The IPO financing scale of China Foods and Beverage Supply Chain Company Richwell Group (FVTI.US) has been reduced to $6 million.

On Tuesday, China Foods and beverage supply chain company Fortune Valley Treasures (FVT) reduced the proposed financing scale for its upcoming initial public offering (IPO). The company currently plans to issue 1.5 million shares at a price of $4 per share, raising $6 million. Initially, the company planned to issue 6.3 million shares at $4 per share, but later reduced it to 3.8 million shares. The company is currently traded on the US OTC market and plans to transfer to the NASDAQ with the stock code FVTI. Founded in 2011, Fortune Valley Treasures primarily engages in wholesale and retail of wine and spirits in the southern region of China. It sells its products to wholesalers, major food and beverage chains, supermarkets, and other retailers through online and offline channels. In addition, the company also sells non-alcoholic beverages, packaged staple foods, and water purification equipment. Its revenue for the 12 months ending September 30, 2023, amounted to $7 million.