CITIC-backed China National Gold Group looks to raise $139m in Shanghai IPO
Photo: Lauren Richmond / Unsplash
January 27, 2021
China National Gold Group Gold Jewellery Co.,Ltd, a subsidiary of state-owned China Gold Group, has filed a prospectus with The Stock Exchange of Shanghai looking to raise 898 million yuan ($139 million) in an initial public offering (IPO).
The company, which kicked off its subscription exercise on Wednesday, plans to offer up to 180 million common shares at a price of 4.99 yuan ($0.77) apiece.
State-backed CITIC Group’s brokerage unit CITIC Securities is the principal underwriter for the deal. CITIC Securities is also an investor as it had teamed up with JD.com, Yuexiu Financial Holdings’ industrial fund, Industrial Bank’s Industrial Asset Management, and others to make an undisclosed strategic investment in the company in 2017.
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