Changxin Technology has released the preliminary offline allotment results and online ballot results for its initial public offering on Shanghai’s STAR Market, according to an announcement cited by Odaily. The company said payment and allocation for the strategic placement portion of the deal have been completed, and all investors participating in that tranche fulfilled their commitments.
The initial strategic placement amounted to 334,404.4304 million shares, representing 50.00% of the initial offering size and about 43.48% of the total shares to be issued assuming the greenshoe is fully exercised. Funds committed by strategic investors were transferred in full within the required time frame to a bank account designated by CICC.
After the strategic placement clawback and before the online-offline callback mechanism was triggered, the initial online issuance stood at 334,900.1000 million shares after the over-allotment option was activated, accounting for about 55.59% of the issuance after deducting the final strategic placement. The online lottery produced 7,702,207 winning numbers, with each number eligible to subscribe for 500 A shares. In the offline tranche, 285 investors managing 10,907 valid quoted placement accounts submitted orders, and Class A investors accounted for 87.09% of valid offline subscriptions.
Odaily reported, citing a Shanghai Stock Exchange announcement, that Changxin Technology disclosed the preliminary offline placement results and online lottery results for its initial public offering and listing on the STAR Market.
The company said payment and allocation work for the strategic placement portion of the offering has been completed. All investors that joined the strategic placement participated in line with their commitments. The initial strategic placement totaled 334,404.4304 million shares, equal to 50.00% of the initial offering size and about 43.48% of the total shares to be issued if the over-allotment option is fully exercised. The subscription funds committed by strategic investors were remitted in full within the required period to the bank account designated by CICC.
After the strategic placement clawback and before the online-offline callback mechanism was activated, the initial online issuance reached 334,900.1000 million shares once the over-allotment option was put in place. That figure accounted for about 55.59% of the offering after deducting the final strategic placement and assuming the over-allotment option is exercised.
The online ballot results showed 7,702,207 winning numbers. Each winning number can subscribe to 500 Changxin Technology A shares.
On the offline side, 285 offline investors managing 10,907 valid quoted placement accounts all submitted subscriptions in accordance with the issuance announcement. Total valid offline subscription volume came to 123,822,210 million shares. Of that total, Class A investors subscribed for 107,837,530 million shares, representing 87.09% of valid offline subscriptions, while Class B investors subscribed for 15,984,680 million shares, accounting for 12.91%.
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