China Fortune Global (CGGJ.US) files for US IPO, seeking to raise $7 million

Guojin Shengshi (CGGJ.US) filed an IPO application with the U.S. Securities and Exchange Commission (SEC) on Wednesday to acquire and operate a jewelry retailer in China, planning to raise up to $7 million. Guojin Shengshi applied to issue 1.3 million shares at $4 to $6 each. At the midpoint of the proposed price range, the fully diluted market value of the company would be $50 million.

Guojin Shengshi Gold (Guojin Shengshi Gold Jewelry) plans to acquire a jewelry retailer in China that is operated by the Guojin Shengshi Gold management team. The company said it would seek other ways to enter the Chinese jewelry retail market if its merger plan with Guojin Shengshi Gold Jewelry does not materialize.

Guojin Shengshi was founded in 2021 and plans to list on the Nasdaq under the symbol CGGJ.