BRIEF: China gives nod for Smart Logistics Global’s Nasdaq IPO
Business-to-business logistics company Smart Logistics Global Ltd.’s plan to list in the U.S. was formally registered by China’s securities regulator, paving the way for its Nasdaq IPO. According to the registration notice by the China Securities Regulatory Commission (CSRC) dated April 15, Smart Logistics Global plans to sell 1.15 million shares in the IPO.
Smart Logistics Global made its first public filing with the U.S. Securities and Exchange Commission (SEC) last October. In an updated filing in December, it said it planned to sell 1 million shares for between $5 and $6 each.
The company reported 299 million yuan ($41 million) in revenue in the first half of last year, down 12% from 341 million yuan in the year-ago period. Its net income over that time fell to 1.28 million yuan from 12.1 million yuan a year earlier.
By Doug Young
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