China IPO Digest: Kunshan TopA lists on ChiNext; Yanmade seeks to raise $99m in STAR Market

Kunshan TopA Intelligent Equipment Co., Ltd, that manufactures and sells industrial machinery, on Thursday, raised 347 million yuan ($48 million) in its IPO on the ChinNext board of the Shenzhen Stock Exchange. Meanwhile, test focused equipment provider Shenzhen Yanmade Technology Inc seeks to raise 706 million yuan ($99 million) on the Nasdaq-like STAR Market of the Shanghai Stock Exchange.

Kunshan TopA nets $48m in ChiNext IPO

Kunshan TopA Intelligent Equipment Co., Ltd, that manufactures and sells industrial machinery, raised 347 million yuan ($48 million) in its IPO on the ChinNext board of the Shenzhen Stock Exchange.

The company, which initially filed its prospectus on May 14, sold a total of 12 million common shares at a price of 28.18 yuan ($3.9) each. It opened at 37.20 yuan ($5), up 12.40 per cent compared to the IPO price. Its stock closed at 40.58 yuan ($5.7), according to the bourse.

Kunshan TopA primarily produces smart modules and devices for the auto and consumer electronics industries. Its top clients include cable assembly provider Siemens, Luxshare Precision, Hon Hai Precision Industry, Quanta Computer, and CRRC Electronic Vehicle, among others.

Proceeds from the IPO will be used to expand its manufacturing base besides complementing working capital.

Its shares are listed under the symbol “300836”. The state-backed Everbright Securities acted as its principle underwriter of the deal.

Legend Capital-backed Yanmade seeks to raise $99m in STAR Market

Test focused equipment provider Shenzhen Yanmade Technology Inc seeks to raise 706 million yuan ($99 million) on the Nasdaq-like STAR Market of the Shanghai Stock Exchange.

Backed by Lenovo Group’s Legend Capital, Yanmade plans to offer up to 35.87 million common shares at a price of 19.68 yuan ($2.7) apiece.

Huatai United Securities with a focus on investment bank service is acting as a lead underwriter of the deal.

Founded in 2012, Yanmade is engaged in test equipment business. Driven by new technologies such as artificial intelligence (AI), image processing and machine visual learning, it designs and manufactures intelligent devices to test malfunction for flexible printed circuit (FPC) and production automation. Its products are exported to the US, Japan, Korea, Thailand, the Philippines and Taiwan.

According to the prospectus, the company booked 270 million yuan ($38 million) in annual revenue and net profit of 91 million yuan ($13 million) in 2019.

Yanmade will invest a part of the proceeds in test equipment innovations, R&D center construction besides keeping some as operating funds.

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.