Malaysian equipment manufacturer QES Group saw its shares soar on pre-IPO trading debut while Chinese video streaming startup Inke is reportedly planning an IPO in Hong Kong.
Malaysian manufacturer QES Group posts strong market debut
QES Group, a Malaysian maker of optical inspection and automated handling equipment, posted a strong trading debut on Thursday on Bursa Malaysia, with its share-gaining 28.95 per cent, according to a Nikkei Asian Review report.
The solid trading debut of the Malaysian manufacturer followed the strong demand of its initial public offering, which raised MYR28.82 million ($7.37 million) from a public issue of 151.66 million new shares.
QES said it will use the proceeds of its IPO to finance capital expenditure, fund the development of three key products, as additional working capital, and repayment of bank borrowings.
The company’s core business is the distribution of inspection, test and measurement equipment, materials and engineering solutions.
Chinese video streaming app Inke mulls Hong Kong IPO – Report
After failing to complete a back-door A-share listing in China in 2017, Chinese video streaming app Inke is taking steps for an initial public offering (IPO) in Hong Kong, according to a CMN report.
Inke, however, has not made an official statement regarding the plan although the move does not come as a surprise considering that Hong Kong is expected to attract a record number of IPOs by mainland companies this year.
Inke enables users to watch live videos using their mobile phones. The app allows viewers to send virtual gifts to hosts of live videos through in-app purchases. The host receives 30 per cent of the gift’s value.
The unique monetisation model earned Inked tens of millions of RMB in a Series A round in 2015. The fundraising was backed by SAIF Partners, GSR Ventures, and Shanghai Buttonwood Capital.