BRIEF: Xinxu Copper gets China’s approval for Nasdaq IPO
China’s securities regulator on Tuesday approved the planned Nasdaq IPO by Xinxu Copper Industry Technology Ltd., according to a statement on the China Securities Regulatory Commission’s (CSRC) website saying the company completed its registration. Xinxu Copper plans to sell up to 3.45 million shares in the IPO, according to the statement.
The company made its first confidential filings for a Nasdaq listing as early as 2021, and made its first public filing in April last year, according to the U.S. securities regulator. Most recently, it filed an updated prospectus last August saying it aimed to raise $15 million in the IPO.
Xinxu manufactures and sells copper and copper alloy products, including copper bars, copper rods and electrolytic copper. The company reported revenue of $49.3 million in the six months to December 2023, the first half of its fiscal year, down by more than half from $107.7 million in the year-ago period. It reported a loss of $301,000 in the six months to December 2023, reversing a $520,000 profit a year earlier.
By Doug Young
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