Grant Thornton assits Youon in getting listed on China’s main board

Changzhou Youon Public Bike System Co. Ltd(hereafter referred to as “Youon”) floated successfully in the A-share market on August 17, 2017, with a total equity of 9,600 A-shares and an offering price of RMB26.85 per share. Grant Thornton delivered distinctive professional services to Youon at every stage of its IPO process,which laid a solid foundation forits being approved by the CSRC as well as its public listing.

Founded in 2010, Youon is one of the earliest bicycle-sharing companies in China. It has operated approximately 890,000 bicycles at 32,000 stations in more than 200 third to fifth tier cities serving more than 20 million users by the end of 2016.

In April, Youon passed the CSRC’s IPO verification.However, in May its listing effort was suspended due to an alleged patent infringement. It resumed its listing process by the end of July after it won the litigation. It issued 24 million A-shares excluding the public issuing of old stocks, and the fund raised will be used for construction of technology research development center and bicycle-sharing under construction as well as repayment of bank loan.

Grant Thornton brought great support to Youon with distinctive professional services at every stage of its IPO process in terms of its financial reporting processes, IPO regulatory compliances, introduction of strategic investors,reform of joint-stock system, declaration for feedback as well as suspension and resumption of its listing effort."Bike-share industry has become market focus since 2016,followed by regulatory scrutiny with respect to the profitability of bike-share business model and deposit management. Moreover,a large number of bikes widelyd istributed in far-flung cities led to increased workload in inventory-take and financial verification,"commented by Sun Jisheng, President of Youon.

Being the first to go publicly listed among those companies who are partnering with Zhima Credit,Youon set an example in efficient internet ecosystem. Zhima Credit is acredit information service agency, and is also a subsidiary of as well as affiliated company of Alibaba.