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Dayu Water-Saving's shares up 82.86% at debut on ChiNext

Oct. 30, 2009 (China Knowledge) - Gansu Dayu Water-Saving Co Ltd<300021>, which specializes in R&D and manufacture of water-saving irrigation equipment, debuted on the ChiNext Board on the Shenzhen Stock Exchange today, becoming one of the first companies to trade on the Nasdaq-style board.

Shares of the company opened at RMB 25.6, a price 82.86% higher than the IPO price, while the Shenzhen Component Index opened 1.92% higher at 12427.10 points.

The company raised RMB 123.89 million by issuing 18 million shares, or 25.84% of the company’s enlarged capital. China Dragon Securities was the underwriter of the offering.

Gansu Dayu Water-Saving, which is based in Jiuquan, Gansu Province, posted RMB 191.3 million of operating revenue in the third quarter of this year, with net profit hitting RMB 20.24 million.

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