China's Energy Monster jumps in U.S. debut

Smart Share Global

01/04/2021 17:56

** American Depositary Shares (ADSs) of China's Energy
Monster, which filed its paperwork under the name "Smart Share
Global Ltd"  EM.O  open 17.6% above their offer price
    ** Stock opens at $10/ADS, up from the IPO price of
$8.50/ADS  urn:newsml:reuters.com:*:nL1N2LU1MD
    ** EM was trading in line with its IPO price at 12:51 p.m.
eastern time
    ** Co sold about 17.65 mln ADSs for a raise of $150 mln
    ** EM's offering comes as concerns have mounted over the
future of Chinese cos listed in the U.S., as the SEC decided it
would implement laws that would require foreign cos to delist if
they do not meet U.S. auditing standards
    ** Goldman Sachs, Citigroup and China Renaissance were among
the underwriters for the offering

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com))