Chinese medical products manufacturer Meihua International Medical Technologies conducted the first IPO of a Chinese company in seven months on the NASDAQ stock exchange under the ticker MHUA. RBC writes about it.
Details of the IPO
In the course of the transaction, the company valued its securities at the average price of the market range of $10, selling 3.6 million shares. The market value of Meihua thus amounted to $236 million.
Scandal with DiDi
In its U.S. debut, Didi raised about $4.4 billion after selling shares at $14 apiece, the largest IPO by a Chinese company since Alibaba Group Holding Ltd. listed. in 2014.
Didi’s shares briefly topped $18 in early trading before the regulator, the Cyberspace Administration of China, came under fire when it launched a security review of the company’s data 2 days later on July 2. The service was blocked from adding new users, and then mobile app store operators in China were ordered to disable the Didi app.
The crackdown intensified on July 9, when another 25 Didi mobile apps, including those used by drivers, were removed from app stores by order of the authorities, threatening to severely damage the company’s operations.
In early July, China also said it would tighten rules for companies selling their shares overseas, expressing displeasure with the recent listing of Didi and a number of other companies.
The company has also been hit by numerous lawsuits from US law firms representing Didi shareholders who lost money, brought against both Didi itself and its IPO underwriters and board of directors. continued the implementation of her plans, for which she immediately paid.
