Zhangjiagang Haiguo New Energy Equipment Manufacturing's IPO to debut on Shenzhen Stock Exchange.

Sep 23, 2021 (China Knowledge) - Zhangjiagang Haiguo New Energy Equipment Manufacturing (301063) to start trading on the Shenzhen ChiNext Market Sep 24, tomorrow. The firm has issued 21.06 mln shares priced at RMB 17.4 per share raising RMB 366.44 mln. Its price-to-earnings ratio (PE) stands at 14.88. During subscription the IPO was 7,499 times oversubscribed.

Soochow Securities acts as the lead underwriter and sponsor for the IPO.

Zhangjiagang Haiguo New Energy Equipment Manufacturing produces and sells hardware products. The Company manufactures and sells petroleum machinery pressure vessel forgings, chemical machinery pressure vessel forgings, and other products. Zhangjiagang Haiguo New Energy Equipment Manufacturing markets its products throughout China.

In FY 2020, Zhangjiagang Haiguo New Energy Equipment Manufacturing garnered a total revenue of RMB 1.01 bln, up 57% YoY. In terms of net income, it achieved RMB 105 mln, rising 63% YoY. In H1 2021, the company reported revenue of RMB 521 mln, a YoY increase of 25%, and its net profits reached RMB 53 mln, up 18% YoY.

The company is in the electrical equipment industry that is currently made of 244 counters in Shanghai and the Shezhen Stock Exchange with a total combined market capitalization of RMB 6,125 bln, industry's average PE of 60 times. The electrical equipment industry's index is up 52.20% year-to-date, ranking it the 7th place among all 29 broad...

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