Fuxing China to seek secondary Nasdaq listing

U.S. one-dollar and five-dollar currency notes; taken September 2018.

Fuxing China said Friday it intends to seek a secondary listing of its shares on the U.S.-based Nasdaq market, and it has appointed professionals to begin preparatory work.

In addition, Fuxing said it planned to place new shares as part of its Nasdaq listing plan.

The potential Nasdaq listing will be advantageous as it will provide additional capital for future growth and expansion plans, the Singapore-listed zipper-maker said in a filing to SGX.

The move will “provide the company with an alternative market to raise capital and the opportunity to gain access to more institutional and retail investors; and further raise and enhance the Company’s profile internationally, and thereby potentially increase the company’s long-term visibility and enhance its reputation among investors, suppliers and customers,” Fuxing China said.

The board had earlier commissioned a feasibility study for pursuing the listing, the filing said, noting the company would still need to meet other listing requirements, including for liquidity, minimum share price and sufficient spreads prior to the listing.

Fuxing noted the potential Nasdaq listing would require extensive preparatory work which would require an uncertain amount of time, and the listing would also be subject to approvals of authorities and shareholders.