City & Corporate: Cubitt backs ChainTek IPO

Chinese logistics group China ChainTek United Holdings called in Cubitt Consulting to handle the firm's August listing on the London Stock Exchange.

The firm, which listed on the Alternative Investment Market this week, raised £7.5m through its initial public offering.

In early dealings on Monday, the company's shares rose strongly from their 160p placing price to reach 180p by the close of the first day's trading, giving the company a market value of £99m.

The firm provides logistics services to manufacturers of fast-moving consumer goods in China and is one of the largest providers of logistics services to domestic sports shoes and clothes manufacturers.

Cubitt directors Chris Lane and Nicholas Nelson led the team advising ChainTek.

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