• Shenzhen News (Shenzhen)—Shenzhen-based fintech Linklogis is looking to raise HK$8.28 billion ($1.1 billion) from an initial public offering in Hong Kong. Linklogis provides tech solutions for supply chain financing in China. The company is backed by Tencent and Standard Chartered Bank, and Singapore sovereign wealth fund GIC.

    Linklogis is selling 452.9 million shares at HK$16.28 to HK$18.28 ($2.10 to $2.35) apiece, Bloomberg reports. The company plans to price the offering on 31 March, and then list on the exchange on 9 April.

    According to the filing to the Hong Kong stock exchange on Friday, the share sale attracts six cornerstone investors agreeing to subscribe a total of $365 million in stock. BlackRock Inc and Fidelity will each buy $100 million in shares. Janus Henderson Funds, the Ontario Teachers’ Pension Plan Board, and Sequoia Capital China will each buy $50 million, while Singapore’s EDB Investments will buy $15 million.

    Goldman Sachs Group In. and China International Capital Corp are joint sponsors of the deal.

  • Vaping firm RELX raises $1.4 billion in IPO


    Shenzhen News (Shenzhen)—Shenzhen e-cigarette maker RELX Technology Inc. has raised $1.4 billion in a US initial public offering, giving the company a market value of about $46 billion.

    The company, backed by Sequoia Capital China, sold 116.5 million shares for $12 apiece in its trading debut. Citigroup Inc and China Renaissance Holdings Ltd led the IPO that saw the share price jump 146%.

    RELX, founded in 2018, is China’s largest e-cigarette maker with 62.6% of the country’s market. The vaping industry has boomed in China despite increased regulations amid concerns about its potential health effects. Online sales of e-cigarettes is banned in China.

    The country is the world’s largest potential vaping market, with an estimated 286.7 million adult smokers in 2019. Despite this, vaping products have a 1.2% market penetration rate, compared to 32.4% in the US.

    Another Shenzhen-based e-cigarette company, Smoore International Holdings Ltd, listed in Hong Kong last year and has gained over 500% from its offer price.