(Yicai Global) July 13 -- Fosun International Ltd. [HK:0656] announced that The Naga Group AG [FRA:N4G], a European financial technology (fintech) startup backed by the Chinese conglomerate, recently completed an initial public offering on Scale, Deutsche Boerse's new small- and medium-sized enterprises (SME) segment, Sina.com reported today.

As Fosun's first fintech investment successfully floated on a foreign capital market, Naga is among the first technology firms to list on Germany's SME market.

In March, Fosun Group and Hauck & Aughaueser (H&A), a German private bank the group controls, took part in Naga's A-round financing, and jointly became H&A's largest shareholder after Naga's IPO.

Specializing in financial technology development, Naga offers innovative financial trading services and products to its users. Its first app, SwipeStox, stimulates users' interest in financial investment through social-media based transactions, and streamlines the financial transaction process by introducing the 'exchange for virtual gaming' model.

The size of the IPO is USD2.9 million (EUR2.51 million). Investors responded enthusiastically to the share offering, and the share price rose from EUR2.6 to EUR6.7 at market closing on the day of the IPO.

"Technology-driven development is one of the first priorities for Fosun now. Naga is Fosun's first attempt to practice its strategic vision of 'transforming traditional industries driven by technology' in the traditional financial market. Fosun will use the firm and its technology to integrate the global corporate ecosystem, and continuously increase inputs into fintech and artificial intelligence technology development, creating value while transforming the traditional financial, health, consumer goods and entertainment industries. The fact that Fosun and its affiliate, H&A, invested in the fintech startup and were actively involved in the IPO demonstrates our strong global resource integration capability as well as our firm commitment to promoting technology innovation. We'll provide Naga with full support, and hope that it'll develop more innovative products for Chinese and Asian customers after the stock listing, thereby boosting the development of Chinese fintech businesses," Fosun's chairman Guo Guangchang noted. 

"Fosun's investment has been instrumental to Naga's development and the successful IPO. Fosun has persevered with the value-based investment philosophy, and has always trusted us, as well as supporting us ever since Naga's inception. It has helped Naga create the most advanced financial technologies, and facilitated revolutionary changes in the capital and financial trading markets. After the IPO, Naga will share more market information with investors, and gain their trust," said Naga's founder and chief technology officer, Benjamin Bilski.