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Dragon Jade International Seeks $10 Million IPO in New York

Yaning Ying 2019-09-26 10:25 AM

Dragon Jade International Ltd., a Hong Kong-based retailer of health supplements, has filed with the U.S. Securities and Exchange Commission to raise to $10 million in its initial public offering.

Founded in 2008, Dragon Jade said its mission is “identifying, developing, and marketing the next generation of herbal and natural products that improve people's lives.”

The company operates through Alpha Ultimate Ltd. and United Asia Medical Network Co. Ltd. across Hong Kong, mainland China, Taiwan, Japan, Korea, Singapore, Malaysia and Thailand, according to its preliminary prospectus filed Tuesday.

For the year ended March 31, Dragon Jade reported revenues of $923,158, an increase of 660% from $121,618 in 2018. Its operations expenses, however, have weighed on the company’s losses. Dragon Jade said its net loss decreased from $6 million in 2018 to $5.5 million in 2019.

The executive director and the chief executive officer of the company, Lai Yat Man, has more than 25 years of experience in the medical and pharmaceutical industries. Its independent non-executive director, Lo Tsz Fung Philip, has served as the independent non-executive director of Styland Holdings Ltd. (HKEX: 211) since April 2009. He has also served as the chief financial officer of Wuhan General Group (China) Inc. from February 2010 to January 2012.

Dragon Jade has been traded on OTC markets as “DGJI” and was last traded at $2.94 per share earlier this month.

It has initially filed for IPO in November 2018 but was ineligible for Renaissance Capital tracking, according to Nasdaq.com.

Dragon Jade has not disclosed its underwriters on the proposed offering.