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Chinese company Qilian International files for U.S. IPO

//english.dbw.cn  Author:  Source:xinhua  Editor:Yang Fan  2019-11-06 09:37:26

Qilian International Holding, a Chinese producer of traditional medicine, chemicals, and fertilizers, filed for an initial public offering (IPO) on the U.S. stock market on Monday.

The company plans to list on the New York Stock Exchange under the ticker symbol "QLI," according to its prospectus filed with the U.S. Securities and Exchange Commission.

It intends to raise about 24 million U.S. dollars by offering 4 million shares at a price range of 5 to 7 dollars, showed the filing.

The company, based in Jiuquan, northwest China's Gansu Province, said the proceeds of this offering will be mainly used for increasing production capacities, marketing purposes as well as acquiring upstream and downstream companies manufacturing traditional Chinese medicine pieces.

The number of Chinese firms listed on the U.S. exchanges has increased in recent years, as more companies mull going public driven by the country's fast economic development.

A total of 43 Chinese companies were newly listed in the U.S. market last year, up from 24 in 2017 and 10 in 2016, according to financial data provider Wind.

As of Friday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 2,943.09, marking a 1.67-percent increase for the month-to-date returns and a 28.45-percent gain for the year-to-date returns.