Chinese medical device manufacturer Meihua International Medical Technologies became the first China-based firm to list in the US since the ill-fated Didi Global IPO in July, reports Bloomberg. Meihua sold 3.6 million shares, fewer than it had originally proposed, for $10 each on Wednesday to raise $36 million, according to a statement. It had marketed as many as 5 million shares for $9 to $11.
At the IPO price, Meihua would have a market value of $236 million based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. A successful share sale by the medical device maker would break the impasse for Chinese companies seeking to go public in the US.
Ride-hailing service Didi—over the objections of regulators in China—raised $4.44 billion in an IPO in June. Regulators in China announced a cybersecurity probe into the firm and banned it from adding new customers, marking the beginning of a broader crackdown that wiped more than $1 trillion in value from US-listed Chinese stocks. Since then, Beijing unveiled sweeping new rules tightening scrutiny over firms listing abroad in an attempt to prevent the leakage of sensitive data.