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Giforce Agr-Machinery's shares up 81.69% at debut on ChiNext

Oct. 30, 2009 (China Knowledge) - Sichuan Giforce Agricultural Machinery Chain Co Ltd <300022>, the No.1 operator of agricultural machinery chain in China, 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 32.25, a price 81.69% 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 22.4 million shares, or 25.07% of the company’s enlarged capital. Hong Yuan Securities Co Ltd<000562> was the underwriter of the offering.

Sichuan Giforce Agricultural Machinery Chain posted nearly RMB 1.1 billion of operating revenue in the third quarter of this year, with net profit standing at RMB 28.97 million during the period.

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