• By The Financial District


Green Grass Ecological Technology Development, which provides specialty farming and agriculture services in China, has filed for an initial public offering (IPO) on the US stock market, Xinhua reported on September 5, 2020.

The company plans to list on the Nasdaq under the ticker symbol "QQCY," with an expectation to raise about $24 million in the offering, according to its prospectus filed earlier this week with the US Securities and Exchange Commission (SEC).

Founded in 2013, the company is engaged in the businesses of specialty agriculture farming of alfalfa, wasteland transformation, agriculture harvesting services and biomass raw materials collection and processing for power plants and paper mills. It intends to use the net proceeds of this offering primarily for improving business, upgrading equipment and system, and general corporate purposes. The company has not selected an underwriter yet. No pricing terms were disclosed.

As of Friday, the S&P US Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 4,334.60, marking a 1.58-percent loss for the month-to-date returns and a 36.86-percent gain for the year-to-date returns.