Chinese e-commerce service platform WeTrade has filed for mixed shelf offering of up to $300 million. Separately, industrial 3D printer maker UnionTech has notched 200 million yuan ($28.8 million) in a pre-IPO round while medical device maker JoyMed Technology bagged funding in a Series B+ round.
WeTrade files for mixed shelf offering of up to $300m
WeTrade Group, a membership-based platform for e-commerce services in China, on Friday filed a mixed shelf offering of up to $300 million as the firm seeks to ramp up its working capital, per a stock exchange filing.
The news comes two weeks after Chinese and US regulators reached an agreement in late August, enabling American auditors to inspect and investigate China and Hong Kong-based accounting firms that could potentially prevent the delisting of hundreds of Chinese firms listed on the US bourses, per Reuters.
The Beijing-based firm also cited local regulatory uncertainty as one of its risk factors in its stock filing.
“We are currently not required to obtain approval from Chinese authorities to issue securities to foreign investors; however, if our subsidiaries or the holding company were required to obtain approval in the future and were denied permission from Chinese authorities to list on US exchanges, we will not be able to continue listing on US exchanges, which would materially affect the interest of the investors,” said the firm in the filing.
Founded in 2019, WeTrade offers technical services and solutions through its membership-based social e-commerce platform and generates revenue from service fees charged for transactions.
UnionTech bags $29m in pre-IPO round
Industrial 3D printer maker UnionTech has notched 200 million yuan ($28.8 million) in a pre-IPO round, led by Goldstone Investment, the private investment subsidiary of Chinese investment bank CITIC Securities.
The firm plans to leverage its fresh capital on R&D, product line expansion as well as building a 3D printing platform and fostering the adoption of 3D printing, the firm said in a company announcement.
Founded in 2000, UnionTech offers various industrial 3D printing services covering R&D, manufacture and sales of stereolithography, or SLA 3D printing machines. With a 60% market share in China, the firm also claims to be the number one industrial 3D printer maker in the world by shipment volume, per the company website.
Last December, the firm snapped up 200 million yuan ($28.8 million) in a Series D round led by Dening Capital. With a business presence across China, Europe, North America, Asia Pacific and the Middle-East, the firm claims it has served over 3,000 corporate clients.
JoyMed Technology bags $14m Series B+ funding
JoyMed Technology, which offers R&D, manufacture and distribution of medical and laboratory devices, has received “over one hundred million yuan” ($14.4 million) in a Series B+ round led by a fund under CICC Capital, the private equity (PE) fund management platform of Hong Kong-listed investment bank CICC.
The fresh fund is set to help the firm level up the contract development and manufacturing of its medical devices as well as push its expansion plan outside China, per the company announcement.
The news comes almost three months after the firm secured “over one hundred million yuan” ($14.4 million) in a Series B round in mid-July, led by Legend Capital, a fund management arm of Chinese conglomerate Legend Holdings, and YuanBio Venture Capital, also known as bioVenture.
Founded in 2014, the firm offers medical device design-to-production services for medical device manufacturers, biopharmaceutical firms and clinical trial centres, with research centres located across Shanghai, Suzhou, Changsha, Nanchang, and Shenzhen.