China IPO Digest: Adagene, Cloopen raise total of $460m in US IPO

Times Square is seen through the window of the Nasdaq MarketSite in New York, U.S., on Thursday, Aug. 4, 2016. Photographer: Victor J. Blue/Bloomberg

China-headquartered drug developer Adagene has raised $140 million, while cloud-based communications solution provider Cloopen Group secured $320 million in their US initial public offerings (IPOs).

Cloopen raises $320m in upsized IPO

Cloopen Group Holding, a multi-capability cloud-based communications solution provider in China has raised $320 million in its US IPO after pricing 20 million American depositary shares at $16 each, an upsize from the previous price range of between $13 and $15.

Each ADS represents two class A ordinary shares of the company. The shares are listed on the New York Stock Exchange under the symbol RAAS, with Goldman Sachs, Citi, and CICC acted as lead managers on the deal.

Cloopen Group operates the largest multi-capability cloud-based communications solutions in China. It is also the only provider in China that offers a full suite of cloud-based communications solutions, covering communications platform as a service, cloud-based contact centers, and cloud-based unified communications and collaborations. 

Chinese drug developer Adagene secures $140m

China headquartered drug developer Adagene has raised $140 million by offering 7.4 million ADSs at $19, the high end of the range of $17 to $19. It listed on the Nasdaq under the symbol ADAG.

Adagene, headquartered in Suzhou, was co-founded by two serial entrepreneurs to power antibody discovery in 2012. The company plans to use the current round of funding to lead immunotherapies for oncology treatments and facilitate the development of its drug discovery technology, per the statement. 

Powered by artificial intelligence (AI), Adagene claims to have built new antibodies for cancer treatment. The company is currently working on a pipeline of programmes such as ADG106 and ADG116 targeting antibody.

The firm raised $69 million in a Series D funding round in January 2020 led by US global growth equity firm General Atlantic.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.