IFR 03.21.2020

The copper processing manufacturer

plans to offer 400m A-shares, or 10% of the

enlarged capital.

It will use the proceeds on four copper

processing projects, to upgrade production

lines, and replenish working capital.

Caitong Securities is the sponsor.

INNOCARE PRICES IPO AT TOP

INNOCARE PHARMA has raised HK$2.2bn

(US$288m) from a Hong Kong IPO after

pricing it at the top end of the price range.

Despite the market turmoil, the books

were multiple times covered as the

coronavirus outbreak has drawn investor

attention to the pharmaceutical sector. The

retail tranche was also more than 290 times

covered.

The company sold about 250m primary

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represents a market capitalisation of

US$1.4bn.

Twelve cornerstone investors committed to

invest US$164m, representing about 57% of

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that tranche will be scaled back to about 50%

to accommodate a full clawback (50% of the

deal) to retail investors. The 15% greenshoe

will be allotted to institutional investors.

The company’s shares will start trading

on March 23.

InnoCare has a pipeline of nine drug

candidates focusing on therapies for the

treatment of cancer and auto-immune

diseases.

It posted a loss of Rmb653m (US$94m) for

the nine months ended September 30,

compared with Rmb462m for the same

period a year earlier.

Goldman Sachs and Morgan Stanley are joint

sponsors, joint bookrunners and joint global

coordinators with China Merchants Securities

and UBS. CMB International and SPDB

International are the other joint bookrunners.

CATHAY MEDIA RE-FILES IPO

CATHAY MEDIA GROUPûHASûRE

lLEDûFORûAû(ONGû

Kong IPO, which could come in the second

quarter if market conditions allow.

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US$200m, IFR reported last year when the

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on September 10.

The application expired after six months

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Established in 1998, Cathay Media

produces and distributes TV programmes

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Demi-Gods and Semi-Devils and The Heaven

Sword and Dragon Sabre.

The company also manages the

Communication University of China in

Nanjing, which teaches majors related to

media and the arts to about 12,000 students.

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(US$27.5m) for 2019, up 31% from 2018.

China Merchants Securities and Macquarie are

the joint sponsors.

MAXVISION TECH CLEARS IPO HEARING

MAXVISION TECHNOLOGY, a provider of

inspection systems for transport facilities

such as ports, has passed a China Securities

Regulatory Commission IPO hearing for a

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The company plans to offer up to 31.6m

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Proceeds will be used for R&D related to

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inspection systems, to build an R&D centre,

and upgrade sales channels.

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of Rmb98.8m on revenue of Rmb356m for

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China Merchants Securities is the sponsor.

ANNING IRON PRICES SHENZHEN IPO

SICHUAN ANNING IRON AND TITANIUM, a producer

of vanadium-titanium magnetite iron ore,

has set the issue price at Rmb27.47 per share

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Books will be open for a day on April 8

instead of the originally planned March 18

as the company is selling shares at a

valuation higher than its listed peers.

Its P/E ratio based on 2019 earnings is

21.77, higher than the industry average

ratio of 13.67 in the past month.

The company plans to offer 40.6m

!

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mOAT

It will use the proceeds to upgrade two

mining processing units and replenish

working capital.

Huaxi Securities is the sponsor.

LIWAYWAY DEFERS HK IPO

Snack food company LIWAYWAY (GLOBAL) has

deferred a Hong Kong IPO of about

US$100m because of the global market

turmoil.

The company, which makes and sells

snack foods under the Oishi brand in China

and Vietnam, started pre-marketing last

Monday and had considered launching the

deal this month.

However, it decided to push back the

bookbuilding after the recent market sell-

offs.

Liwayway’s listing application contains

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need to update them since now the deal

cannot be launched in March.

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nine months ended September 30 2019, up

48% from the same period of 2018. In the

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revenues came from China and 33% from

Vietnam.

The company is controlled by the

Philippines’ Chan family, which also

markets and sells snacks and Oishi-branded

products elsewhere in South-East Asia,

South Asia and South Africa via the Chan

Group.

BOC International is the sponsor.

THREE COMPANIES RELAUNCH

IPO TUTORIALS

SHANGHAI TITAN SCIENTIFIC has hired Citic

Securities as tutor to relaunch an IPO tutorial

on the Shanghai Star market.

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(US$59m) Star IPO in April 2019 but was

rejected by the Shanghai Stock Exchange at

a hearing in September. Everbright

Securities was the sponsor.

The SSE said the company had failed to

accurately disclose its business model and

core technology and hence it had decided to

terminate the review.

Titan had claimed to be a “professional

technology integration service provider

based on independent core products”, but

the SSE said half of its revenues came from

reselling products from third-party brands.

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service provider for “innovation lab scenarios”

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research products and related support services

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and quality control personnel.

SHANGHAI ZHONGQI FUTURES has begun an IPO

tutorial with Citic Securities ahead of a

possible listing on the main board of the

Shanghai Stock Exchange.

If the deal comes to fruition, it will be the

third futures company to be listed in China’s

A-share markets after Nanhua Futures and

Ruida Futures, which both began trading in

the third quarter of 2019.

The Shandong bureau of the State-owned

Assets Supervision and Administration

Commission wholly owns the futures

company via Hong Kong and Shanghai-listed

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company Yankuang Group.

SHZQ Futures, which delisted from the

National Equities and Exchange Quotations

market in November 2019, posted a net

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revenues of Rmb11.8bn.

XIAMEN MEIYOU INFORMATION TECHNOLOGY has

hired Huatai United Securities as the tutor for a

proposed Shanghai Star market IPO.

Founded in 2013, the company develops

mobile apps mainly for female clients and

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and e-commerce services.

International Financing Review March 21 2020 75

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