Jiuding-backed Sino Great Wall lists in Shenzhen via reverse merger

According to a regulatory filing, Sino Great Wall will inject assets worth RMB3 billion ($490 billion) into Victor Onward in exchange for new shares in the Shanghai-listed firm. The listed company will subscribe 252 million shares at RMB9.84 apiece from Sino Great Wall's existing shareholders. Separately, Sino Great Wall's founder and an asset management firm will invest RMB610 million in the new entity.

JD Capital, formerly Jiuding Capital, invested about RMB100 million in Sino Great Wall across two rounds of funding last year.

Sino Great Wall designs and builds hotel and office buildings. It posted a revenue of RMB2 billion for 2013, slightly up from RMB1.9 billion in 2012 and RMB1.3 billion in 2011. Net profit for the year rose to RMB110 million from RMB96 million in 2012 and RMB61 million in 2011.

Shenzhen-based Victor Textile Industrial manufactures printed and dyed woven fabrics.

With China IPOs still stuttering, a number of private equity investors in need of an exit have opted to take portfolio companies public through back-door listings. Beijing Digital Horizon Technology, a Chinese mobile social networking service (SNS) provider backed by Infinity Group and other VC investors, and CDH Investments' Greenland Holdings, completed reverse mergers earlier this year.

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• Topics
• Greater China
• Exits
• Renminbi fund
• China
• JD Capital
• Renminbi
• Exit
• IPO