Beijing-headquartered and Cayman Islands-registered e-scooter manufacturer Segway-Ninebot is raising RMB 2.08 billion (USD 298 million) in its initial public offering of 704 million Chinese Depository Receipts (CDRs) on the Star Market of the Shanghai Stock Exchange, according to a filing on Tuesday.
Segway-Ninebot applied for an IPO as early as April 17, 2019, was cleared by the listing committee on June 15, and registered its prospectus on Tuesday. It’s the first company to issue CDRs on the Star market.
Founded in 2012, Segway has been selling its self-balancing scooters to clients such as Xiaomi, Uber, JD.com, and Amazon. In 2015, Ninebot acquired the American firm and attracted investors including Xiaomi, Sequoia Capital, and Shunwei Capital, according to the prospectus.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.