China's steel trading firm listed in ASX
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A leading Chinese steel trading firm managed to get listed in Australian Securities Exchange (ASX) on Thursday, as the market opened the trading day at 11 a.m. of Sydney local time.
Rongtai International Group Holdings Limited aimed to issue 15 million ordinary shares at an offer price of 0.20 Australian dollars (0.203 U.S. dollars), to raise a total of 3 million Australian dollars (3.04 million U.S. dollars), with the ability to raise an additional 7 million Australian dollars (7.13 million U.S. dollars) in oversubscription.
As a leading steel trading company in China, Rongtai International works to source and purchase raw materials and steel products from within China and overseas, offer solutions of transportation, warehouse and processing facilities and manage logistics and delivery of the final product to the customers.
According to Lin Jie, executive chairman and Managing Director of Rongtai, the entire process is achieved via the e-commerce trading platform, namely China United Steel ( CUSTEEL).
The trading platform is one of the largest business-to-business (B2B) steel trading platforms in China, which boosts 230,000 members and provides customers an efficient, easy and convenient method of purchasing commodities whilst creating greater global exposure.
Lin said:" Listing on the ASX will provide Rongtai with an alternative source of capital, so that Rongtai can make expansion and better utilize Australian resources to secure the supply of raw materials."
He said the listing also provided opportunities to investors who wish to share the promising growth of the company.
Lin also noted the success of the IPO made Rongtai the first Chinese B2B operator listed in ASX.
