China IPO Digest: Scitop lists on ChiNext; GaoCe plans to raise $83m

IPO

Beijing Scitop Bio-Tech on Monday made its debut on ChiNext while Qingdao Gaoce Technology is seeking to raise 583 million yuan ($83 million) in its STAR Market IPO. 

Scitop Bio-Tech raises $70m in ChiNext IPO

Probiotics supplements manufacturer Beijing Scitop Bio-Tech Co., Ltd, on Monday listed at a premium on Shenzhen’s startup board ChiNext after raising 489 million yuan ($70 million) in its IPO.  

The company, which kicked off the IPO subscription exercise on July 15, sold 20.63 million common shares at a price of 23.70 yuan ($3.39). Its shares opened and closed at 34.13 yuan ($4.87), a jump of 44.01 per cent compared to its IPO price. 

The IPO proceeds will be used to develop manufacturing capacity towards edible probiotics, establish a research centre and meet working capital needs. 

Its shares are listed under the symbol “300858”. Credit Suisse Founder Securities Limited served as the principal underwriter for the deal. 

Scitop’s dairy clients include Mengniu, Bright, New Hope, and Wondersun. Additionally, it has teamed up with China Agricultural University, Inner Mongolia Agricultural University, Qingdao Agricultural University and Jiangnan University to set up four joint laboratories to accelerate R&D of probiotics products. 

Kaitai Capital made an undisclosed equity investment in Scitop in 2017. In 2016, Shunxi Fund and Ningxia Gueva Fund had together infused capital in the company. 

GaoCe eyes $83m in STAR Market IPO

Qingdao Gaoce Technology Co., Ltd, a developer of tech-driven cutting solutions for hard and brittle materials serving the photovoltaic industry, is seeking to raise 583 million yuan ($83 million) on the Nasdaq-style STAR Market of the Shanghai Stock Exchange.  

Gaoce intends to sell up to 40.46 million common shares at a price of 14.41 yuan ($2.06) each. 

SZ-based Guosen Securities is acting as a lead underwriter for the deal.

Its prospectus shows that it counts solar technology giant LONGi Green Energy Technology as a top client. Gaoce registered 216 million yuan ($30.87 million) in annual earnings in the first quarter of this year, up 229.91 per cent compared to the previous year. 

Hongxian Investment Management had exclusively injected 150 million yuan ($21 million) in Gaoce in 2019. Its early-stage investors also include ChinaEquity Group, Qingdao S&T Venture Capital, among others. 

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.