May 21, 2020 (China Knowledge) - Wuxi Autowell Technology (688516) to start trading on the Shanghai STAR Market today, at a public offering price of RMB 23.28 per share, raising RMB 574.32 mln. Its initial listing shares account for 25.00% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 33.15.
Cinda Securities acted as the lead underwriter and sponsor for the IPO.
Earlier, Wuxi Autowell Technology said its IPO was 2,468 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.
Wuxi Autowell Technology Co Ltd is a China-based company mainly engaged in the research and development, design, manufacturing and sales of high-end intelligent equipment. Its products mainly include conventional string welding machines, multi-master grid string welding machines, silicon wafer sorting machines, film laminators, laser scribing machines, module production lines, PACK production lines and module PACK production lines, among others, which are used in the crystalline silicon photovoltaic industry and lithium battery industry. The Company also distributes spare parts for equipment, as well as provides equipment modification and upgrade services. The Company conducts its businesses in domestic and overseas markets.
In financial year 2019, Wuxi Autowell Technology garnered a total revenue of RMB 754.2 mln, up 29% YoY. In terms of net income, it achieved RMB 72.76 mln, up 45% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 17.75% and 6.25% respectively, earning per share (EPS) of 0.99 RMB.
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