China IPO Digest: Tinavi eyes $71m in STAR Market offering; Kutesmart plans to raise $50m

Orthopedic robots maker Beijing Tinavi Medical Technology seeks to raise 504 million yuan ($71 million) on STAR Market. In a separate development, smart apparel supplier Qingdao Kutesmart is looking to raise 356 million yuan ($50 million) on the ChiNext board.

Tinavi seeks to raise $71m on STAR Market

Orthopedic robotic solution developer Beijing Tinavi Medical Technology Co., Ltd seeks to raise 504 million yuan ($71 million) in its initial public offering (IPO) on the Nasdaq-style STAR Market of the Shanghai Stock Exchange.

Backed by State Development & Investment Corp., Ltd (SDIC), Tinavi plans to offer up to 41.90 million common shares at a price of 12.04 yuan ($1.7) apiece.

CITIC Group’ subsidiary China Securities serves as a principle underwriter of the deal. Tinavi will float the shares under the symbol “688277”.

Tinavi, which was set up in 2005 with a registered capital of 376 million yuan ($53 million), specialises in developing robotic systems to cater to orthopedic treatments. It offers novel robot systems for hospitals and clinics for spine and trauma surgeries. Tinavi has a partnership with medical solution group Johnson & Johnson to accelerate surgery digitalization globally.

The company will invest the proceeds to spruce up the R&D of robotic technologies, develop its operational centre and sales channels, revamp the robotic tools, and advance capacity.

Previously in 2018, SDIC had injected 400 million yuan ($57 million) in Tinavi. Earlier in 2015, GGV Capital along with China Securities and China Securities’ private equity arm Goldstone Investment had collectively had made an investment in its Series E round. In addition, Tinavi’s backers also include Cowin Capital, Zhongguancun Development Group, Tao Capital, Yield Capital, among others.

Kutesmart plans $50m on ChiNext

Chinese smart apparel supplier Qingdao Kutesmart Co., Ltd targets to raise 356 million yuan ($50 million) in its initial public offering on the ChiNext board of the Shenzhen Stock Exchange.

Kutesmart plans to sell up to 60 million common shares at a price of 5.94 yuan ($0.8) each, per a filing with the bourse.

The proceeds will be used to build a smart factory, and revamp projects pertaining to intelligent logistics storage, big data and research centres.

Beijing-based Zhong De Securities is acting as a lead underwriter of the deal.

Kutesmart provides personalised solutions and products for clothes and works with brands globally. The company derives 60 per cent of its sales from China, while the remaining comes from the US.

Its prospectus shows that it clocked annual revenues of 535 million yuan ($76 million) in 2019 and 591 million yuan ($83 million) in 2018. As of 2019, it generated 69 million yuan ($9.7 million) in net profit.

Back in January 2015, Fosun invested 225 million yuan ($32 million) in Kutesmart’s angel round. Subsequently, in December, Cas had made an undisclosed investment in its Series A round.

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.