"MinDong Red (ORIS.US) once again lowers its IPO size, raising only $7 million, a decrease of 13%."

China's comprehensive tea products supplier Min Dong Hong (ORIS.US) has once again lowered the fundraising size of its initial public offering (IPO). The company currently plans to issue 1.75 million shares of common stock at a price of $4 per share, raising $7 million. Under the revised terms, Min Dong Hong is expected to raise 13% less funds than previously expected. It is reported that in March of this year, Min Dong Hong planned to issue 2 million shares of stock at $4 per share, raising $8 million. The company had previously applied to issue 3 million shares at the same price. Data shows that the company grows, processes, and refines white and red tea leaves in Fujian Province, China. Min Dong Hong Group sells its tea leaves to distributors and end consumers in China. The tea plantations operated by Min Dong Hong are located in Tuorong County, Ningde City, Fujian Province. So far, the company has signed contracts for management and planting rights with tea plantations in approximately 7.21 million square meters in Fujian Province. The company plans to list on the Nasdaq Stock Exchange. UP Fintech Holding Ltd. Sponsored ADR Class A is the sole bookrunner for this transaction.