Chinese industrial firms Kueruisi and Likhun Resources advance IPO registrations

Two Chinese industrial companies have received approval to advance their initial public offerings (IPOs) on domestic stock exchanges.

Guangdong Kueruisi CNC Technology Co., Ltd. has had its registration for an IPO on the Science and Technology Innovation Board (Star Market) take effect. The company, a specialist in direct-drive CNC machine tools, plans to issue up to 17.1286 million A-shares to raise approximately 719 million yuan. The funds are earmarked for manufacturing bases, intelligent CNC system R&D, and liquidity. While the company has reported rapid revenue and profit growth, its accounts receivable turnover rate has shown a declining trend.

Ningbo Likhun Resources Technology Co., Ltd. has received approval from the CSRC for an IPO on the Shenzhen Stock Exchange main board. Already listed in Hong Kong, the company aims to use the A-share market to expand its nickel industry footprint. The planned offering of up to 305.126 million shares is expected to raise approximately 4.04 billion yuan. These funds will support two major projects: a slag resource utilization demonstration project and an MHP refining project located in the Indonesia Obi Industrial Park to produce nickel and cobalt products for the battery and alloy sectors.