Jun 10, 2021 (China Information) – Zhejiang Hongchang Electrical Know-how (301008) to start out buying and selling on the Shenzhen ChiNext Market tomorrow. The agency has issued 16.67 mln shares priced at RMB 37.60 per share elevating RMB 626.7 mln. Its preliminary price-to-earnings ratio (PE) stands at 35.2. Throughout subscription the IPO was 8,409 occasions oversubscribed.
Guosen Securities acts because the lead underwriter and sponsor for the IPO.
Zhejiang Hongchang Electrical Know-how is a China-based firm primarily engaged within the analysis, growth, manufacturing and gross sales of fluid solenoid valves, sensors and different electrical equipment. The Firm’s important merchandise embrace fluid solenoid valves, modular elements and water stage sensors. Fluid solenoid valves embrace washer valve, water air purifier valve, sensible bathroom valve, and different kitchen and loo home equipment valve. Modular elements are primarily utilized in washing machines. Water stage sensors are primarily used for water stage identification of washer. The Firm distributes its merchandise throughout the home market and to abroad markets.
In FY 2020, Zhejiang Hongchang garnered a complete income of RMB 577 mln, up 14% YoY. By way of web earnings, it achieved RMB 81.9 mln, up 19.6% YoY. In Q1 2021, the corporate reported income of RMB 161.6 mln, a YoY enhance of 83%, and its web income reached RMB 20.four mln, up 108.2% YoY.
The funds raised from the IPO shall be used to construct a R&D middle and develop its annual output of magnetic fluid controllers for family home equipment.
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