Markets· Equity· IPO

Lihuayi Weiyuan Chemical debuts on Shanghai Stock Exchange, rose 44%

minutes 2021/09/15 10:09:39

Sep 15, 2021 (China Knowledge) - Lihuayi Weiyuan Chemical (600955) opened at RMB 35.47 on its first day trading on the Shanghai Stock Exchange's Main Board, an increase of 20% from its IPO price of RMB 29.56.

The shares price ended the day at RMB 42.57, soaring 44% from its issue price. Its intraday high and low were RMB 42.57 and RMB 35.47, respectively. A total of 1.9 mln shares changed hands with a turnover of RMB 80 mln, and ending the day with a total market capitalization of RMB 23.4 bln.

Lihuayi Weiyuan Chemical manufactures and distributes chemical products. The Company produces phenol, acetone, bisphenol, polycarbonate, ethylene glycol, and other products. Lihuayi Weiyuan Chemical also operates import and export businesses.

Lihuayi Weiyuan Chemical reported in its prospectus that the funds raised from the IPO will be used to expand its production capacity of phenol, acetone, isopropyl alcohol and high-purity dimethyl carbonate, and to supplement its working capital.

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