Niu Dian Technology will issue 8.3 million copies of ADS in the U.S. IPO, with prices ranging from $10.50 to $12.50, according to the latest prospectus of Niu Dian Technology.
Earlier, on September 25, Beijing time, Niu Electric Technology, a calf electric vehicle company, submitted a prospectus to the SEC, planning to raise up to $150 million in an IPO to be listed on Nasdaq under the stock code "NIU". Its price range, circulation and other information have not been disclosed. Credit Suisse and Citigroup will be co lead underwriters, Needham & and Company as associate underwriters.
Niu technology disclosed the shareholding of executives and major shareholders in the prospectus. Among the board members and executives of the company, Li Hongwei, the company's director, holds the highest share of 11.2%; among institutional shareholders, the largest shareholder is Glory Achievement Fund Limited, a trust-controlled entity benefiting 43.8% from Li Yinan, founder of Maverick Electric.
According to the prospectus, the company had revenue of 557.079 billion yuan ($84.18 million) and a net loss of 314.87 billion yuan ($47.58.4 million) in the six months to June 30, 2017, with revenue of 769.36 billion yuan ($116.27 million) and a net loss of 1846.36 billion yuan ($18.68 million). (about 27.9 billion US dollars); revenue of 354.81 billion yuan in 2016, net loss of 232.72 billion yuan.
Waonews is a news media from China, with hundreds of translations, rolling updates China News, hoping to get the likes of foreign netizens