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Zhejiang Xinxing Tools' IPO Retail Demand Triggers Clawback

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Zhejiang Xinxing Tools (SHE:301677) reallocated part of its publicly offered shares after the clawback mechanism was activated due to online subscription exceeding the threshold of 100 times, according to a Friday filing with the Shenzhen bourse.

The online subscription multiple reached 11,662.5 times, prompting the underwriters to transfer 20%, or 4.5 million shares, from the offline offering to the online offering.

Following the reallocation, the final offline offering size is 11.7 million shares, or 51.8% of the total IPO, while the online offering size is 10.9 million shares, or 48.2%.

The cutting tools manufacturer sold a total of 25 million shares at 33.58 yuan apiece in the IPO, generating gross proceeds of 839.5 million yuan.

It will start trading on the ChiNext board on Thursday, July 30.

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