The first stock to be listed on the new stock market for small- and medium-sized enterprises (SMEs) started initial public offering in Shenzhen on 2 June 2004.
Zhejiang NHU Co., Ltd, a medium-sized chemical company engaged in pharmaceuticals, additives and essences, offered 30 million shares in its initial public offering (IPO) to investors in the secondary market.
As the subscription was over the defined offering volume, the holdings were scaled down and subscribers had to win an allotment for the IPO. The lot-winning rate was 0.0423780721%.
The small- and medium-sized stock market started operation on May 27 and five companies planned to go public on the market and published their prospectuses. According to these, each will offer no more than 30 million shares in IPOs and their total capital stock will be no more 100 million yuan (US$12 million) respectively.
Source: Asia Intelligence Wire
