Chinese waste disposal firm Wondux raises $78m in STAR Market IPO

An office building of Nanjing Wondux Environmental Protection Technology. Source: Visuals from the company website

Wondux, a Chinese environmental protection services provider backed by Shenzhen-based Fortune Venture Capital, has raised over 535 million yuan ($78 million) in an initial public offering (IPO) on the STAR Market on Tuesday.

The company offered 21.25 million shares at a price of 25.2 yuan ($3.65) apiece, collecting a total of 481 million yuan ($70 million) upon the deduction of stock issuance expenses.

Nanjing-based Wondux was the first company to float shares on the STAR Market in 2020. The Nasdaq-style sci-tech innovation board, which opened last July, saw 70 companies raising a combined 81.7 billion yuan ($11.84 billion) and accounting for 32 per cent of total funds raised in the A-share IPO market in 2019, according to KPMG’s IPO markets 2019 review report.

Its stellar IPO performance contributed to a record high fundraising amount of 251.9 billion yuan ($36.50 billion) in 2019 in the country’s A-share market since 2011. Deloitte China projected up to 150 companies to collect 160 billion yuan ($23 billion) on the STAR Market in 2020.

Wondux, founded in 2007 and formally known as Nanjing Wondux Environmental Protection Technology, offers waste reduction and management services like contamination remediation and wastewater treatment in China. The company applied to go public on the domestic bourse in April 2019, and it was approved by the stock exchange in late October 2019.

The firm registered over 577 million yuan ($84 million) in operating income in the first nine months of 2019, up 93.84 per cent compared to the same period in 2018. Its net profit attributable to shareholders stood at nearly 941 million yuan ($136 million) in the nine months, up 130.59 per cent year-on-year, according to the prospectus.

 

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

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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.