IPO Digest: Guosheng lists on STAR Market; QuantumCTek eyes $81m

Shanghai, China

Nantong Guosheng Intelligence Technology Group made its trading debut on STAR Market on Tuesday after raising 573 million yuan ($81 million) in its IPO, while QuantumCTek plans to tap the public markets to raise 723.6 million yuan ($102 million). 

Guosheng raises $81m in STAR Market IPO

Machine tool manufacturer Nantong Guosheng Intelligence Technology Group Co., Ltd on Tuesday made its debut on the STAR Market of the Shanghai Stock Exchange after raising 573 million yuan ($81 million) in its IPO. 

Guosheng issued 33 million common shares at 17.37 yuan ($2.5) apiece in its offering. It opened the day at 46.60 yuan ($5.7), up about 176.33 per cent compared to its IPO price. 

Guosheng Intelligence produces high-tech computer numerical control machine tools such as linkage machining centre. It caters to companies in industries such as aerospace, automobiles, energy and electronics. 

According to its prospectus, it clocked revenue of 665 million yuan ($94 million) and a net profit of 85 million yuan ($12 million) in 2019. 

The company will invest the IPO proceeds to spruce up manufacturing and its R&D centre.

Shanghai-based Shengang Securities served as the principal underwriter of the deal. 

VC-backed QuantumCTek eyes $102m in STAR Market IPO

Chinese leading quantum information technology developer QuantumCTek Co., Ltd is seeking to raise up to 723.6 million yuan ($102 million) in a STAR Market IPO. 

The company kicked off its online roadshow for the IPO on June 24. QuantumCTek intends to sell up to 20 million shares at a price of 36.18 yuan ($5.12) each.

Guoyuan Securities is acting as the lead underwriter for the deal. 

Headquartered in Anhui, QuantumCTek develops information and communications technology security products and solutions. It offers services such as telecom infrastructure, enterprise network, cloud computing, and big data to clients in government, finance and energy sectors.

USTC Holdings, a subsidiary of state-owned University of Science and Technology of China, will remain QuantumCTek’s largest shareholder after the IPO with its 13.50 per cent stake. State-owned Cash Holdings will pare its stake to 5.70 per cent, while Legend Capital will own 3 per cent. 

USTC Holdings had invested in QuantumCTek’s Angel round in 2014. Subsequently, in 2015, Cash Holdings and Orient Capital had made an undisclosed investment in its Series A round. This was followed by a strategic investment from Legend Capital and Guoyuan Capital in 2016 in QuantumCTek. 

The Chinese firm plans to use the IPO proceeds for the developments of quantum IT-enabled communication device and research centre.

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.