COUNTRY REPORT CHINA139m monthly active users last year.
Alibaba in late May invested US$214m
in Babytree, valuing the 11-year-old firm at
Rmb14bn (US$2bn).
China Merchants Securities, Haitong
International and Morgan Stanley are joint
sponsors for the IPO.
Chinese mobile advertising provider
WANKA ONLINE, meanwhile, plans to raise
US$400m–$500m.
The company marketed more than 2,800
mobile apps in 2017 and recently expanded
into the online game co-publishing and
online video distribution businesses,
according to regulatory filings.
CICC, Citigroup, ICBC International and
Macquarie are joint sponsors on the
proposed float.
Finally, Chinese mobile marketing
company MOBVISTA aims for a US$300m–
$400m listing.
CMB International and UBS are the joint
sponsors.
Mobvista posted net profit of US$27m
in 2017, up 38% from a year earlier. Its
revenues in 2017 were US$313m.
› HAIER COMPLETES FIRST D-SHARE IPO
Shanghai-listed QINGDAO HAIER has completed
the first D-share IPO in Frankfurt after
pricing the deal near the bottom of an
indicative price range of €1.00–€1.50.
The company sold 265m D-shares at
€1.05 each to raise €278.3m (US$320m).
There is a greenshoe of 15%, or 39.75m
D-shares.
Three cornerstone investors took up a
combined €138m of the float. Silk Road
Fund has committed to purchase 55m
shares, while Camry Investment and Rechi
Precision have backed €60m and €20m,
respectively.
Haier’s Frankfurt listing introduces a new
class of equities for Chinese companies.
D-shares, similar to Hong Kong-listed
H-shares, are new instruments being touted
by the China Europe International Exchange.
Deutsche Bank was the sole global
coordinator for the Frankfurt listing.
CICC, JP Morgan and UBS are joint
bookrunners.
› QINGDAO HAIER BIOMEDICAL FILES IPO
QINGDAO HAIER BIOMEDICAL, the medical device
unit of Haier Corporation, has filed to the
Stock Exchange of Hong Kong for an IPO.
It is unclear how much the company
is looking to raise, but a banker who has
pitched for the transaction said the deal
might be around US$100m–$200m.
Founded in 2005, the company
designs, manufactures and markets
laboratory equipment for commercial
use. Its signature product, a biomedical
refrigerator, is designed to enable scientific
researchers to keep vaccines, blood samples
and related life-science specimens to
perform research projects and to produce
pharmaceutical products.
Haier Biomedical is 40% held by a
financial holding platform of Haier
Corporation, 30% by US private equity
company Carlyle and 8% by healthcare
investment firm Vivo Group.
It is also 22% owned by Shanghai-listed
Qingdao Haier.
Haier Biomedical posted a half-year
profit of Rmb46m for the period ended
June 30, down from Rmb69m a year ago. It
had yearly profits of Rmb74m in 2017 and
Rmb122m in 2016.
ABC International is the sole sponsor of the
float.› INNOVENT IPO NEAR TOP OF RANGEChinese biopharmaceutical company
INNOVENT BIOLOGICS has raised HK$3.3bn
(US$421m) from its Hong Kong IPO after
pricing it near the top of the indicative
price range, according to people close to
the deal.
The company sold 236m primary shares,
or 21% of the enlarged share capital, at
HK$13.98, versus the HK$12.50–$14.00
range.
The final price values the company at
about US$2bn.
Despite the weaknesses of other biotech
IPOs and recent volatile market conditions,
Innovent drew strong demand for the
float. The books, excluding the cornerstone
tranche, were more than 10x covered, said
the people.
Innovent secured 10 cornerstone
investors for a total of US$245m.
There is an overallotment option of 15%
of the base deal.
The shares are due to list on October 31.
China Merchants Securities, Goldman Sachs,
JP Morgan and Morgan Stanley are joint
sponsors for the IPO.› TWO BIOTECHS PLAN IPOTwo Chinese biotech companies, ALPHAMAB
and ZESHENG TECHNOLOGY, are planning to list
in Hong Kong in 2019.
Alphamab has started working with banks
on a float which could raise about US$200m,
according to people close to the deal.
Established in 2009, it has a pipeline of
over 20 biologics programmes in oncology
and several other areas.
Meanwhile, the board of Zesheng
Technology has approved a plan to list
in Hong Kong. The company is already
listed on National Equities Exchange and
Quotations, China’s third board, an over-
the-counter market.
It plans to sell 78m shares, or up to 30%
of its enlarged share capital, according to
an announcement. A total of 89.7m shares
will be sold if a 15% greenshoe is fully
exercised.› TUANCHE FILES FOR US IPOTUANCHE, which operates an automotive
marketplace in China, has filed a US$150m
Nasdaq IPO on a best effort basis.
AMTD Tiger and Maxim Group are the joint
bookrunners.
Based in Beijing, TuanChe posted a net
loss of Rmb21m for the first half of 2018,
compared to a net loss of Rmb58m over the
same period of 2017.
The company intends to use the proceeds
for the development and expansion of
business, strengthening information
technologies and data analytics capabilities,
and general corporate purposes.› HANERGY TO RELIST IN CHINAHanergy Mobile Energy Holding Group,
parent of HANERGY THIN FILM POWER GROUP,
plans to take private the Hong Kong-listed
subsidiary and relist it in China, according
to a statement on the parent’s website.
Hanergy Thin Film Power, whose shares
have been halted from trading for more
than three years, had a market capitalisation
of HK$163bn before suspension. Hanergy
Mobile Energy is proposing to take the
company private at HK$5 per share, versus
the last close of HK$3.91.
Hanergy Mobile Energy said it had sent
the buyout suggestion to the subsidiary on
October 12 and the board of the listco hadFor information on how you can use favourable IFR Asia articles to reinforce your sales message.
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