Chinese Online Nut Seller Three Squirrels Resubmits IPO Application for Review
Dou Shicong
DATE:  Nov 01 2017
/ SOURCE:  Yicai
Chinese Online Nut Seller Three Squirrels Resubmits IPO Application for Review   Chinese Online Nut Seller Three Squirrels Resubmits IPO Application for Review

(Yicai Global) Nov. 1 -- Food e-commerce company Three Squirrels Co.'s initial public offering application is under review again after a temporary suspension.

The online food seller, which specializes in nut sales, updated its prospectus yesterday and put its IPO application back under review, according to the China Securities Regulatory Commission. The company updated its first-half net profit for this year to CNY241 million (USD36.33 million), up from CNY237 million for the whole of last year.

Three Squirrels submitted its prospectus on April 22 to list on ChiNext, a startup board on the Shenzhen Stock Exchange. After listing, the firm plans to invest CNY560 million to build marketing networks, upgrade its app, develop offline experience stores and expand online sales channels.

However, the firm suspended its application after the lawyer responsible for its review resigned, the Securities Time reported, citing information disclosed by the regulator on Oct. 20.

On Aug. 15 this year, the China Food and Drug Administration discovered a batch of Three Squirrels' pistachio nuts contained excess levels of mold. On Oct. 20, the administration confiscated CNY2,505.89 (USD387.20) in illegal earnings from the firm and forced it to pay a CNY50,000 fine.

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Keywords:   Three Squirrels,IPO,Food And Drug Administration,China Securities Regulatory Commission,E-COMMERCE,Online Retail