.8% of its total share capital, raising a net HK$70 million The company issued equity incentives worth a whopping 900 million yuan to its chairman before going public, and swung from profit to loss last year By Molly Wen The biopharma sector has been one of the biggest casualties…

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‘Stock Advisor’ JF Wealth Defies Market Basics with Ill-Timed IPO Bid

China’s largest online investor content provider has filed a third time for a Hong Kong listing despite some of the weakest market sentiment in years Key Takeaways: Online investment advisor JF Wealth has filed for a Hong Kong IPO, deriving most of its revenue from high-end education and content services The company faces mounting headwinds from rapidly growing sales and marketing costs and increasing refund requests By Emily Chan Basic investment courses advise stock buyers to avoid weak markets like the ones much of the world is seeing right now,…

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Hony Capital Switches SPAC IPO Focus from U.S. to Hong Kong

Everest Acquisition Corporation, a SPAC launched by leading private equity firm Hony Capital and the state-owned Agricultural Bank of China, has filed for an IPO on the Hong Kong Stock Exchange Key Takeaways: Everest Acquisition Corporation, a SPAC co-funded by Hony Capital and ABCI Capital, applied to list in Hong Kong with the aim of acquiring companies in the healthcare, consumer goods and green sectors In April this year Hony Capital scrapped a bid to list another SPAC, Hony Capital Acquisition, in the U.S. and has turned instead to the…

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IT provider Edianyun Seeks IPO Cash, with Finances Under a Cloud

China’s largest provider of integrated business IT solutions, Edianyun, recently re-filed to list on the Hong Kong Stock Exchange, but a ballooning first-half loss of 625 million yuan is a major concern Key Takeaways: The pre-listing finances at Edianyun have taken a sharp turn for the worse, as the company’s net loss in the first half of this year alone is almost equal to the total combined losses of the previous three years The company relies on the leasing of computer and office equipment and is under strong capital pressure…

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Betters Medical Looks Ailing Going Into Hong Kong IPO

The medical equipment maker faces several risks, including reliance on a single product type and potential liability for failing to meet terms of an investor agreement Key Takeaways: Betters Medical has launched a Hong Kong listing, relying on high-margin microwave ablation needles as its major revenue contributor The company could face liability of tens of millions of yuan for failing to meet terms of an agreement with one of the investors in its Series C funding, though the agreement will be cancelled if the company lists successfully By Molly Wen…

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Lepu ScienTech Revives IPO After Policy Move Brightens Its Prospects

China’s leading supplier of congenital heart disease devices made its third filing earlier this month for a Hong Kong IPO Key Takeaways: After taking its Lepu Biopharma unit public in February, Lepu Medical is pressing ahead with a third attempt at listing is Lepu ScienTech unit in Hong Kong China’s healthcare regulator has said it won’t include innovative medical equipment in its bulk purchase programs, which should help Lepu ScienTech’s profitability Emily Chan Hong Kong’s stock market may be slumping, and the U.S.-China tech war may be spilling over into…

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Lifted by Southeast Asia Growth, Insurer FWD Seeks IPO Safe Landing

Hong Kong tycoon Richard Li’s Asia-focused insurance company, FWD Group, has filed again for an IPO that reportedly aims to raise $1 billion Key Takeaways: FWD has switched its focus from opportunities in China to the growth potential in Southeast Asia as its main IPO selling point for investors The company’s listing was delayed in May this year due to bumpy market conditions, and it is still beset by uncertainty, with sluggish Hong Kong stocks and a likely swing from profit to loss this year By Ken Lo FWD Group…

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Lacking Revenue, Jenscare Scientific Hopes IPO Investors Take Heart in Its Potential

The maker of devices to treat structural heart disease hopes to have its first product approved in the second half of next year as it prepares to list in Hong Kong Key Takeaways: Jenscare Scientific is preparing to raise a reported $30 million in a Hong Kong IPO, even though it doesn’t expect to earn any product-related revenue until the latter half of next year at earliest The company’s valuation reached $1.36 billion last year, but could possibly dive by the time it debuts due to weak overall market sentiment…

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Loss-hit Fenbi Tech Seeks IPO Cash After Education Sector Upheaval

The slimmed-down provider of tutoring for civil service exams and vocational training has filed to list on the Hong Kong Stock Exchange for the second time Key Takeaways: Fenbi Technology has posted losses of more than 2.5 billion yuan in the past two years after shifting from online into offline training The company laid off more than 9,400 employees and cut staff salaries to ease financial pressure By Fai Pui A year after a tutoring crackdown shattered China’s prosperous education sector, the still viable pieces of the business are seeking…

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China IPO Flow Picks Up in New York, But Big Names Still Absent

Four Chinese companies have submitted new or updated prospectuses for New York listings over the last 10 days, though all are relatively small Key Takeaways: Four Chinese companies have submitted New York IPO applications since Sept. 6, indicating such listings could be accelerating after a near standstill over the past year Major new U.S. IPOs by Chinese firms probably won’t resume until the U.S. securities regulator provides an update in December on a new information deal with its Chinese counterpart By Doug Young After months at a trickle, the flow…

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