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Posted by / 01-Sep-2019 07:57

In April, a spate of China-based companies made plans to join the wave of VC-backed IPOs in New York.

Unfortunately, none has found stellar success in the past month.

“However, investors will likely be interested in it...because of the extraordinary growth in its business and its profitability.” Since it was launched in 2012, Futu has grown its user base to 5.3 million and boasts more than 457,000 registered clients, defined as users who have opened trading accounts, and more than 124,000 paying clients, defined as clients with assets in their trading accounts.

The company allows mainland China investors to trade stocks in Hong Kong and the U. Don’t miss: Moderna: 5 things to know about the largest biotech to IPO Also: Beyond Meat is going public: 5 things to know about the plant-based meat maker In the first six months of 2018, the company brokered HK8.2 billion in client trades, according to its prospectus.

This may be due to its perceived profitability or its uncommon niche, which involves the company providing an online platform to learn about plastic surgery procedures and book appointments for such services.

Thanks to its stock performance and profitability, So-Young appears to be the early winner from April's VC-backed Chinese IPO race.

The Shenzhen Composite fell 33%, and the Hang Seng declined about 14%.

Although it dodged legal issues surrounding its structure, potential governmental designation as a pyramid scheme remains a threat, as declared in its F-1 document.

While Pitch Book covered Luckin Coffee's performance in our Sunday newsletter, let's look at the other three companies originally reported in April: Of the four companies initially reported, So-Young, which saw its New York premier May 2, was the only one that claimed profitability, banking million in net profit in 2018.

With an IPO price range between .80 and .80, the company priced at the high end and, unlike Luckin Coffee, managed to maintain a premium stock price at .56 as of Wednesday's close.

Futu Holdings Ltd., a Hong Kong–based online brokerage that is backed by Chinese internet giant Tencent Holdings Ltd., has become the first big Asian initial public offerings of 2019.

The company priced the deal late Thursday at a share, the top end of its to range.

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Coincidentally, on its originally anticipated debut date, Chinese media outlet IPOzaozhidao reported Douyu had confirmed a debut scheduled for May 23.

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