Dacheng Advises Suchuan Goldstone Orient New Material Equipment Co, Ltd. on SZSE IPO
On April 24, Sichuan Goldstone Orient New Material Equipment Co, Ltd.(“Goldstone Orient”) had an IPO on Shenzhen Stock Exchange. The company was advised by Dacheng.
The Dacheng team was retained by Goldstone Orient in 2011 to advise it on IPO matters. After nearly five years of close co-operation, the company was finally given approved from CSRC on its SZSE IPO. The expertise and quality legal services Dacheng has rendered was recognized by the issuer and other intermediaries. The team was led by senior partner Zhang Gang and included attorneys Wang Na, Zhao Hongwei, Tian Yu and Zhang Yanglei.
Goldstone Orient is a high-tech R&D enterprise primarily engaged in the research, manufacture and sale of new-type composite plastic pipe production line equipment and applied technologies. Other than supplying equipment for the production of existing products, the company first focuses on the development of new products. After fully analyzing the new products’ potential economic profits, craftsmanship and feasibility for patent protection, it then develops methods for industrial production and provides clients with complete sets of equipment and technologies for large-scale production.
Goldstone Orient offered 17,000,000 shares at the price of RMB10.57. They were oversubscribed by 229 times, and the success rate of online subscription was only 0.44%. Fund raised from the IPO would be used for packaged technology and manufacturing equipment industrialization project for reinforced plastic composite pipes for steel mesh skeleton, new-type composite pipe R&D and experiment base construction, and packaged technology and manufacturing equipment industrialization project for steel reinforced polyethylene corrugated pipe. These projects would enhance the leading position of Goldstone Orient in the steel reinforced plastic composite pipe technology and manufacturing equipment industrialization sector and improve its global competitiveness.
