China Digest: JinXianDai lists on ChiNext; KBC eyes $133m in STAR IPO

SaaS provider JinXianDai made its trading debut on the ChiNext board in Shenzhen, while carbon composite products maker KBC is targeting to raise $133 million in the STAR Market.  

Shenzhen Capital-backed JinXianDai raises $54m in ChiNext IPO 

Shenzhen Capital Group-backed software-as-a-service (SaaS) provider JinXianDai Information Co., Ltd on Wednesday listed at a premium on the ChiNext board of the Shenzhen Stock Exchange after raising 378.5 million yuan ($54 million) in its IPO.  

JinXianDai, which filed for its prospectus on April 17, sold a total of 86.02 million common shares at a price of 4.40 yuan ($0.6) each. The stock opened at 5.28 yuan ($0.7), up 20 per cent over the IPO price, per a filing with the board. 

State-owned China Everbright Group’s subsidiary Everbright Securities acted as the lead underwriter of the deal.  

Jinan-based JinXianDai develops SaaS products and solutions for power, railway, petroleum, telecom, and public security industries. It also caters to tech-driven sectors like IoT,  big data,  APP and IT. 

Previously in 2017, Shenzhen Capital along with other investors such as China Aerospace Science and Industry Corporation Limited had poured 120 million yuan ($16.9 million) in JinXianDai. In addition, JinXianDai had garnered capital from Everbright Securities, Kunlun Fund, Horus Capital, Changjiang Securities, among others. 

KBC plans to net $133m in STAR Market

Carbon composite products maker KBC Corporation, Ltd, has kicked off its IPO subscription exercise with a target to secure as much as 944 million yuan ($133 million) on the Nasdaq-like STAR Market of the Shanghai Stock Exchange. 

KBC intends to offer 20 million common shares at a price of 47.2 yuan ($6.7) apiece. 

Shanghai-based Haitong Securities is serving as the principal underwriter of the deal. 

Following the IPO, Jiqiao Liao will remain as the actual controller in KBC. State-backed Hunan New Material Industrial Investment Fund will be the second-largest shareholder holding 12.78 per cent stake. 

The firm will use the proceeds to enhance its manufacturing capacity, construct its R&D base and sales centre. 

Since 2010, KBC has raised two undisclosed rounds of financing from Shenzhen-based CDF-Capital, Hunan Boyun Investment Management, and Yirun Investment. 

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.