Published 28th July, 2015
Despite slumping markets, China has approved the independent lubes producer's IPO
Set for launch Image: Copton |
Qingdao Copton Technology, a car lubricants maker, has gained approval from the China Securities Regulatory Commission to launch an initial public offering on the Shanghai Composite Index.
The IPO is geared towards funding a new R&D centre for the aspiring independent, amongst other things.
However, despite domestic listings typically being completed within one month of approval, it is likely that unstable markets will lengthen the timescale of Copton’s introduction.
Qingdao Copton Technology Co Ltd has registered capital of 75m yuan ($12m total assets above 400m yuan ($64m with more than 300 employees. It plans to offer a maximum of 25m A shares and raise 324m yuan ($52m) for a 40,000 ton expansion.