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Chinese fund manager seeks to raise US$20M in US IPO

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Chinese fund manager seeks to raise US$20M in US IPO

China-based private-equity fund manager Cornerstone Management Inc. is seeking to raise US$20 million from its proposed IPO of 5 million shares on the NASDAQ Capital Market.

The company expects the IPO price will be US$4 per share, according to a Form F-1/A filed Nov. 30. The company has reserved the ticker symbol CSCA for listing. It has granted the underwriter, ViewTrade Securities Inc., an overallotment option to buy up to 15% of the total shares offered in the IPO, at the same price, within 45 days after the closing of the offering.

Cornerstone Management is a private equity fund manager in China. Currently, it focuses its investments primarily on China-based companies that are publicly listed or seeking to list in the United States.