Sep 10, 2020 (China Knowledge) - Yangzhou Seashine New Materials (300885) to start trading on the Shenzhen ChiNext Market today, at a public offering price of RMB 18.97 per share, raising RMB 379.4 mln. Its initial listing shares account for 25% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 29.46.
Huachuang Securities acted as the lead underwriter and sponsor for the IPO.
Earlier, Yangzhou Seashine New Materials said its IPO was 7,743 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.
Yangzhou Seashine New Materials Co Ltd is a company engaged in research and development, production and sales of powder metallurgy products. The Company's products are comprised of power tool parts, auto parts, as well as office and home appliance parts. The power tool parts products include gears, bearings, structural parts and gear boxes. The auto parts products include mechanical vacuum pumps, gear hubs, shock absorbers and so on. The office and home appliance parts products include valve seats and one-way bearings. The Company sells its products to both domestic and international markets, including Mexico, Brazil, the United States, the United Kingdom, Japan and Malaysia.
In financial year 2019, Yangzhou Seashine New Materials garnered a total revenue of RMB 182.5 mln, up 9% YoY. In terms of net income, it achieved RMB 70 mln, up 30% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 21.96% and 19.32% respectively, earning per share (EPS) of 0.99 RMB.
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