China Jinjiang Environment Holding Company Ltd (“Jinjiang Environment” or “Company”) is successfully listed on the Singapore Stock Exchange (SGX) today (3rd Aug 2016). This is the first equity IPO of a Chinese enterprise in Singapore since early 2011. The offering price is S$0.90 per share, and offering size is 205 million shares, representing S$184 million fund raised. China International Capital Corporation Limited (“CICC”) is the sole Issue Manager, Global Coordinator, Bookrunner and Underwriter, exclusively in charge of the whole listing process.

Jinjiang Environment is the first-mover and market leader in China's Waste-To-Energy (WTE) industry. In 1998, Jinjiang Environment completed its first Circulating Fluidized Bed (CFB) WTE facility, the first enterprise in the PRC to successfully develop CFB technology for WTE and industrialize it. The Company is now the largest independent WTE operator in terms of treatment capacity. As of June 2016, its daily waste treatment capacity in operation was 22,830 tons/day and total daily waste treatment capacity would reach 44,000 tons/day if capacity under construction, undergoing expansion, in the preparatory stage and to be acquired are taken into account. The WTE plants in operation spread across 12 provinces, autonomous regions and municipalities, representing the most extensive footprints of any WTE operator in China. For FY2015, the Company achieved revenue of RMB 1.59 billion and net profit of RMB 406 million. 

This IPO set a number of new records in Singapore capital market, drawing wide attention and exerting significant influence. Jinjiang Environment is the first Waste-to-Energy enterprise listed in Singapore, and the first equity IPO of a Chinese enterprise in Singapore since early 2011. The market cap immediately after listing is close to S$1.1 billion (equivalent to US$800 million), which is the largest equity IPO in Singapore for the past 2 years. Furthermore, this is the first IPO in Singapore where a Chinese investment bank is the sole Issue Manager, Global Coordinator, Bookrunner and Underwriter. CICC is the only Chinese investment bank with such experience. This re-enforces CICC’s dominant leading position among Chinese investment banks in executing IPOs in Singapore.

The IPO of Jinjiang Environment was successfully completed after surmounting a number of challenges. Brexit in end June caused huge turbulence for the global market. Investor sentiment was severely impacted, and investors became pessimistic, cautious in or even refrained from participating in recent IPOs. In such an uncertain market condition, Jinjiang Environment decided to go ahead with the original IPO timeline. CICC fully supported the Company, actively mobilized our resources across the entire sales network in China and overseas and coordinated efforts among various departments to assist the Company in achieving successful listing and multi-times subscription for international placement. CICC also brought in many internationally renowned investors such as Temasek, Great Eastern and HOPU Investment. During the Public Offer, the IPO is overwhelmingly welcomed by Singapore public as well.

CICC is the only Chinese investment bank with such an experience of solely executing an IPO in Singapore, which fully exhibits CICC’s international business development ability and professional competency. The successfully listing of Jinjiang Environment is a milestone of CICC in executing transaction in overseas capital market especially in Singapore and Southeast Asia, therefore further enhances CICC’s influence in the global capital market.