BRIEF: ShanH Hong Kong IPO approved by China securities regulator
The China Securities Regulatory Commission (CSRC) gave the green light for a Hong Kong listing by ShanH Technology Ltd. by registering the electronics recycler’s application on its website on Tuesday. The CSRC said ShanH plans to issue up to 67.7 million shares in the Hong Kong IPO, according to the posting on its website.
All Chinese companies wishing to list overseas, including in Hong Kong, must officially register their IPO plans with the CSRC under a new regulatory framework launched last year.
ShanH filed its Hong Kong IPO application last month, but has not given details on how much money it plans to raise. Founded in 2016, the company facilitates trading of used smartphones and other consumer electronics using its Shanhuishou recycling system. It reported a loss of 40.1 million yuan ($5.7 million) in the first half of this year on revenue of 577 million yuan.
By Doug Young
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