QuantumCTek, a China-based quantum technology developer backed by conglomerate Legend Holdings, is seeking $102m in an initial public offering on the Shanghai Stock Exchange’s Star Market, DealStreetAsia reported yesterday.
The company plans to issue 20 million shares priced at up to $5.12 each, having set a $42.8m target when it first revealed plans to go public in November 2019.
Founded in 2009, QuantumCTek is working on quantum cryptography technologies for use in areas such as telecommunications infrastructure, financial services, big data and enterprise networks.
The company advances research led by Pan Jianwei at University of Science and Technology of China. Proceeds from the offering will go toward development of a quantum technology-enabled communication device and the establishment of a research centre.
QuantumCTek has not disclosed how much venture funding it has raised. Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, joined Guoyuan Capital to invest an undisclosed amount in the company in 2016.
University of Science and Technology of China’s USTC Holdings subsidiary had taken part in a 2014 angel round for QuantumCTek before Cash Holdings and Orient Capital contributed to a series A round of undisclosed size.
USTC Holdings currently holds an 18% stake in QuantumCTek that is set to be diluted to 13.5% in the IPO, while Pan Jianwei will come out with 8.3%, Cash Holdings 5.7%, Runfeng Investment 5% and Hefei Kunteng 4.3%. Guoyuan Securities is lead underwriter for the offering.
The original version of this article appeared on our sister site, Global University Venturing.