Shineco (TYHT) IPO Opens Higher on Anemic Volume
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Today's IPO for Shineco, Inc. (Nasdaq: TYHT) opened for trading at $8 after pricing its initial public offering of 1,713,190 common shares at a price of $4.50 per share, the lower end of the expected $4-$6 range. Shares last traded at $7.36, up 64%, but volume is anemic at just 755 shares.
Network 1 Financial Securities, Inc. acted as Underwriter for the offering. Monarch Bay Securities, LLC participated as a Selected Dealer.
Incorporated in August 1997 and headquartered in Beijing, China, Shineco, Inc. is a Delaware holding company that uses its subsidiaries' and variable interest entities' vertically- and horizontally-integrated production, distribution and sales channels to provide health and well-being focused plant-based products in China. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce and specialized textiles. For more information about the Company, please visitwww.shinecobiotech.com.
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