On July 9, 2021, Shanghai Santeng Technology Co., Ltd.’s beneficial holding company, Sentage Holdings Inc. (Sentage Technology), successfully listed on the Nasdaq Exchange (“Nasdaq”) Capital Market in the United States under the ticker symbol “SNTG”.
Sentage Technology issued 4 million Series A ordinary shares at a price of $5 per share, raising $20 million aggregate gross proceeds with a market value of about $70 million. As of the closing of the first trading day, Sentage Technology’s stock price closed at $ 34.89. The stock price raised up 597.8% from the issue price, and its total market value is currently about $ 488 million.
Sentage Technology is a growing financial service provider from Shanghai, which provides comprehensive financial services including consumer loan repayment and collection management, loan recommendation and prepayment network services in China.
The AllBright legal team, led by Senior Partner Steve Zhu and included Partner Joy Huang, associate Ken Lin and associate Elaine Yu served as the legal counsels to the underwriters, Network 1 Financial Securities, and advised on PRC legal matters on the initial public offering of Sentage Technology on the Nasdaq Capital Market.