Two Chinese companies making initial public offerings (IPOs) on the Nasdaq raised significantly less than their original targets, becoming the latest Chinese listings to downsize their goals amid cooling investor sentiment.
36Kr Holdings, a Beijing-based news and data provider, raised $20 million on its Friday debut and finished down 10%. This comes after the company already slashed the size of its offering to 1.4 million American depositary shares (ADSs) from 3.6 million ADSs at $14.50 apiece, the low end of its indicative price range. It initially aimed to raise $100 million, according to the company’s prospectus filed with the U.S. Securities and Exchange Commission in September.
On the same day, health and wellness products retailer Ecmoho raised $44 million by offering 4.4 million ADSs at $10 apiece, the low end of its range. The company initially sought to raise $150 million, according to its September filing. Shares of Ecmoho rose 1% on Friday.
Read the full story on Caixin Global later today.
Contact reporter Tang Ziyi (firstname.lastname@example.org)