＜IPO＞CHENQI TECH (09680.HK) IPO Starts Tdy, 1-lot Entry Fee $4,585.79

　　Mainland online rideshare service company CHENQI TECH (09680.HK) has announced the details of its IPO, proposing to offer 30.0048 million shares globally, with the Hong Kong public offering accounting for 10% and the international offering accounting for 90%. The offer price ranged from $34 to $45.4 per share. The entry fee for a board lot of 100 shares is $4,585.79.

　　The offer will start today (28 June) and close at noon next Friday (5 July), with the listing of shares expected on 10 July. The joint sponsors are CICC, Huatai International and ABCI.

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　　Four cornerstone investors, including Guangzhou Automobile Industry Group, Pony AI, DiDi Global's subsidiary Voyager, and WeRide, will subscribe for a total of US$102 million to US$105 million (HK$799 million to HK$820 million) in the company's shares.

　　Based on the median offer price of $39.7, the company's listing is expected to raise a net proceeds of approximately $1.107 billion. The proceeds will be used for R&D activities for autonomous driving and Robotaxi operation services; upgrading of travel service products and operational efficiency; expanding user base, increasing brand awareness and market share in the course of implementing geographic expansion strategy; establishing strategic partnerships in the travel industry value chain, investments and acquisitions; as well as for working capital and general corporate purposes.

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