SHENZHEN, China, June 3, 2019 /PRNewswire-PRWeb/ -- Huixinjia, a Chinese investment firm that uses advanced artificial intelligence technology to manage its assets and investment strategy, announced its US IPO date on Monday.
The Shenzhen, China-based company plans to raise $700 million by offering 200 million shares at a price of $3.50 according to Chinese reports, which also stated that massive interest in China could drive Huixinjia's share price beyond the top of its intended price range. At this proposed IPO price, Huixinjia would command a market value of $7 billion.
Huixinjia was founded in 2016 and has reported $400 million in earnings for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol HXJ. It is expected to go public during the week of November 6, 2019.
The firm has expressed its intention to use any capital raised to bolster its operations, upgrade its technological base and expand its fulfilment centres. The firm is reportedly expecting for a valuation of $7–10 billion.
"As a leading investment firm in China, we have pioneered a unique, artificial intelligence-based investment model that leverages the power of new age technologies to offer high-quality investments at attractive returns," the company's official statement revealed.
The company's latest reports showed profits of $400 million with the bulk coming from investment returns.
Huixinjia's projected IPO valuation would represent a major win for China in its race to overtake the US in becoming world leaders in AI technology.
A number of Chinese firms are seeking to list overseas, wth over 40 IPOs from China which are coming to the U.S. this year. Other notable names, including Futu and Up Fintech, join Yunji and So-Young to amount to 12 Asia-Pacific companies that have listed on the Nasdaq so far this year. In total, those firms have raised $777 million at their debuts — that compares to the $9.6 billion raised by a total of 53 global IPOs on the Nasdaq as of May 3.
SOURCE Huixinjia
Share this article