Equity· IPO

Zhejiang Dayang Biology Technology’s IPO debut on Shenzhen Stock Exchange today

minutes 2020/10/26 01:59:12

Oct 26, 2020 (China Knowledge) - Zhejiang Dayang Biology Technology (003017) to start trading on the Shenzhen Stock Exchange - SME Board today, at a public offering price of RMB 28.85 per share, raising RMB 432.75 mln. Its initial listing shares account for 25% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 22.99.

Caitong Securities acted as the lead underwriter and sponsor for the IPO.

Earlier, Zhejiang Dayang Biology Technology said its IPO was 9,685 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,814 times and the highest at 9,194 times. We expect the IPO to hit limit of 44% increment in its first day of listing. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.

Zhejiang Dayang Biotech Group Co Ltd is a China-based company mainly engaged in the production and sales of chemical raw materials such as inorganic salts and veterinary raw materials. The Company's main products include potassium carbonate, potassium bicarbonate, amproline hydrochloride, 2-chloro-6-fluorobenzaldehyde, etc. Its products are used in food, pesticide, fertilizer, medicine and glass fields. The Company conducts its businesses within the Chinese market and to overseas markets.

In financial year 2019, Zhejiang Dayang Biology Technology garnered a total revenue of RMB 621.75 mln, up 6% YoY. In terms of net income, it achieved RMB 87 mln, up 15% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 16.94% and 12.75% respectively, earning per share (EPS) of 1.77 RMB.


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