Chinese shoe manufacturer Topscore readies for 686m yuan IPO
The Chinese footwear manufacturer and wholesaler, Topscore Fashion Shoes, is preparing itself for an Initial Public Offering at the Shanghai Stock Exchange, after it became one of the first companies in China to receive approval to float under a new bidding system.
The Guangzhou-based company set its IPO price at 9.30 yuan ($1.49) per share, and is expected to launch its Initial Public Offering in February. In total, it aims to raise 686 million yuan, or $104 million at current exchange rates.
According to Bloomberg, the China Securities Regulatory Commission announced on 20th January that seven companies would pioneer the new bidding rule, which centres around a new registration system that makes listings easier. Upfront payments are no longer needed, giving companies more power to determine pricing.
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