China IPO Digest: Wuxi Autowell lists on STAR Market; Damon eyes $69m

Intelligent equipment maker Wuxi Autowell Intelligent Equipment on Thursday made its trading debut in STAR Market after raising $81 million, while smart logistics system solutions provider Zhejiang Damon Technology has kicked off its IPO roadshow exercise.

Autowell raises $81m in STAR Market IPO

Wuxi Autowell Intelligent Equipment Co., Ltd, also known as Wuxi Autowell Technology Co., Ltd, on Thursday listed at a premium on the Nasdaq-like STAR Market of the Shanghai Stock Exchange after raising 574 million yuan ($81 million) in its IPO. 

Autowell issued 24.67 million common shares at 23.28 yuan ($3) apiece. It opened at  55 yuan ($7.7), up 157.26 per cent compared to the IPO price, per a filing with the board.  

Established in 2010, Autowell primarily serves the photovoltaic (PV) and lithium battery industries. Following the IPO,  Autowell will look at the construction of its manufacturing and R&D base apart from using the proceeds for working capital.

China Securities served as the lead underwriter of the deal. 

Damon Technology eyes $69m in STAR Market IPO

Zhejiang Damon Technology Co., Ltd, a provider of smart logistics system solutions, has kicked off its IPO subscription exercise with a target to net 538 million yuan ($69 million) in STAR Market in Shanghai. 

Backed by Chinese private equity firm Co-Stone Asset Management, Damon will sell up to 21.42 million common shares at a price of 25.12 yuan ($3.5) each, according to an announcement with the bourse. 

State-owned Everbright Securities is acting as the principal underwriter of the deal.  

It will use the proceeds for factory digitalization, intelligent industrial base innovation and for working capital.

With the IPO, Damon Capital will remain its largest shareholder in Demon with 40.0377 per cent equity interest. Co-Stone (Beijing) will be its second-largest shareholder holding 6.6417 per cent stake, down 2.2139 per cent. Shanghai-based Passion Capital, which along with Dingfeng Asset infused $8.4 million in Damon in 2016, will have a combined 3.3824 per cent stake.

Its backers also include Everbright Securities, China Securities, Shanghai Chessboard Investment Management, Asia View Capital, Chengzhu (Shanghai) Investment Management, China Fortune Securities, and Goldstate Securities.

Damon registered annual revenue of 789 million yuan ($111 million) and net profit of 64 million yuan ($9 million) in 2019.

 

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.