VANOV HOLDINGS (02260.HK) listed on its first day, its share price opened 4.1% higher at 1.27 yuan. in the early stage, the increase expanded to 21%. It closed down 1.23 yuan for the whole day, 1.22 yuan lower than the listing price, up only 1 cent or 0.8%, and 96.972 million shares were traded, involving an investment of 128 million yuan.
Huanlong is a manufacturer of papermaking blankets in the mainland. A total of 114.2 million shares have been sold in Hong Kong, and Gong Zhaohui, management director of Fuhui Innovation Venture Capital, and Chen Xiong, chairman of Guangdong Kelun Pharmaceutical Co., Ltd., have been introduced as cornerstone investors to subscribe for a total of 32.784 million shares. The 10% public offering is about 12.7 times oversubscribed, with a successful subscription rate of 15%. The shares are priced at the lower end of the IPO range (1.22-1.44 yuan). The net fund raised is expected to be about 92.8 million yuan, of which 40% will be used to purchase machinery. to upgrade the Shanghai production base and Chengdu production base for the second phase of the capacity expansion plan; 20% is used to strengthen the group's R & D capacity, and about 10% and 20% are used to seek strategic acquisitions and debt repayment, respectively. 10% is used for working capital and other general enterprise purposes. The exclusive sponsor for listing is Min Bank Capital.