Markets· IPO

Zhejiang Hongchang Electrical Technology soars 93% on Shenzhen Stock Exchange debut

minutes 2021/06/11 08:53:28

Jun 11, 2021 (China Knowledge) - Zhejiang Hongchang Electrical Technology (301008) shares soared 93.27% in its first day on the Shenzhen ChiNext Market today.

The company’s shares price closes at RMB 72.67, higher than its IPO price of RMB 37.60 per share, valuing it at a total market capitalization of RMB 4.85 bln.

Zhejiang Hongchang reported in its prospectus that the funds raised from the IPO will be used to build a R&D center and expand its annual output of magnetic fluid controllers for household appliances.

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