Vange Software Group AG (ISIN: CH014955709) joined the Entry Standard of the Frankfurt Stock Exchange on 21 June. 103,275 new shares were placed in the IPO.
The issue price was €26.00 and the initial listing price €26.10. The issue volume was €2.7 million. The lead manager is VEM Aktienbank AG. Schnigge Wertpapierhandelsbank AG is acting as specialist. “The Entry Standard represents tailor-made access to the capital market forSMEs. It is the right choice for companies that want to position themselves more visibly within the Open Market and provide more information to the capital market,” said Barbara Georg, Head of Listing & Issuer Services at Deutsche Börse.
Yunjian Zheng, CEO and founder of the Vange Software Group said: “We have achieved our primary objective of a listing on a high-profile stock exchange. This will spur the further development of our company and further improve our market position. Our aim – with the help of the funds generated by the IPO – is to move from second place in the market to market leader.”
The company describes itself as a leading provider of software solutions for the Chinese housing finance industry. These financial institutions have a similar approach to the German home savings banks (Bausparkassen). Their existence is required by law in order to enable widespread access to low-cost property financing. They are part of the social welfare system in the People's Republic of China. The Housing Provident Funds (HPFs) are based on obligatory savings contributions by Chinese employees. There are currently around 700 HPFs in China, which have to process large quantities of data and conform to legal requirements.
To date 34 Chinese companies are listed on the Frankfurt Stock Exchange: Prime Standard 10, General Standard 1, Entry Standard 8, Open Market (FQB) 15.