Shenzhen Capital-backed WayzIM eyes $462m in STAR Market IPO

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Wayz Intelligent Manufacturing Technology Co., Ltd (Wayzim), a provider of logistics automation systems for China’s express delivery industry, has filed for an initial public offering (IPO) on the Nasdaq-style STAR Market of the Shanghai Stock Exchange (SSE). 

WayzIM, which was co-founded by the Institute of Microelectronics under the Chinese Academy of Sciences (CAS) in 2016, is targeting to raise as much as 2.98 billion yuan ($462 million). The provider is offering 33.30 million common shares at a price of 90.20 yuan ($14.01) apiece. 

Hong Kong and Shanghai-listed CITIC Securities is acting as the principal underwriter for the deal. 

WayzIM will invest the IPO proceeds for the construction of a smart equipment manufacturing centre and digital factory, sales and service support and working capital. 

Located in Wuxi city, WayzIM uses industrial vision, signal processing and automatic control technologies to produce intelligent sorting systems.

Over the past three years, WayzIM’s annual revenues stood at 1.2 billion yuan ($187 million) in 2020, 751 million yuan ($117 million) in 2019 and 325 million yuan ($50 million) in 2018. 

WayzIM’s clients include ZTO Express, SF Express, China Post, Deppon Express, Suning, among others. And, its products are sold to countries like Russia, Singapore, Thailand, Indonesia and the Philippines. 

The company is looking to expand to the markets of Russia, the Middle-East and Europe. 

In April last year, WayzIM had secured 230 million yuan ($36 million) in a strategic investment co-led by state-backed Shenzhen Capital Group and CICC Qichen. 

Singapore Reporter/s

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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.