Baiwang (Ticker: 6657.HK) is a SaaS financial and tax digitalization and data-driven intelligence solutions provider. The Alibaba-backed company is raising up to HK$370 million (USD 48.1 million) through the sale of 9.26 million primary shares, representing 4.1% of the enlarged share capital, at an indicative price range of HK$36 to HK$40 each (USD 4.68 to USD 5.20). Jiangsu Yuanli is a cornerstone investor with an investment of HK$260 million (USD 33.8 million). The offering is managed by sponsor Haitong International.

Pricing is expected on July 4, with the listing scheduled for July 9. Baiwang posted an adjusted net loss of RMB 83 million (USD 11 million) for 2023, widening from a loss of RMB 70 million (USD 9 million) for 2022.

Alibaba Group Holding owns an 11.9% stake in the company, with Beijing Watertek Information Technology Co., Ltd. holding 9.9%, and Fosun International holding 5.3%.