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The concerns that Chinese e-scooter maker Ninebot has to face after listing
On October 29, Ninebot, a Beijing-based electric scooter manufacturer, went public on the STAR Market, whose IPO was priced at 18.94 yuan per share. The opening price of Ninebot on the first trading date was 33 yuan, nearly doubled the IPO price. The stock surged to 49.8 yuan at noon, making the market cap surpassed 3.5 billion yuan. What interesting is that the bell-ringing ceremony is completed by a robot.
Of course, there is nothing special for Ninebot. Because, since its filing was accepted on April 17, 2019, the company has created several "firsts" among CRE filers: the first red-chip firm with its registered office abroad, the first foreign-registered Chinese company with a variable-interest entity (VIE) structure to go public, the first company to issue Chinese Depositary Receipts (CDR) in China, but also the first red-chip listed company with A/B shares and employee options. Due to the company's uniqueness, it took 524 days for the company to complete the listing proceedings, the longest on record for STAR Market-listed companies.